Asia Pacific

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

Cathay Pacific cargo traffic shrinks 25% in October

Cargo volumes at Cathay Pacific in October continued a pattern of double-digit contraction as strict China COVID policies hamper flight operations and the traditional fall surge in airfreight activity ahead of the holidays failed to materialize.

Hong Kong-based Cathay Pacific, a major combination carrier with a fleet of 20 Boeing 747 freighters, has tumbled from the fifth- to the ninth-largest cargo carrier in the world in the past year, according to the International Air Transport Association.

Ca...

https://www.freightwaves.com/news/cathay-pacific-cargo-traffic-shrinks-25-in-october

CMA CGM, Hapag-Lloyd announce leadership changes in North America

googletag.cmd.push(function() { var gptSlot = googletag.defineSlot(‘/21776187881/FW-Responsive-Main_Content-Slot1’, [[728, 90], [468, 60], [300, 100], [320, 50]], ‘div-gpt-ad-b1-i-fw-ad-1’).defineSizeMapping(gptSizeMaps.banner1).setCollapseEmptyDiv(true).addService(googletag.pubads());
gptAdSlots.push(gptSlot);
});

googletag.cmd.push(function() { googletag.display(‘div-gpt-ad-b1-i-fw-ad-1’); });

Both the CMA CGM Group and Hapag-Lloyd announced North American leadership changes this week. 

CMA...

https://www.freightwaves.com/news/cma-cgm-hapag-lloyd-announce-leadership-changes-in-north-america

‘Considerable uncertainties’ cloud forecasts for HMM, Yang Ming

Despite hefty gains in the first three quarters of 2022, Asian ocean carriers HMM and Yang Ming are cautious about what the future holds.

HMM, which reports in Korean won, said its third-quarter revenue rose 27.1% year over year to 5.1 trillion won ($3.76 billion) from 4 trillion won ($2.7 billion). Operating profit in Q3 was 2.6 trillion won ($1.9 billion), up 14.5% from 2.27 trillion won ($1.68 billion) in the third quarter of 2021, and net profit was 2.61 trillion won ($1.91 billion), up...

https://www.freightwaves.com/news/considerable-uncertainties-cloud-forecasts-for-hmm-yang-ming

FreightWaves Classics/Pioneers: Lopez was first Hispanic American graduate of the Naval Academy 

Inactivated submarines at Mare Island Naval Shipyard on January 3, 1946. (Photo: U.S. Navy/ww2db.com)

FreightWaves Classics is sponsored by Sutton Transport, an LTL leader in the Midwest for more than 40 years. Sutton Transport proudly services Illinois, Minnesota, Missouri and Wisconsin. Request a quote here.

National Hispanic Heritage Month

National Hispanic Heritage Month is observed annually from September 15 to October 15. It celebrates “the histories, cultures and contributions of American citizens whose ancestors came from Spain, Mexico, the Caribbean and Central and South America.”

Hispanic...

https://www.freightwaves.com/news/freightwaves-classicspioneers-lopez-was-first-hispanic-american-graduate-of-the-naval-academy

Chinese e-commerce logistics company Zongteng launches cargo airline

Night view of Central Airlines, YunExpress freighter at an airport.

Zongteng Group, a major provider of cross-border warehousing and logistics services for e-commerce sellers, announced Monday the acquisition of its first freighter to help customers reach global markets faster.

The news follows a growing trend of online sales platforms, such as Amazon and JD.com, and logistics providers creating private-label airlines to better control capacity and service reliability rather than exclusively rely on scheduled, multiparty carriers. 

Shenzhen, China-based Zongteng...

https://www.freightwaves.com/news/chinese-e-commerce-logistics-company-zongteng-launches-cargo-airline

FreightWaves Classics: Coast Guard Cutter Saranac served the US and UK

USCGC Saranac. (Photo: Public Domain)

FreightWaves Classics is sponsored by Sutton Transport, an LTL leader in the Midwest for more than 40 years. Sutton Transport proudly services Illinois, Minnesota, Missouri and Wisconsin. Request a quote here.

Lake-class cutters come online

The U.S. Coast Guard’s (USCG) Lake-class cutters were designed by the Coast Guard and were improved and modernized versions of the service branch’s 240-footers. There were 10 cutters built in this class. 

USCG Captain Q.B. Newman designed the Lake-class...

https://www.freightwaves.com/news/freightwaves-classics-coast-guard-cutter-saranac-served-the-us-and-uk

FreightWaves SONAR data revealed global recession months before FedEx’s earnings

A container ship stacked with containers

In a note last Friday, September 16, J.P. Morgan reminded us that back in June it warned about a concerning drop in container volume out of China, based on FreightWaves SONAR Container Atlas data. 

Part of the J.P. Morgan note.

The firm titled its June 3 report “Watching the China Freight Wave,” which covered the slowdown in container markets and forewarned about a slowing U.S. domestic freight market.  

Using the same data, on June 7, FreightWaves wrote an article titled “U.S. import demand is...

https://www.freightwaves.com/news/freightwaves-sonar-data-revealed-global-recession-months-before-fedexs-earnings

Maersk adds LF Logistics to supply chain portfolio

A worker moves boxes on a handcart after unloading from a white LF Logistics van.

Ocean shipping goliath A.P. Moller – Maersk announced Wednesday it has finalized the acquisition of LF Logistics, a Hong Kong-based contract logistics company, specializing in omnichannel fulfillment services, e-commerce and inland distribution in the Asia-Pacific region, for an enterprise value of $3.6 billion.

LF Logistics operates an extensive Asian network with 10,000 people, 223 warehouses and fulfillment centers in 14 countries totalling 29 million square feet. It is majority owned by Li &...

https://www.freightwaves.com/news/maersk-adds-lf-logistics-to-supply-chain-portfolio

Typhoon pauses air, ocean freight in Hong Kong, South China

A plane comes in for a landing in Hong Kong with ocean view beyond runway.

Strong winds and heavy rain from a typhoon barreling through the South China Sea is expected to disrupt air and ocean shipments, as well as local freight delivery, during the next 24 to 48 hours.

The Hong Kong Observatory on Wednesday evening issued a Category 8 typhoon warning for Tropical Storm Ma-on, the third highest alert under the city’s weather system.

At 11 p.m. Hong Kong time, the storm system was centered about 131 miles south of Hong Kong, with sustained maximum winds of nearly 70 mph....

https://www.freightwaves.com/news/typhoon-pauses-air-ocean-freight-in-hong-kong-south-china

+ More
Join Our Newsletter
Enter your email to receive a weekly round-up of shipping news.
icon
By subscribing, you agree with our privacy policy and our terms of service.