shipping stocks

Maersk hikes 2023 guidance but warns of ‘years’ of challenges

a chart showing Maersk rates

Maersk, the world’s second-largest container shipping company, raised its full-year earnings outlook Friday while simultaneously lowering its forecast for the second half.

The hike in full-year guidance was due to better-than-expected performance in the past — the second quarter — not greater optimism toward the future. Second-quarter upside was driven by lower-than-expected costs (in part due to slow steaming), not freight rates, which were in line with company expectations.

Conference call...

https://www.freightwaves.com/news/maersk-hikes-2023-guidance-but-warns-of-years-of-challenges

The Container Company Textainer’s Shares Are Rising

Credit: Jim Allen/FreightWaves

Shares of the container company Textainer are continuing to rise, according to a news source from Yahoo Finance.

The big surprise for shipping stocks

The big surprise for shipping stocks has been the outperformance of certain container industry names despite the post-boom plunge in volumes and freight rates. Container-equipment lessor Textainer (NYSE: TGH) is a case in point.

Textainer’s stock just hit its highest price since the company went public in 2007. Its...

https://mfame.guru/the-container-company-textainers-shares-are-rising/

As propane exports break records, LPG shipping stock hits new high

chart of LPG exports

A handful of shipping stocks have left the rest in the dust this year. Dorian LPG (NYSE: LPG) is at the forefront. Its adjusted closing price, accounting for dividends, is up 63% year to date. On Monday, its share price hit its highest level since the company went public in 2014.

Dorian operates a fleet of very large gas carriers (VLGCs) that transport liquefied petroleum gas (LPG) — i.e., propane and butane — on long-haul voyages, mainly from the U.S. or the Middle East to Asia.

LPG exports have...

https://www.freightwaves.com/news/as-us-propane-exports-surge-lpg-shipping-stocks-gain

All-time high: Shares of container company Textainer still rising

The big surprise for shipping stocks has been the outperformance of certain container industry names despite the post-boom plunge in volumes and freight rates. Container-equipment lessor Textainer (NYSE: TGH) is a case in point.

Textainer’s stock just hit its highest price since the company went public in 2007. Its shares are doing even better than they did at the peak of the COVID-era boom.

Box leasing companies are in close contact with their customers — the shipping lines — and during a...

https://www.freightwaves.com/news/all-time-high-shares-of-container-company-textainer-still-rising

Corporate governance in shipping: Who’s been naughty or nice?

Shipping has long suffered an image problem on Wall Street, fueled by perceptions that some shareholders have been ripped off by self-dealing management.

No analyst has focused on the fair treatment of shipping’s common stockholders more than Michael Webber. He has published an annual corporate governance scorecard for shipping since 2016, until 2019 at Wells Fargo and since then at his own firm, Webber Research & Advisory.

Bulker owner Genco Shipping & Trading (NYSE: GNK) ranks first in this...

https://www.freightwaves.com/news/shipping-corporate-governance-whos-been-naughty-or-nice

Zim downsizing its container ship fleet as demand disappoints

Israel-based ocean carrier Zim (NYSE: ZIM) is cutting its exposure to the freight market by offloading multiple leased vessels. News of its divestment strategy was first reported in late June and fresh details are now emerging.

There have been reports this week of seven early charter terminations by Zim as well as two sublets. Two of the early charter terminations were confirmed by the vessels’ owner.

Charters terminated early for Euroseas duo

Euroseas (NASDAQ: ESEA) said that charters of its...

https://www.freightwaves.com/news/zim-downsizing-its-container-shipping-fleet-as-demand-disappoints

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

Container shipping trilemma: Weak rates, new ships, pricey charters

a chart of shipping spot rates

Container lines are facing a triple whammy: Freight rates are weak — below breakeven in some trades — and show no signs of rising. New ships are flooding the market. And vessel leases that container lines booked at historically high rates during the boom have yet to expire. Some leases run through 2024 or 2025.

What levers can ocean carriers pull to stop the bleeding?

They do not seem to be able to raise freight rates. Demand is too low and carriers are not canceling enough sailings. They want...

https://www.freightwaves.com/news/container-shipping-trilemma-weak-rates-new-ships-pricey-charters

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

COVID boom not over yet for ‘landlords’ of shipping lines

KPIs of container shipping lessor Danaos

Foreign container lines were widely blamed for stratospheric freight rates during the supply chain crisis. President Joe Biden proclaimed last June he was “viscerally angry” at the “rip-off,” clenching his fist and saying he felt like “popping someone,” presumably a foreign container-line executive.

As the shipping lines took the heat for raking in billions amid the pandemic, another group of foreign-owned container shipping companies quietly raked in record sums outside the publicity glare: the...

https://www.freightwaves.com/news/covid-boom-not-over-yet-for-landlords-of-shipping-lines

+ More