COSCO has confirmed a new order for 12 new methanol-dual fuel ships of 24,000 teu to be built at 2 of its 50% owned shipyards – Nantong COSCO KHI and Dalian COSCO KHI. These ships cost $239.85m each and 7 units will be under OOCL’s account. It adds to 12 units of 23,000 teu that were ordered in March and October 2020 on OOCL’s account for delivery in 2023 and 2024. The earlier units will operate on conventional fuel with scrubbers and cost $156-157m each. COSCO is the second major carrier to c
COSCO reported full 3Q results after Friday (28 Oct) close, being the first top ten liner to report. The 16% sequential drop in earnings were already disclosed on 10 Oct's earning alert. Drivers to the sequential drop in earnings during 3Q were 11% QoQ increase in operating costs and 4% QoQ drop in volume. In other words, unit costs increased by 16% QoQ. Surprisingly, COSCO's average freight rates were up 1% QoQ during 3Q. Most of the impact from the collapse in spot freight rates since summer w
COSCO and OOCL will launch a newChina New Zealand Express (CNX) service calling at Shanghai, Shekou, Hong Kong, Auckland, Hong Kong, Shanghai, with an optional call at Napier planned. The first sailing will start on 10 November 2022 by the 2,174 teu ADVANCE with an adhoc Ningbo call on 17 November 2022. The CNX will complement the 2 carriers' current China New Zealand Service (CNS), North Asia Express (JKN) and New Zealand/South East Asia Express (NZS) services. Port of rotation of the new Chi
COSCO will join CMA CGM on the MedGulf Service that calls at Genoa, Valencia, Miami, Veracruz, Altamira, Houston, Tanger Med, Genoa. COSCO will add one of the six ships of 2,000-3,000 teu on this new service that is hitherto operated independently by CMA CGM. The service was first launched on 3 October 2022 from Genoa with the 2,826 teu CMA CGM NAVEGANTES. The current service is affected by severe congestion in Houston, with 2 blanked sailings in each cycle. The new cooperation with COSCO is ex
COSCO provided a profit alert after market close today(10 Oct). The alert gave 9-month figures in RMB. For 3Q 2022 in USD, profit attributable to the shareholders were down 16% QoQ and flat YoY while EBIT was down 17% QoQ and down 1% YoY.
COSCO and China United Lines (CUL) have launched a new joint service branded as the China Philippines Express (CPX). The service calls at Shanghai, Xiamen, Manila, Subic Bay, Shanghai starting from 21 Sep 2022 using the 1,432 teu JIN YUN HE and the 1,713 teu AS SERENA. The new service replaces the China-Vietnam Express (CV5/CVX) service that was jointly operated by COSCO and CUL calling at Shanghai, Xiamen, Ho Chi Minh City, Shanghai.
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
Diamond Line, the intra-European feeder subsidiary of COSCO, has launched a new LGX1 service calling at Piraeus, Limassol, Ashdod, Iskenderun, Damietta, Piraeus, starting with 1,432 teu CONTSHIP RUN at Piraeus on 30 August 2o22. The service turns in 2 weeks, with the 1,432 teu CONTSHIP SEA also to be deployed. LGX1 service
Golden Sea, subsidiary of COSCO, has resumed Yangon Express (YGX) calling Singapore, Xiaochan Beach, Yangon, Singapore. The The service has started with Xiaochan Beach call on June 19 by the 1223 teu AS FENJA.