THE Alliance carriers (Hapag-Lloyd, HMM, ONE and Yang Ming) will withdraw the EC4 service from November 2023. The EC4 is 1 of the 5 FE-US East Coast services that THE Alliance currently operates. The last sailing will be made by the 14,078 teu YM WIND from Hong Kong on 6 November 2023. The service calls at Kaohsiung, Xiamen, Hong Kong, Yantian, Cai Mep, Singapore, Suez Canal, Norfolk, Savannah, Charleston, New York, Suez Canal, Singapore, Kaohsiung. The service currently deploys 11 ships of 13,
Yang Ming and Wan Hai also reported their September revenue. Including Evergreen, all three Taiwanese container liners reported MoM decline in September. For the quarter, 3Q 2023, and three liners in aggregate, total revenue was up 2% QoQ where EMC's on going consolidation of unlisted assets may have played a factor. For the liners already reported, OOIL, Yang Ming and Wan Hai reported QoQ decline in revenue during 3Q 2023. For the second year in a row, the peak season has not brought about any
Taiwanese liners’ August revenue in NTD moved up 6% MoM, but revenue in USD moved up less at 4% MoM. In either currency, the rebound is better than CCFI on likely sequential volume growth. Since hitting the bottom in February, these liners’ monthly revenue has rebounded between 3%-27% with EMC leading due to its ongoing consolidation of the unlisted ship owning entities highlighted by the acquisition of the privately owned Evergreen Marine (Singapore) (EMS) for $780m on 19 June 2023, in a landm
Yang Ming 2Q earnings avoid sequential fall at the EBIT level as sequential fall in revenue was offset by the reduction in operating expense, which is an outliner. Yang Ming led the container liner peers in 13% QoQ reduction in OPEX excluding bunker, depreciation and SG&A, which consists of mainly port handlings and equity repositioning. Among the liners, e.g. Maersk and Hapag Lloyd, that have disclosed port handling expenses, unit costs for this item were down QoQ but the drop is mostly off
The three main Taiwanese carriers' July revenue came out flat MoM but remained down 67% YoY. The three liners' aggregate revenue held steady at $1.4 Bn a month which is 70% lower than the cycle peak in January 2022 but remain 40% above the average level before 2020. Long haul trade volumes have rebounded in July based on Linerlytica's capacity and utilization data, but the average freight rates based on the CCFI was down 5% MoM in July. EMC, the Taiwan listed arm of the Evergreen Group, was t
EMC, the listed shipping arm of the Evergreen Group, reported June revenue on 7 July where its revenue (in USD) dropped 4% MoM. In contrast, Yang Ming’s June revenue rebounded from its May low while Wan Hai’s June revenue was flat MoM. Overall, the 3 main Taiwanese carriers’ 2Q revenue fell 3% QoQ and 66% YoY. EMC was only able to avoid a decline in revenue due to the consolidation of the Evergreen Group’s non listed entities held outside of EMC (see Week 26 Market Pulse).
The three Taiwanese liners' revenue (in USD) in May rose 2% MoM but fell 65% to $1,388mn in aggregate, which is comparable to the levels in August and September in 2020. The three Taiwanese liners in aggregate delivered $581mn operating profit in 3Q 2020 on $384mn fuel expenses and $321/ton average fuel price. The latest fuel expenses in 1Q 2023 was about $700mn on $631/ton average fuel price.
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
YMM put out its preliminary financial data after market on 12 May and then gave the full quarterly disclosure on 15 May. Profit attributable to shareholder down 95% YoY to a level similar of those seen in the long trough cycle before 2020.
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.