ONE

Services

ONE to take slots on CMA CGM's JAX service to the US West Coast

ONE will take slots on the Far East-USWC leg of CMA CGM's Columbus JAX service connecting Port Klang, Laem Chabang, Cai Mep, Yantian, Los Angeles, Oakland, Yantian, Cai Mep, Singapore, Port Klang from 15 February 2023. ONE will brand the service as the China Pacific Southwest 6 (CP6), which is operated by CMA CGM with 19 ships of 11,000-15,000 teu on an extended pendulum that connects the USEC-FE-USWC as part of the Ocean Alliance's PSW3|USEC3/Columbus JAX/SEA2|AWE5/SEAP-PSW|SEAP-USEC/PE1 servi

ANL

Hapag-Lloyd / ANL / Maersk / ONE updates Southeast Asia-Australia services

The four carrier partnership of ANL (CMA CGM), Hapag-Lloyd, Maersk and ONE on the SE Asia-Australia route will revise their 3 existing services from March 2023. The first service, branded respectively as the ANL 'AAX-S' (changed from AAX1), Hapag-Lloyd 'SEA', Maersk 'Greater Australia Connect' (GAC) (changed from Cobra) and ONE 'AU1', will call at Port Klang, Tanjung Pelepas, Singapore, Melbourne, Sydney, Adelaide, Fremantle, Port Kelang from 9 March 2023 with the 8,400 teu MAERSK STRALSUND .

Maersk

Container Liner Earnings Release Schedule

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

Services

CMA CGM introduces Turkey Express (TUX) service to USEC replacing Yang Ming as partner in EMA service with COSCO, OOCL & ONE

CMA CGM has joined COSCO, OOCL and ONE on the East Mediterranean America (EMA) service, replacing Yang Ming as the 4th partner on the Med-USEC service. CMA CGM sells the service as the Turkey Express (TUX), with its participation commencing from 25 November 2022 with the introduction of the 4,360 teu CMA CGM LAPIS to the service. It will join 5 other ships of 4,200-5,00 teu, of which 2 are operated by COSCO and ONE, and 1 by OOCL. The service currently calls at Iskenderun, Aliaga, Ambarli, Pir

Companies

Widening Gap In EBIT Margin

The main carriers’ average EBIT margins fell by 3.4% from the 2Q peak of 54.3% to 50.9%. However, the gap between individual carriers are widening, with some notable drops at Wan Hai (down 13.0%), OOCL (down 8.3%), HMM (down 6.8%) and Yang Ming (down 6.1%). Carriers with a larger share on the Asia-US West Coast have suffered the largest margin erosion, with a sharper drop expected in 4Q 2022 as the rate malaise has spread to other tradelanes.

Services

Sealand Asia revamps IA-9 service with CNC & ONE taking slots

Sealand Asia, the intra-Asia arm of Maersk, has revamped its IA-9 service with a new streamlined port rotation calling at Qingdao, Yokohama, Nagoya, Kobe, Shanghai, Xiamen, Ho Chi Minh City, Singapore, Tanjung Pelepas, Port Klang (N), Penang, Port Klang (W), Tanjung Pelepas, Ho Chi Minh City, Hong Kong, Qingdao. Calls at Hibiki, Busan, Hakata, Moji, Xiamen and Jakarta are dropped, while a new call at Penang is added. The revised rotation will turn in 5 weeks instead of 6 weeks under the previou

ONE

ONE launches PHX2

ONE is launching PHILIPPINE EXPRESS 2 (PHX2 or PH2) that calls Singapore, Manila, Davao, Singapore on weekly basis with two ships, 1,091 teu CONTRIVIA and 1,096 teu CONTSHIP ERA. CONTRIVIA will phase in at Singapore on Nov 10 while CONTSHIP ERA will phase in at Singapore too on Nov 21. CONTRIVIA was recently servicing Bohai Feeder 2 while CONTSHIP ERA was mostly servicing Straits-Philippines service (PHX) recently except for a couple of ad hoc voyages between Singapore and India.

Companies

ONE consortium seals Seaspan deal

Poseidon Acquisition Corp, an entity formed by ONE together with the 3 controlling shareholders of Atlas (Fairfax Financial Holdings, the Washington family and David Sokol, chairman of Atlas) have entered into a definitive agreement on 1 November 2022 to acquire Atlas in an all-cash transaction for an enterprise value of $10.9 Bn. Poseidon will acquire 32% of the outstanding common shares of Atlas not owned by the 3 controlling shareholders for $15.50 per share in cash, which represents a 34% p

Companies

ONE 3Q: BTE downcycle

ONE reported better-than-expected  22Q3 (Company's FY22Q2) results during lunch break today (31 Oct 2022) but guided beginning of an earning  down cycle. Net profit for 22Q3 was $5.5bn, up 31% YoY but flat QoQ. We have expected 10-20% QoQ drop in earnings for the industry for 3Q. The positive surprises came from the average freight rates which was up 5% YoY, beating the 7% QoQ drop in CCFI on likely two factors: (1) accounting delay in revenue booking because ships, particularly those in the l

Companies

Strong Results from ONE

ONE reported a strong performance in the second quarter with net profit rising sequentially by 8% QoQ. Net profits have exceeded $5bn in the last 2 quarters. To put this amount in perspective, ONE's 3 parents reported in aggregate about $4.5bn of losses at the ordinary result level (similar to earnings before taxes) for their container liner activities between 2005 and 2019. ONE’s revenue yield i.e. revenue generated per teu slot operated have outperformed the CCFI while unit costs excluding bu

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