Container liftings for main carriers fell 6.8% YoY in 1Q 2023, accelerating from the 6.6% YoY fall in 4Q. All 9 of the main carriers recorded volume reductions, with Zim and Maersk recording the largest drops. The aggregate liftings of the 9 carriers in 1Q 2023 were even lower than the 2Q 2020 level during the first COVID wave. Despite the of the continuous improvement of the vessel turnaround time on the easing of port congestion, liner’s volume yield (liftings per slot) has continued to fall
IAL and Wan Hai have extended their Nippon-South China Trader (NST) service that connects Tokyo, Yokohama, Nagoya, Nansha, Shekou, Tokyo when it was originally launched in November 2022 with a new connection to Manila from May 2023. The revised NST service calls at Tokyo, Yokohama, Nagoya, Nansha, Shekou, Manila (North), Nansha, Shekou, Tokyo and will turn in 3 weeks starting from 23 May 2023 with the 990 teu BF PERCH followed by 1,042 teu CHATTANOOGA, with a third ship to be added in June, the
Wan Hai reported its largest quarterly net loss at $70m in the first quarter of 2023, with losses at the gross profit level and operating cashflow level. Wan Hai has reduced its capacity exposure to Transpacific trade from 35% to 25% of its total capacity operated in the first quarter, with most of the reductions in the FE-WCNA route where capacity utilization has declined. Wan Hai's revenue dropped 71% YoY, the deepest YoY drop among the liners that have reported their first quarter perform
Taiwanese liners' April revenue fell 5% MoM after a 1-month rebound in March. The decline in these liners' revenue start to mirror that magnitude of the fall in CCFI.
Hapag-Lloyd will join Wan Hai as a vessel operator on the new FE-US East Coast 'AA7' service that will replace the existing service that was operated solely by Wan Hai starting from 26 April 2023. The new AA7 service will deploy 12 ships of 4,500 to 13,500 teu, with 4 ships from Hapag-Lloyd and 8 ships from Wan Hai. The smaller ships of 4,500 to 6,500 teu that Wan Hai currently operates will be gradually replaced over 2023 with larger ships of 7,500 to 13,500 teu including the new Wan Hai A-cl
Taiwanese liners’ March revenue (in USD) rebounded 14% MoM versus CCFI’s continue decline. YoY comparison is still negative by 66%. The sequentially rebound is likely volume driven, a normal seasonal pattern from Feb to Mar.
Wan Hai provided head line numbers for FY2022 after market close today (13 March). The 4Q net earnings fell into red as per our computation
Yang Ming and Wan Hai have also reported their February revenue after Friday (10 March) close, following Evergreen's report a day before. The trend is similar to that of Evergreen's e.g. being down 22% MoM and 69% YoY. The 22% February drop is larger than CCFI's 8% MoM drop in February, with volumes falling sharply during the month.
Wan Hai will start a new China West India Service VIII (CI8) connecting Nansha, Haiphong, Ho Chi Minh City, Surabaya, Singapore, Port Klang Northport, Colombo, Mundra, Nhava Sheva, Port Klang Northport, Ho Chi Minh City, Danang, Haiphong, Qinzhou, Nansha in February 2023. The service will start from 26 Feb 2023 with the 3,013 teu WAN HAI 353 at Nansha. The services is expected to turn in 6 weeks and will initially operate on an irregular schedule.
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