Total 219 Posts
CMA CGM disclosed some head line figures for its FY2022 and Q4 2022 results on March 4. The group level net profit dropped 57% QoQ and 55% YoY, driven primarily by lower container freight rates (-13% QoQ) and to lesser extent lower volume (-9% QoQ). CMA CGM has not disclosed its expenses break-downs and liner level EBIT in this set of numbers. Group level net profit dropped $4bn QoQ against $3.6bn QoQ drop in shipping segment's EBITDA suggest the depreciation (e.g. chartering expenses) and tax e
Transfar Shipping has informed Linerlytica that it is not owned by Worldwide Logistics and is not an affiliate of Safetrans Line. Transfar Shipping was established in Singapore in 2018 and operates independently on the transpacific trade since 2021.
Focus Container Line has become the second casualty of the container market downturn after liquidators were appointed on 14 February 2023 to wind up the company that is based in Brendale in Queensland, Australia. It follows the insolvency of the UK based Allseas Global Project Logistics in October 2022. Both companies suffered from their ill-timed entry into the container shipping markets that have been hit by a collapse in freight rates. Focus Container Line was established in March 2022 but o
OOIL reported 4Q 2022 top line breakdown after Hong Kong market close yesterday (11 Feb). 4Q revenue was down by 37% QoQ and 35% YoY, driven by lower freight rates. Most of the routes, except for Transatlantic, were hit similarly and the fall in average freight rates was broadly in line with the fall in CCFI. OOIL only reports full set results semi-annually. On the $2.2bn or 21% HoH fall in revenue, OOIL's 2H 2022 net profit may also fall about $2bn or 38% HoH. OOIL usually reports past year's
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
Maersk reported before European market open today (8 Feb). 4Q EBIT came out as $5.0b, better than the $4.8bn guided in November. Although not being very surprising, this beat has to be viewed in context that the 4Q EBIT was down 47% QoQ and 26% YoY. The main delta contributing to Maersk's profit was the 23% QoQ fall in average freight rates, which however was less than the 455 QoQ fall in CCFI due to Maersk's higher than average contract mix. The most concerning to the capital market is that
Hapag Lloyd reported preliminary results today (31 Jan) before European market open. EBIT at $3.3bn for 4Q, down 37% QoQ and 21% YoY, tracking above our expectation on better than expected freight rates but broadly in line with guidance. Average freight rates fell just 15% QoQ in 4Q, comparing to CCFI's 45% QoQ fall.
ONE reported during lunch break today (31 Jan). Net profit dropped 50% QoQ and 2022 financial year (Apr 2022-Mar 2023) earning guidance was cut by 4% or Q4 (Jan-Mar 2023) earing guidance was cut by 37%m. The 50% QoQ drop in net earnings is a touch better than the 60% QoQ drop that we previously estimated based on the Taiwanese liner's top line results here [https://www.linerlytica.com/app/post/twn-liners-top-line-reports-hinted-potentially-60-qoq-fall-in-net-profit/] . ONE's average freight ra
Maersk announced on 27 January 2023 that it plans to move towards an unified Maersk brand by integrating the separate Maersk brands including Hamburg Süd and Sealand. It did not provide any intended timeline for the transition to the unified Maersk brand and said that each brand will follow its own tailored timeline as they operate in different geographies. The brands to be integrated under an unified Maersk nameMaersk had already abandoned the Safmarine and Damco brands in 2020. Maersk brands
The 2M breakup will trigger another round of market instability as Maersk and MSC jostle for pole position on the East-West routes where they currently cooperate. While MSC will have sufficient new ship capacity by 2025 to fully replace Maersk’s current vessel contribution to the 2M network, an independent Maersk network will fall behind MSC, OCEAN Alliance and THE Alliance offerings. Maersk and MSC announced on 25 January 2023 the termination of the 2M alliance effective from January 2025. The