OOIL reported its interim results during lunch last Friday (19th Aug). The results were great in most counters, e.g. 31% QoQ, 101% YoY and then 70% dividend pay-out ratio. But the top line report a month ago has already suggested OOIL earnings may be up $1.2-1.3bn HoH, which is more of less what OOIL report for the bottom line last Friday. The dividend pay-out ratio now becomes a guestimate for its shareholders as OOIL has paid out between 100% and 50% last two rounds. Having a net cash positi
Iris Logistics has launched its first intra-Asia service with the 1,118 teu IRIS PAOAY that has been redeployed from its previous Philippines-Los Angeles transpacific run. The new service will call at Manila, Bangkok, Laem Chabang, Ho Chi Minh City, Manila starting from 15 August 2022 with its inaugural call at Ho Chi Minh City. Iris Logistics is a subsidiary of the Royal Cargo Group and it operated previously as Royal Cargo Lines (RCL). It started as a representative office of German freight
COSCO is starting a new Southeast Asia to Middle East and India connection with AGI2 starting with 2,174 teu PROGRESS C at Singapore on 31 August. The 28-days weekly service will run in port rotation, Singapore, Mundra, Abu Dhabi, Hamad, Khalifa bin Salman, Abu Dhabi, Singapore. Another 2,174 teu SPRINTER will join on 11 Sept Singapore.
Zim/GSL will launch a new India-Africa Express (IAX) service connecting Western India with Kenya and Tanzania in East Africa from September 2022. The IAX will call at Nhava Sheva, Mundra, Mombasa, Dar Es Salaam, Nhava Sheva with 3 ships of 1,100 teu. The first official sailing will be made by the 1,134 teu ASIATIC NEPTUNE at Nhava Sheva on 7 September 2022. The same ship had already made one ad hoc rotation at the same IAX ports from 9 August 2022.
RCL and GSL have added a new service connecting Ho Chi Minh City, Port Klang, Jakarta, Port Klang, Ho Chi Minh City in a butterfly pattern that turns in 14 days. The service started from Port Klang on 27 June 2022 with the 1,288 teu YANTRA BHUM operated by RCL followed a week later by the 1,134 teu ASIATIC KING operated by GSL. The service is branded as the RCL Vietnam-Indonesia Express (RVI) by RCL and Vietnam Malaysia Service (VMS) by GSL. The new service replaces the RCL Ho Chi Minh Sing
The China Containerized Freight Index (CCFI) (source: SSE) came out just now fell below its level a year ago, registering the first YoY drop since week 50 2019. This weekly published counter tracks both spot and contracted freight rates of outbound shipments from China. The recent peak of CCFI was 3,588 recorded on 11 Feb 2022. At 2,993, CCFI has fallen 17% from its peak. Container freight rates are one of the most trend sensitive price indices in all markets. Being trend sensitive means that
Maldives Sate Shipping (MSS) has delayed the launch of its planned Singapore-Port Klang-Male service. The service was originally scheduled to start in July 2022. MSS has instead added a third Colombo-Male service, with the newly acquired 665 teu mpp vessel MSS GRAPHENE joining the trade on 7 July 2022. Maldives State Shipping was established in March 2020 by the State Trading Organization (STO) a Maldivian state owned trading company to operate a shipping service connect Male in the Maldives w
SeaLead will deploy the 2,497 teu CERUS on a new seasonal loader service connecting Sydney, Melbourne, Brisbane, Nhava Sheva, Mundra, Karachi in September 2022. This ad hoc service will provide the only direct connection currently between South Asia and Australia. CERUS is currently positioning from Misurata to Singapore before it is sent to Australia. The ship had been disabled since 2 July 2022 after fire broke out in one of the holds en route to Misurata. The ship was brough to Brindisi fo
Safeen Feeders have teamed up with CMA CGM to launch the Singapore Chennai Colombo (SCC) service starting from 5 September 2022 from Singapore. Safeen will introduce the 2,034 teu SAFEEN PIONEER on this service, joining CMA CGM's 1,732 teu SONGA TIGER. For Safeen, the SCC will be its first service operated outside of its home p0rt of Khalifa in Abu Dhabi. Safeen Feeders was launched in June 2020 by Abu Dhabi Ports to boost feeder connectivity between Khalifa and the Arabian Gulf/Indian Subcont
Carrier53, a new carrier established in 2022 in Hamburg, Germany by container leasing company Lotus Containers in partnership with German shipowner Schulte & Bruns has launched a new dedicated service in August 2022 to provide transportation services between China and the US West Coast for 53 feet US domestic containers. The service was launched with an initial fleet of 6 cargo ships that can carry between 241 and 309 units of 53-feet containers. 2 of the ships were recently acquired by Schulte