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.
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
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
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
The three main Japanese shipping companies i.e. K-Line, MOL and NYK, parent companies of Ocean Network Express ("ONE") revised up their FY2022 (Apr 2022-Mar 2023) earning guidance after market last Thursday (21 Jul), just 3 months after announcing such guidance in Apr 2022. The main change is to increase its FY2022 Ordinary Profit by JPY695bn or 38% comparing to its previous guidance. As a result, new profit guidance for FY2022 will be flat YoY. Previous guidance was 29% YoY lower. However,
Maersk, Hapag-Lloyd and ONE will cooperate on the US West Coast-Central America route through a joint service arrangement on 2 existing services starting from the end of June 2022. Maersk, through its Sealand subsidiary, will join the MAREX/CCE service currently operated by Hapag-Lloyd and ONE, replacing one of the 2,800 teu ships from ONE, with the 3 partners to operate one ship each on the service that calls at Los Angeles, Mazatlan, Manzanillo, Lazaro Cardenas, Acajutla, Corinto, Caldera, Pu
ONE and Evergreen will exchange slots on 2 of their existing transpacific services that are operated within their respective THE Alliance and Ocean Alliance arrangements. The slot arrangement is effective from June 2022 and involves 150 teu per week on a roundtrip basis (including 11 reefer plugs) on the following services: Evergreen/Ocean Alliance : HTW service (also known as PSW7/Guangdong Express(GEX)/AAS3/PCS2) calling at Taipei, Xiamen, Hong Kong, Yantian, Los Angeles, Oakland, Taipei cu