There’s more coal being shipped by sea than ever before

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Clean, green renewables are on the rise. Coal, the dirtiest fuel, is dying. Or so the energy...

https://www.freightwaves.com/news/more-coal-is-being-shipped-by-sea-than-ever-before

Yang Ming blames economic uncertainty for $4M Q2 loss

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Yang Ming Marine Transport Corp. on Friday reported a second-quarter after-tax net loss of $4.27...

https://www.freightwaves.com/news/yang-ming-blames-economic-uncertainty-for-4m-q2-loss

HMM hit by ‘intensified’ imbalance between supply and demand

South Korean ocean carrier HMM’s second-quarter net profit plunged 89% year over year.  

HMM provides little color in its earnings releases and reports in South Korean won. It reported Thursday that Q2 net profit was KRW 313 billion ($238 million), compared to KRW 2.9 trillion ($2.2 billion) in the second quarter of 2022.

Operating profit plummeted 95% year over year, from KRW 2.93 trillion ($2.2 billion) to KRW 160 billion ($121.8 million). Revenue dropped 58%, from KRW 5.03 trillion ($3.8...

https://www.freightwaves.com/news/hmm-hit-by-intensified-imbalance-between-supply-and-demand

Trans-Pacific shipping rates rise as carriers make capacity cuts

Shipping lines finally seem to be making some headway in managing vessel capacity in the Asia-U.S. trades.

Spot rates have been on the rise for three straight weeks, rebounding to levels last seen in early 2023 and late 2022, according to several index providers. U.S. import bookings remain above pre-COVID levels, and multiple analysts are now highlighting positive rate effects from reduced vessel capacity.

Liners managing down trans-Pacific capacity

“Typically, higher demand leads to higher...

https://www.freightwaves.com/news/trans-pacific-shipping-rates-rise-as-carriers-constrain-capacity

Q2 container line earnings could surprise to the upside

Container lines won’t release final results for the second quarter until next month, but early disclosures suggest they have stemmed the bleeding, at least temporarily.

Hawaii-based niche carrier Matson (NYSE: MATX) announced preliminary results late Thursday, projecting Q2 2023 net income of between $76.3 million and $81.5 million. This range is more than double Q1 2023 net income of $34 million.

Matson CEO Matt Cox confirmed that his company’s China service saw higher demand in the second...

https://www.freightwaves.com/news/container-line-earnings-could-surprise-to-upside-in-q2

Russian crude prices have breached the G-7 price cap. Now what?

chart of Russian crude pricing

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The price of Russian Urals crude, exported from ports in the Black Sea and Baltic Sea, is now at or...

https://www.freightwaves.com/news/russian-crude-export-prices-breach-g-7-eu-price-cap-now-what

Shipping faces fallout as China’s post-COVID rebound falls flat

chart showing spot rates from China to the US

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A strong Chinese economy creates a virtuous cycle for ocean shipping. The manufacture of goods...

https://www.freightwaves.com/news/shipping-faces-fallout-as-chinas-post-covid-rebound-falls-flat

How LNG shipping kept Europe’s wartime energy supply secure

A year ago, an armada of ships came to Europe’s aid, bringing U.S.-produced liquefied natural gas to replace Russian pipeline gas supplies lost in the wake of the war. The outlook for the coming winter was dire despite the surge of American LNG cargoes — then it grew even worse.

A fire and explosion took Texas’ Freeport LNG facility offline last June, removing a major U.S. export source. The price of natural gas in Europe hit $100 per million British thermal units (MMBtu) in late August, the...

https://www.freightwaves.com/news/how-lng-shipping-kept-wartime-europes-energy-supply-secure

NYK Line bucks trend, exits cargo airline business

Japanese ocean shipping and transport company Nippon Yusen Kabushiki Kaisha, also known as NYK Line, on Tuesday announced it will sell Nippon Cargo Airlines to All Nippon Airways. The decision reverses a new trend of vessel operators establishing their own freighter airlines.

Publicly traded NYK Line said it is exiting the air cargo business because it has become too expensive to run a profitable airline and grow to meet new demand. NCA owns and controls 15 Boeing 747 jumbo freighters: eight...

https://www.freightwaves.com/news/nyk-line-bucks-trend-exits-cargo-airline-business

HMM reports strong 2022 despite Q4 profit plunge

HMM on Monday reported “strong results for 2022,” including a 34.8% year-over-year gain in operating profit. But to clarify, the South Korean ocean carrier had strong results for part of 2022, as fourth-quarter operating profit plunged 53.4% year over year. 

The first three bullet points in HMM’s financial disclosure statement refer to full-year increases in revenue and operating and net profit. HMM, which reports in Korean won, said 2022 revenue rose 34.7% from 2021 to a calculated $14.54...

https://www.freightwaves.com/news/hmm-reports-strong-2022-despite-q4-profit-plunge

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