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.
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.
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.
Yang Ming provided headline FY2022 results overnight (10 Mar) where earnings attributable to shareholders during 4Q 2022 dropped 76% YoY and 71% QoQ, much steeper drop than most the peers that have reported so far.
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
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
Yang Ming Marine (YMM) reported NTD16.3bn or $534mn (on 30.6 NTD/$) for December revenue. In US dollars, the counter was down 58% YoY and 14% MoM. In aggregate, 4Q22 revenue was $1.9bn, down $1.4bn or 42% QoQ. Given most of of the decline was driven by much lower freight rates. YMM's 4Q net earnings could be down over $1bn, against the $1.6bn reported for 3Q.