Unlikely a surprise to the market, liners are reporting sequentially lower 4Q 2023 results, which is in line with CCFI while the QoQ rebound in SCFI will likely only show in the liners' book in 1Q 2024. While the 4Q results may not be pleasing to look at, everything changed since the second half of December. COSCO reported earning alert, OOCL reported top line breakdown while the Taiwanese liners reported their December revenue this week. COSCO alerted 68% QoQ lower earnings during 4Q while O
COSCO and OOCL will expand their service network between Philippines and Japan from 8 January with the launch of the new KTX4 service that will call at Manila (North & South), Hong Kong, Shekou, Osaka, Kobe, Tokyo, Yokohama, Kaohsiung, Hong Kong, Manila. The KTX4 will add to OOCL's existing KTX suite of services connecting Japan, Taiwan, Hong Kong, South China and Southeast Asia that consists of the following strings: * KTX1 : Kanto - Taiwan Xiamen Service [https://www.oocl.com/SiteCollect
COSCO and OOCL have introduced a new UAE-India Sub-Continent Gulf 2 (UIG2) service calling at Nhava Sheva, Hazira, Mundra, Abu Dhabi, Jebel Ali, Sharjah, Khalifa bin Salman, Abu Dhabi, Sohar, Nhava Sheva from 22 November 2023. The service replaces the current Asia Gulf India 2 (AGI2) service that calls at Singapore, Mundra, Jebel Ali, Abu Dhabi, Hamad, Khalifa bin Salman, Abu Dhabi, Singapore. The UIG2 turns in 21 days using 3 ships - the 2,174 teu ADVANCE and SPRINTER, together with the 1,7
OOIL’s top line breakdown for 3Q 2023 saw total revenue slip by 11% QoQ and 65% YoY driven primarily by the drop in average freight rates. The fall is larger than market forecasts with OOIL’s average freight rates falling by more than CCFI levels on a QoQ basis, even after excluding the impact of the sharp fall in Transatlantic rates which is outside of the CCFI scope. OOIL’s Transpacific freight rates fell by 2% despite the rate increases in July and August. OOIL’s 3Q23 EBIT is expected to rec
OOCL is adding 2 intra-Asia services connecting China, Cambodia and Thailand through slots on 2 existing services. The China Cambodia Thailand 1 (CCT1) service calls at Bangkok (PAT/Suksawat), Laem Chabang, Ho Chi Minh City, Ningbo, Shanghai, Laem Chabang, Bangkok starting from 5 November 2023. The service is offered through slots on the RBC1/BC1 service operated by RCL and CUL. The service turns in 3 weeks using 3 ships of 1,100-1,700 teu. The China Cambodia Thailand 2 (CCT2) service calls at
COSCO Shipping's intra-European arm, Diamond Line has teamed up with OOCL to launch a new Turkey Spain Morocco Express (TSM) service starting from 1 September 2023. The service will call at Piraeus, Thessaloniki, Derince, Gemlik, Aliaga, Piraeus, Valencia, Casablanca, Algeciras, Barcelona, Piraeus on a 28 day rotation using 4 ships of 1,900 teu. Port rotation of the new Turkey Spain Morocco (TSM)
COSCO/OOCL and ONE will jointly launch a new East East South America-Europe service from 16 September 2023, branded respectively as the 'East Coast South America-Europe 2' (ESE2), 'Europe-East Coast South America Express' (EEX) and 'Latin-East-Coast Europe Express' (LUX). The ESE2/EEX/LUX service will call at Montevideo, Buenos Aires, Itapoa, Paranagua, Santos, Rio De Janeiro, Algeciras, Rotterdam, London Gateway, Hamburg, Antwerp, Lisbon, Algeciras, Santos, Paranagua, Montevideo using 9 ships
COSCO and OOCL have launched a new Australia New Zealand Express (ANE) trans-Tasman service that connects Sydney, Auckland, Melbourne, Bell Bay, Sydney using the 1,1o3 teu CONTSHIP YEN from 16 May 2023. The service will operate on a fortnightly basis on a 14 day round voyage. The service marks COSCO's first dedicated service in the Australia-New Zealand range.
OOIL's 1Q 2023 shipping top line and breakdowns came out after Asian market on Thursday (6 Apr), being the first container liner to provide 1Q 2023 top line report. Revenue dropped 31% QoQ on average freight rate fall, which is in line with CCFI's 33% fall during the same period. Overall 1Q 2023 volume was flat QoQ. Transpacific volume being up 11% QoQ suggested OOCL, the shipping liner of OOIL, may have gained market share during past quarter as the US import from Asia was down during 1Q 202
OOIL reported FY2022 results after market close. The drop in earnings during 2022 H2 was within the range of the earnings drops reported by the other liners. A large dividend was consistent with OOIL's historical pay-out track record. Where this set of results stand out for us happened in the unit operating expense that fell 11% YoY and 10% HoH while the industry still experienced rise in operating expenses during 2022 H2. OOIL has previously made provisions for future operating expenses, noti