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
Zim and Gold Star Line (GSL) have revised the GSL Kolkata Colombo (GKC) service with the addition of new calls at Chittagong and Kattupalli from May 2023. The revised service has been renamed Kolkata Chittagong Express Shutle (GKC) and calls at Colombo, Chittagong, Kolkata, Kattupalli, Colombo, turning in 21 days using 3 chartered ships of 1,000-1,100 teu (IMKE SCHEPERS, SINAR BANGKA, ASIATIC NEPTUNE).
Zim reported losses for 1Q 2023 before market open today (22 May). Both net profit and operating profit level were negative. While the accounting operating cashflow is positive, the depreciation expenses, which are added back for the operating cashflow since 2019, were mostly lease expenses and hence are cash items. Management maintains full year guidance which for EBIT is $100-500m, against $14m LBIT in 1Q. Zim is the second major liner, after Wan Hai, to have reported losses in 1Q 2023. Bo
Lotus Link, the joint venture of Zim and Hai An Transport, has launched its first service from 18 March 2023. The Haiphong-Saigon-Port Klang 1 (HSP1) service connects Haiphong, Ho Chi Minh City, Port Klang, Ho Chi Minh City using 2 Vietnamese flagged ships - the 1,060 teu HAIAN LINK and the 1,134 teu TC SYMPHONY that allows it to operate on both the domestic route and international route.
Zim/GSL's Thailand Fremantle Express (TFX) service will be extended with 3 new port calls added at Nansha, Yantian and Brisbane. The revised TFX will call Port Klang, Laem Chabang, Ho Chi Minh City, Nansha, Yantian, Sydney, Brisbane, Melbourne, Fremantle, Port Klang from April 2023 with the first call at Yantian made on 3 April with the 2,554 teu ALS VESTA. The TFX was first launched at the end of December 2022 and originally deployed 5 ships of 1,700-2,700 teu on a 6 week rotation. The extend
Zim is shifting out 6 Bangkok-max ship from its intra-Asia and Australia services for redeployment in the North America-South America ZIM Colibri XPress service. All 6 ships are being repositioned from Asia/Australia to South America and will begin their new employment at San Antonio in Chile. The ZIM Colibri Xpress (ZCX) service connecting San Antonio, Callao, Guayaquil, Cartagena, Kingston, Philadelphia, Miami, Kingston, Buenaventura, Guayaqui, Callao, San Antonio The 6 ships are as follows:
ZIM will launch the Patagonia Express Service (PES) that connects the US Gulf with Argentina and Brazil. The new service will call at Houston, Ushuaia, Rio De Janeiro, Houston with the 1,118 teu PACIFIC TRADER that will phase in at Houston on 14 April 2023. The service will turn in 49-51 days on an irregular frequency.
Zim/GSL will add new calls at Busan and Kaohsiung on its China Australia Express (CAX) service. From 18 April 2023, the CAX service will call at Busan, Shanghai, Ningbo, Kaohsiung, Xiamen, Sydney, Melbourne, Brisbane. The revised rotation will turn in 6 weeks and will deploy up to 6 ships of 4,250 teu. The CAX service was first launched in October 2020 and intially called at Ningbo, Shanghai, Yantian, Sydney, Melbourne, Brisbane, Ningbo using 6 ships of 2,500 teu with a Haiphong northbound cal
ZIM has reported a sharp drop in net profits in the 4th quarter of 2022, down 64% QoQ and 76% YoY. Zim’s earnings decline is larger than its peers with its 4Q 2022 EBIT margin the lowest amongst the main carriers that have reported their results so far, apart from intra-regional carriers. ZIM guided $100m- $500m EBIT for 2023 which remains in the high end relative to the company’s pre-2020 EBIT performance. Over the 10 year period from 2009 to 2019, ZIM recorded cumulative EBIT losses totallin
Zim launches Caribbean Gulf Express (CGX) that will rotate through Kingston, Houston, Mobile, Kingston with two vessels on 14-day round trip. 1,100 teu CONTSHIP DON will phase in on 14 April at Houston while 1,496 teu WARNOW MASTER will phase in on 15 April at Kingston. Until recently, both vessels have been deployed in ZIM's Intra-East Mediterranean. They will both take a single voyage in ZIM's ZIM Container Service Atlantic to be positioned to the US East Coast before joining CGX.