SeaLead will continue to serve the China-US West Coast market by taking slots on Transfar's sailings between Ningbo and Long Beach from November 2022. SeaLead has ceased to call at the US West Coast since 15 October when the 3,534 teu SONIC made its last call at Long Beach. Under the new agreement signed on 3 November 2022, Transfar will sell up to 83 teu on a space used basis to SeaLead on its AES1 service that currently calls at Qingdao, Shanghai, Ningbo, Long Beach, Lazaro Cardenas, Manzan
MSC is launching Dolphin Service that calls Shanghai, Ningbo, Xiamen, Tanjung Pelepas, Singapore, Jakarta, Surabaya, Tanjung Pelepas, Singapore, Laem Chabang, Cai Mep, Shanghai. So far two vessel, 3,108 teu MSC LILOU and 2,741 teu MSC CAPE III, have been deployed to this service with MSC CAPE III to phase in at Shanghai on Nov 5. MSC LILOU will phase in on Nov 28 at Shanghai after coming out of drydock.
SITC is launching China Bengal Express 2 (CBX2) that calls Qingdao, Shanghai, Ningbo, Chittagong, Penang, Port Klang, Qingdao on weekly basis with 5 ships: 1,808 teu SITC KEELUNG, 1,808 teu SITC SHANGHAI, 1,808 teu SITC HANSHIN, 1,808 teu SITC KANTO and 1,781 teu SITC JIADE. SITC JIADE will start the service on Nov 9 at Qingdao.
Italia Maritima and Arkas are launching another revised East Med-Black Sea service called Greece Poti Marmara service(GPM) that will call Piraeus, Ambarli, Poti, Constantza, Piraeus. 1,445 teu CORELLI and 1,618 teu UNI-PHOENIX, both until recently have been active in the East Med routes, will be deployed to this service. CORELLI will phase in on Nov 5 at Piraeus and UNI-PHOENIX will be phased in on Nov 14 also at Piraeus.
Italia Maritima and Arkas are launching a revised East Med-Black Sea service called Greece Turkey West Black Sea Service (GTW) / Aegean-Bulgaria Express (ABX) that will call Piraeus, Thessaloniki, Piraeus, Haydarpasa, Constantza, Varna, Ambarli, Gebze, Piraeus. 1,445 teu ROZA A and 1,164 teu UNI-ASSURE, both until recently have been active in the East Med routes, will be deployed to this service. ROZA A will phase in on Nov 5 at Piraeus and UNI-ASSURE will be phased in on Nov 13 also at Piraeus.
Marfret has just launched ITALY/EGYPT EXPRESS (IEX SERVICE) that calls Alexandria, Salerno, Genoa, Alexandria on weekly basis with two ships: 390 teu LYDIA and 698 teu CONMAR GULF. LYDIA has already phased in on Oct 28 at Genoa while CONMAR GULF will phase in on Nov 9 at Genoa. LYDIA was servicing at Fluviofeeder's Lydia Feeder connecting Le Havre and Rouen until recently while CONMAR GULF was servicing North Sea's NW Europe-Norway services.
ONE is launching PHILIPPINE EXPRESS 2 (PHX2 or PH2) that calls Singapore, Manila, Davao, Singapore on weekly basis with two ships, 1,091 teu CONTRIVIA and 1,096 teu CONTSHIP ERA. CONTRIVIA will phase in at Singapore on Nov 10 while CONTSHIP ERA will phase in at Singapore too on Nov 21. CONTRIVIA was recently servicing Bohai Feeder 2 while CONTSHIP ERA was mostly servicing Straits-Philippines service (PHX) recently except for a couple of ad hoc voyages between Singapore and India.
AD Ports have agreed to buy an 80% stake in Dubai based Global Feeder Shipping (GFS) on 3 November 2022 for a total consideration of $800m, implying a total valuation of $1 Bn for GFS. In the last 12 months, GFS recorded total revenues of $1,085m, EBITDA of $521m and Net Profit of $481m, with an EV/EBITDA multiple of 1.9x for the transaction. According to AD Ports, it assumed a correction of 60% in the freight rates over the coming years from the peak rates in 2022 before arriving at the agre
Maersk reported 3Q before market open today (2 Nov 2022). Earnings turned out better than expected (BTE) but guidance stayed unchanged, suggesting a bearish outlook. BTE 3Q Results: EBIT $9.48bn, up 5% QoQ and 62% YoY, beat Bloomberg consensus estimate of $8.63bn. The BTE earnings were due to higher contract freight rates. During the period, Maersk continued to experienced costs increase particularly in bunker and depreciation, which including chartering. Maersk's 3Q volume dropped 8% YoY and 3
Poseidon Acquisition Corp, an entity formed by ONE together with the 3 controlling shareholders of Atlas (Fairfax Financial Holdings, the Washington family and David Sokol, chairman of Atlas) have entered into a definitive agreement on 1 November 2022 to acquire Atlas in an all-cash transaction for an enterprise value of $10.9 Bn. Poseidon will acquire 32% of the outstanding common shares of Atlas not owned by the 3 controlling shareholders for $15.50 per share in cash, which represents a 34% p