OOIL reported 4Q 2022 top line breakdown after Hong Kong market close yesterday (11 Feb). 4Q revenue was down by 37% QoQ and 35% YoY, driven by lower freight rates. Most of the routes, except for Transatlantic, were hit similarly and the fall in average freight rates was broadly in line with the fall in CCFI. OOIL only reports full set results semi-annually. On the $2.2bn or 21% HoH fall in revenue, OOIL's 2H 2022 net profit may also fall about $2bn or 38% HoH. OOIL usually reports past year's
Taiwanese liners' January revenue continued its slide. In aggregate these 3 listed liners' revenue at about $1.6bn in January was down 14% MoM and 65% YoY. The 14% sequential fall in January was similar to the pace of fall in December. This year's Lunar New Year public holidays went from 21 to 27 January in China. Many factories in China closed ahead of the official public holidays and resumed production later than the official holiday end, which may have negatively impact container shipment v
Maersk reported before European market open today (8 Feb). 4Q EBIT came out as $5.0b, better than the $4.8bn guided in November. Although not being very surprising, this beat has to be viewed in context that the 4Q EBIT was down 47% QoQ and 26% YoY. The main delta contributing to Maersk's profit was the 23% QoQ fall in average freight rates, which however was less than the 455 QoQ fall in CCFI due to Maersk's higher than average contract mix. The most concerning to the capital market is that
Hapag Lloyd reported preliminary results today (31 Jan) before European market open. EBIT at $3.3bn for 4Q, down 37% QoQ and 21% YoY, tracking above our expectation on better than expected freight rates but broadly in line with guidance. Average freight rates fell just 15% QoQ in 4Q, comparing to CCFI's 45% QoQ fall.
ONE reported during lunch break today (31 Jan). Net profit dropped 50% QoQ and 2022 financial year (Apr 2022-Mar 2023) earning guidance was cut by 4% or Q4 (Jan-Mar 2023) earing guidance was cut by 37%m. The 50% QoQ drop in net earnings is a touch better than the 60% QoQ drop that we previously estimated based on the Taiwanese liner's top line results here [https://www.linerlytica.com/app/post/twn-liners-top-line-reports-hinted-potentially-60-qoq-fall-in-net-profit/] . ONE's average freight ra
Matson has just reported preliminary earnings before US market open on 19 Jan, as the first container liner to report 4Q 2022 bottom line results. Preliminary net earnings in between $69.9mn and $74.8mn, down 72% QoQ and 81% YoY. In EPS, it would be about $1.88 to $2.01, much lower than the capital market consensus of $3.42 (source: Refinitive IBES). To be fair, this set of results are better than our expectation as we expect Matson could be close to loss making since, in our estimates, probably
The intra-Asia tradelanes are coming under the most pressure at the moment with rates on several key corridors already slipping to pre-2020 levels as capacity that were previously redeployed to the Transpacific are now returning to Asia. Total containership capacity employed on the Intra-Far East routes is rising again after a 2 year decline, as ships that were redeployed to the more lucrative long-haul trades now returning in large numbers. Intra-FE capacity peaked in early 2020 at 3m teu bu
Container liners Q4 earnings report will likely be a turning point of this earning cycle, underlined by the 45% QoQ drop in average CCFI index. Listed Taiwanese liners have released their revenue report in the second week of January. The up coming liner revenue or earning reports IF they follow last year's release schedule would be as follows (last year release date): 1. Maersk preliminary results (14 Jan); 2. Matson profit alert (19 Jan); 3. OOCL operating updates (24 Jan); 4. COSCO prof
The listed Taiwanese liners have all reported their Dec 2022 revenues, which are the first actual figures of the FY2022 and 22Q4 results among all liners. In short, these liners revenue dropped 39% QoQ and 44% YoY. In 3Q22, the listed Taiwanese liners together have delivered $11bn in revenue and $5.9bn in net profit. The $4.3bn or 39% QoQ fall in revenue during 4Q22 will likely reduce these liner's net profit by nearly 60% QoQ, in our estimates assuming 20% lower fuel expenses and 60% lower ta
Yang Ming Marine (YMM) reported NTD16.3bn or $534mn (on 30.6 NTD/$) for December revenue. In US dollars, the counter was down 58% YoY and 14% MoM. In aggregate, 4Q22 revenue was $1.9bn, down $1.4bn or 42% QoQ. Given most of of the decline was driven by much lower freight rates. YMM's 4Q net earnings could be down over $1bn, against the $1.6bn reported for 3Q.