Total 219 Posts
The best yard stick, in our view, measuring management performance is the financial return generate over time. And the most direct financial return for shareholders is the dividend pay-out relative to a company's market value. Liners have been swimming in cash on extraordinary earnings since 2021. Reasonably, they also distributed dividend generously. Between 2021 and July 2022 end, a total of $38bn* of dividend paid while another $14bn have been committed to be paid in 2022 by the 16 shipping
COSCO 22Q2 results were out overnight. Earnings have already been given in the alert last month. So the new news is dividend,HK2 or 50% payout ratio, which is ahead of the analysts estimates. Yet the stock ended down in the Hong Kong trading session. The results are all good. Top line dropped just 4% QoQ as 2% higher volume mitigate some fall in freight rates while slot costs dropped by a whopping 23%. Slot costs are the OPEX incurred in a quarter divided by operating capacity, which help make
HICO Investment Group, a privately owned trust fund owned by the Hartnoll family, revealed on 25 August 2022 that it has acquired the assets of Bengal Tiger Line (BTL) from CMIA Capital Partners. At the same time, HICO also revealed that it has acquired a controlling stake in Caribbean Feeder Services (CFS) from Pérez y Cía who remains a minority shareholder and partner in the CFS business. The Hartnoll family also owns X-Press Feeders (Sea Consortium), as well as various shipowning entities t
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
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
ZIM reported before market open today. The results probably came out worse than capital market's expectation. This report on its own is fantastic but the sequential drop in earnings is more than expected and worse among its container liner peers. The sharper than expected drop (22% QoQ) in earnings is driven mainly by the sequential drop in the revenue yield. ZIM's revenue yield, i.e. revenue generated per slot during a quarter. At $6,993/teu slot, ZIM's 2Q revenue yield is still the highest r
Tailwind Shipping has become the latest carrier to join the Linerlytica Top 50 carrier list, after its operated fleet swelled to 5 ships with a total capacity of 17,206 teu, including 2 units that it has purchased in the last 3 months. The company’s fleet is expected to rise further with 3 more chartered ships to join the newly established carrier in the next few weeks. Tailwind is also reported to have acquired 2 newbuildings of 1,380 teu currently under construction at Jinglu Penglai that wil
YMM's reported another set of great results much in line with the other liners already reported. However, market consensus may have expected it and the market focus at this point is whether the liner earnings could sustain. YMM's net profit were down 12% QoQ on sequential decline in the spot freight rates and increase in bunker price. In the details, liner EBIT down 8% QoQ or $217mn. Revenue was down $110mn QoQ, driven primarily by the spot freight rates, while bunker expenses, driven by bunker
HMM reported on 10th Aug. HMM's 2Q earnings was down 13% QoQ at group level. (correction: previously mistaken as 58% drop) Though, the group level operator cashflow was down only 3% QoQ. Hence, most of the 13% sequential drop in earnings was due to non cash items. One of those non cash items is the derivative valuation losses (>KRW 1bn), which, in our estimate, may be long KRW positions as hedges to HMM's likely future KRW payments e.g. debts and head office expenses. However, HMM container d