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
Wan Hai has revised the rotation of its Asia America IV (AA5) transpacific service with the call at Taipei dropped while a new call at Seattle is added. The revised rotation started from November 2022 and calls at Qingdao, Shanghai, Ningbo, Long Beach, Seattle, Qingdao. The service will turn in 6 weeks but it being downgraded with just 2 ships of 3,013 teu deployed in January and February 2023, with 4 blanked sailings on each 6 week cycle.
Wan Hai's Asia America 9 (AA9)/Asia America Service IX connecting Far East-US East Coast has been streamlined into a eastbound round-the-world rotation with a new call at Philadelphia added since 18 August 2022 as well as new calls at Balboa and Shanghai added since October 2022. The AA9 rotation calls at Haiphong, Shekou, Kaohsiung, Shanghai, Qingdao, Balboa, Charleston, Philadelphia, New York, Suez (Canal), Haiphong. The revised service avoids the persistent congestion at Norfolk and Sava
The Middle East Gulf-China service that is jointly operated by a consortium of 6 carriers (PIL/CUL/ESL/KMTC/RCL/Wan Hai) will be upgraded from 9 January 2023 with new calls at Hamad and Singapore (westbound). The revised rotation will call at Shanghai, Ningbo, Nansha, Shekou, Singapore, Jebel Ali, Dammam, Hamad, Singapore, Shanghai. The service was first launched in November 2021 and is branded respectively as the Gulf China Service (GCS) by PIL and KMTC, Asia Gulf Express (AGX) by CUL, Gulf Ch
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.
Wan Hai will withdraw 2 of its Far East-US West Coast services calling at Oakland and Seattle, but will retain its remaining 4 transpacific services that serves the US West Coast (2 services) and the US East Coast (2 services) with an increase in overall capacity as its first 13,200 teu ships are introduced on the trade. The Asia America Service I (AA1) willl be withdrawn with the last sailing scheduled to depart from Shekou on 16 October 2022 with the 1,708 teu TOKYO TOWER. The service calls a
WHL and YMM also reported their August revenue last week, after EMC. WHL's August revenue fell 20% YoY, 12% MoM and 40% from its peak in Jan 2022. YMM's August revenue also fell both YoY and MoM. If the same MoM pace continues for Sep, the three Taiwanese liners will likely report 9% M0M lower top line and hence 7% QoQ lower top line for for 3Q 2022. Liner industry reported about 58% EBIT margin and 50% net profit margin during 2Q 2022. So on the ballpark, every 1% drop in top line would mean
Taiwanese liners' May top line came out flat MoM, again reassuring that impacts during the Shanghai lockdown were minimal for the liners.
The 3 main Taiwanese carriers have reported an 8% QoQ growth in revenue for the 1st quarter of 2022. It is their 7th consecutive quarterly growth, built on higher freight rates and stronger USD.
Wan Hai has launched a new South China-Vietnam- Eastern India service (CI7) that will connect Haiphong, Zhanjiang, Nansha, Ho Chi Minh City, Port Klang, Chennai, Visakhapatnam, Port Klang, Haiphong using 4 ships of 1,400-1,700 teu. The service will start at Haiphong on 26 March 2022 with the 1,440 teu CAPE FARO.