Unauthorized redistribution of the newsletter is prohibited and readers are requested to quote ‘Alphaliner’ as source for all data derived from the newsletter. Alphaliner does not accept any liability for any errors or omission or opinion. Please refer to full user terms and copyrights at www.alphaliner.com/terms_of_use.php ALPHALINER Volume 2014 Issue 47 18.11.2014 to 24.11.2014 Weekly Newsletter Web: www.alphaliner.com | E-mail: [email protected] | Sales: [email protected] Alphaliner Weekly Newsletter is distributed every Monday. The newsletter is available upon subscription. Information is given in good faith but without guarantee. Please send your feedback, comments and questions to [email protected] Chart of the week 3.3% 0.5% -1.7% -4.3% -1.0% -3.2% 0.5% 4.6% -1.1% -12.1% -7.1% -10.5% -5.5% 1.3% 7.4% -0.2% 10.7% -1.1% -12.0% 2Q14 3Q14 4Q13 1Q14 1Q13 2Q13 3Q13 3Q12 4Q12 1Q12 2Q12 2Q11 3Q11 4Q11 4Q10 1Q11 2Q10 3Q10 Average of APL, CMA CGM (fr 2010) , CSAV, CSCL, EMC, Hanjin, Hapag-Lloyd, HMM, KL, Maersk, MOL, NYK, WHL, YML, Zim Based on results for liner shipping operations only where separately reported Third quarter results provide some relief for carriers Container carriers’ average operating margins improved to 3.3% in the third quarter of 2014, based on the published quarterly results of 15 main carriers. The performance increase was due mainly to robust peak season demand on the key East-West and intra-Asia trades, which kept vessel utilisation levels high. This helped the shipping lines to retain at least part of the freight rate increases which they had proposed during the third quarter. INSIDE THIS ISSUE: 3Q carriers’ financial performance ALPHALINER 4Q09 1Q10 Operating Margin % 10.1% 9.7% 7.3% 5.7% 4.7% 4.2% 4.0% 3.2% 2.9% 2.0% 1.7% 0.4% -0.6% -1.8% -3.5% 1Q09 -17.9% 2Q09 -19.6% 3Q09 -18.2% Maersk Wan Hai EMC CMA CGM Yang Ming K Line Hanjin CSCL NYK Hapag-Lloyd Zim APL HMM MOL CSAV Average Carrier Operating Margin Carrier 16.0% Main carriers average operating margin by quarter : 2009-2014 Core operating margins by main carriers 3Q 2014 1 Idle fleet hits lowest level for Novem- 3 ber since 2008 Directionless charter market continues to drift Corporate Updates 6 Zim posts improved 3Q operating results Service Updates 7 G6 suspends TA loop due to seasonal lows K Line leaves Asia-Black Sea service MSC ups ante on West Africa, with plans to assign 8,000 teu tonnage EMES launches Greece-Turkey-Haifa service (GTS) - Zim slots Oceanus Shipping Lines adds calls on Greece-Cyprus-Egypt service CMA CGM re-launches the 'Citrus Express' MSC to restructure Trans Tasman network Deliveries/Resale Updates 11 November deliveries The carriers’ operating margins were also boosted by a notable decrease in fuel prices, with average bunker costs in the third quarter falling by some 6% yearon-year. The cost containment efforts of various carriers have also borne fruit, as several shipping lines cited improved network and vessel efficiencies that have helped to lower their respective unit operating costs. Despite these positive trends, three out of the 15 carriers surveyed posted negative operating results for the third quarter. Negative margins were reported by HMM, CSAV and MOL and HMM, with the results of the latter two dragged down by the weak trading conditions on the North-South routes. Particularly CSAV, which has the largest relative exposure to the Latin America trade, suffered from the low demand growth that characterised this sector in 2014. Several carriers were able to reverse their operating losses in the third quarter, including Yang Ming, Hanjin Shipping, CSCL and Zim, which all reported positive operating results for their latest financial quarter. Zim’s turnaround is particularly significant as it comes on the back of a debt-for-equity restructuring deal ** The full newsletter is available by subscription. Please contact [email protected] **
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