TS Lines will raise between $113m to $145m from its initial public offering (IPO) in Hong Kong, with trading of its shares to start on 1 November 2024. The company will offer 250.94m shares or 15.2% of its total shares to be priced at between HK$3.50 to HK$4.50 per share. Following the IPO, the company's founder Chen Teh Sheng (TS Chen) will retain 37.49% of the company's shares along with a further 37.49% owned by General Sharafuddin Alsayed Mohd Yousif Sharaf who has been a controlling shareho
ONE is scheduled to report its calendar Q3 results on October 31, 2024, marking the start of the reporting period for major liners. ONE has projected its Q3 2024 net profit to increase by 88% quarter-on-quarter, while COSCO recently indicated that its Q3 2024 EBIT is expected to rise by 154% quarter-on-quarter. Other liners have not provided guidance for Q3, but those that have offered FY2024 projections suggest their second-half earnings could vary from a decline quarter-on-quarter to an incre
Taiwanese carriers’ aggregated September revenue dropped by 17% from the August peak, but remains 84% higher compared to September 2023. For the July-September quarter, their combined 3Q 2024 revenue is up 43% QoQ and 107% YoY.
Liners are expected to announce robust 3Q earnings following the release of another set of impressive results: Evergreen's revenue for 3Q 2024 surged by 44% quarter-on-quarter and 106% year-on-year. Evergreen's revenue growth outperformed, though remained broadly in line with, the figures reported by OOIL the day prior. The majority of this revenue increase was attributed to rising freight rates. In a separate report, Evergreen disclosed that its shipment volume for July and August totaled 1.8 m
Carriers remain on track to report bumper 3Q earnings with COSCO Shipping setting the early pace after it issued a profit alert on 7 October showing 3Q 2024 net income improved by 286% YoY to RMB 21.3 Bn. COSCO subsidiary OOCL also released its 3rd quarter trading update with revenue rising by 74% compared to a year ago, and is also up 35% compared to the 2nd quarter led by increased rates on the Asia-Europe route (up 51%) and Transpacific (up 29%).
Evergreen and Yang Ming reported their August revenue after the market closed on 9 September with further gains of 1-4% MoM, outperforming the CCFI's 2% MoM drop. More importantly, the combined revenue for July and August has already exceeded the total revenue for the full quarter of 2Q 2024, with carriers still on track to record strong 3Q earnings despite the recent freight rate corrections.
COSCO concluded the 1H 2024 interim reports for the publicly listed carriers with its EBIT earnings of $566m for its container shipping business for a margin of 25%, down from the 32% margin in the same quarter last year due mainly to higher unit costs during 2Q 2023. Average freight rates were 13% higher for COSCO against the CCFI’s 53% gain, while container volumes increased marginally by just 1%. Aggregated revenues of the 12 main listed carriers increased by 10% YoY while volume increased 8
Maersk continues to underperform the rest of the market with the lowest EBIT earnings margins in the 2nd quarter of 2024 compared to all of its main publicly listed peers. Maersk’s Ocean shipping segment recorded EBIT margins of just 5.6% for the quarter compared to an average margin of 21.3% posted by 8 of its main rivals with only COSCO and OOCL yet to report their earnings figures. It marks the 3rd consecutive quarter that Maersk was placed at the bottom of the earnings league table, with i
Container carriers’ total revenue rose by more than 100% in July compared to a year ago, with the 3 main publicly listed Taiwanese carriers providing a glimpse of the bumper earnings that carriers are projected to earn in the 3rd quarter. Evergreen Marine, Yang Ming and Wan Hai’s July revenue figures increased by 132%, 122% and 144% respectively YoY, mirroring the average CCFI increase of 142% over the same period. Despite the recent spot freight rate correction with the SCFI dropping by 12.9%
Maersk's liner business turned around in 2Q 2024 after three quarters of negative EBIT but barely got much benefits from the soaring spot freight rates during the 2Q 2024. Average freight rates earned by Maersk up only 1% YoY and 7% QoQ against CCFI's 53% YoY and 12% QoQ. Maersk's liner EBITDA margin at 16.8%, much lower than CMA CGM's 23.9% and ONE's 28.9% in 2Q 2024. So despite of the Maersk's larger fleet, Maersk's EBITDA is 35% below that of CMA CGM's in 2Q 2024. All these three liners that