CIMC reported FY2022 results over night (28 March) that its net profit dropped 52% YoY driven mainly by the decline in the sales volume of dry containers. COSCO Development also reported FY2022 before market open on 31 March where its earnings dropped 36% YoY. Combined dry container output dropped 50% for these three manufacturers during 2022 after the industry has reached a record high in output during 2021. 2022 output was higher than the level in 2019 and 2020 but on par with the historical
Singamas reported its full year results during lunch break today (15 Mar). The bottom line results of $46mn for FY and $8mn for 22H2, down 75% YoY and 93% YoY respectively was not a surprise since it was well discussed earlier in 2023 about the surplus of containers in the market and profit alerts were given in November last year and again 2 weeks ago. The negative surprise though come from probably the lower than expected final dividend payout of $6.11m declared for 2022. This came on top of
Singamas may deliver over $90m in 2021, equivalent to half of its current market capitalization.