The Purse Strings Archives - Page 2 of 13

Kuehne + Nagel sees 2020 profits up despite revenues taking first-half hit

3 March 2021

Kuehne + Nagel today reported a full-year 5% growth in ebitda to Sfr1.9bn ($2.06bn) for 2020, despite seeing revenues decline by 3.4% to Sfr20.4bn after earnings were hammered in the first half.
The star performer in the group was its air freight forwarding arm, which despite a volume decline of 12.8% for the 12 months to 1.4m tonnes, saw full-year revenues grow 11.6% to Sfr5.2b and ebit by 53.5% to Sfr505m …

The post Kuehne + Nagel sees 2020 profits up despite revenues taking first-half hit...

https://theloadstar.com/kuehne-nagel-sees-2020-profits-up-despite-revenues-taking-a-first-half-hit/

Danaos profits and recharters on the up as liner ‘purple patch’ continues

17 February 2021

Ocean carriers and containership owners are in the midst of the richest vein for the liner sector in over a decade.
The shipping lines are confidently predicting record earnings for the first quarter, with the expectation that the current profitability purple patch will continue at least as far as Q2, underpinned by sky-high spot rates, and beyond that boosted by annual contract rate increases being reported of 75% over the year before.
Meanwhile, the …

The post Danaos profits and recharters...

https://theloadstar.com/danaos-profits-and-recharters-on-the-up-as-liner-purple-patch-continues/

‘Resilient’ freight business rescues a tough year for DFDS

10 February 2021

Despite the dramatic decline in passenger numbers last year, a fourth-quarter surge in freight volumes helped mitigate the decline in Danish ferry operator DFDS’s profitability.
“Passenger results were wiped out by the pandemic,” chief executive Torben Carlson said, referring to a 93% year-on-year decline in numbers, “but we also saw how resilient our freight business is.”
Fourth-quarter freight volumes on its North Sea routes were up 16%, and 17% on cross-Channel services, attributed to...

https://theloadstar.com/resilient-freight-business-rescues-a-tough-year-for-dfds/

Record Q4 earnings drive Maersk 2020 profits towards $3bn

10 February 2021

Danish shipping and logistics group Maersk reported a net profit of $1.3bn for fourth quarter of 2020, with an even better result expected for Q1 21.
“We are full,” said CEO Soren Skou today, adding that Maersk’s liner sector is expected to remain full “well into Q2”.
Record final-quarter earnings helped Maersk achieve a profit of $2.9bn for the full year, a result that looked highly unlikely at the start of the pandemic.
On the …

The post Record Q4 earnings drive Maersk 2020 profits towards...

https://theloadstar.com/record-q4-earnings-drive-maersk-2020-profits-towards-3bn/

Buoyant HMM in the black for the first time in five years, but liftings fall

9 February 2021

South Korean ocean carrier HMM has posted its first annual profit for five years, despite a decrease in its liftings.
Revenue last year surged by 16.3%, compared with 2019, to $5.43bn, earned from a 9.2% decline in its container volume to 3.89m teu.
Net profit came in at $105m, in comparison with a loss of $500m the year before.
HMM moved back into the black in the fourth quarter, recording a net profit $137m, …

The post Buoyant HMM in the black for the first time in five years, but liftings...

https://theloadstar.com/buoyant-hmm-in-the-black-for-the-first-time-in-five-years-but-liftings-fall/

Successful debt restructuring saves PIL from becoming ‘the next Hanjin’

2 February 2021

The booming liner sector and a surge in the value of Pacific International Lines’ 73 containerships appears to have been a major factor in the success of yesterday’s debt restructuring plan.
According to vesselsvalue.com, the 73 vessels are now worth $1.4bn – the value of its 21 post-panamax ships alone increased by around $100m last month.
One source with an insight into the restructuring negotiations of the carrier told The Loadstar the strong …

The post Successful debt restructuring saves PIL...

https://theloadstar.com/successful-debt-restructuring-saves-pil-from-becoming-the-next-hanjin/

ONE profits surf the wave of soaring freight rates, with Q3 revenue up 29%

29 January 2021

Japanese ocean carrier ONE recorded a net profit of $944m for its third quarter, October-December, and expects to see profits of $2.5bn for the full year.
That would represent an astonishing 172% upgrade on its November guidance, thanks to huge hikes in freight rates hitting the carrier’s bottom line.
Moreover, it would appear that ONE is being conservative with its $900m net profit Q4 forecast for January to March, given the impact …

The post ONE profits surf the wave of soaring freight rates,...

https://theloadstar.com/one-profits-surf-the-wave-of-soaring-freight-rates-with-q3-revenue-up-29/

Contract obligations kept Hapag-Lloyd from enjoying rocketing rates bonus

27 January 2021

Hapag-Lloyd’s preliminary results for 2020, of an ebit of $1.5bn, are at the top end of its revised earnings forecast.
But the full effect of the surge in freight rates in the final months of 2019 will probably not be seen until this quarter.
Hapag-Lloyd said the main drivers for the enhanced results had been “improved freight rates and lower bunker prices”, as well as some $500m of cost savings.
The ebit figure …

The post Contract obligations kept Hapag-Lloyd from enjoying rocketing rates bonus

https://theloadstar.com/contract-obligations-kept-hapag-lloyd-from-enjoying-rocketing-rates-bonus/

On the wires: Stretched Zim & wealthy OOCL hunting for new blood

26 January 2021

Expect container shipping plays on the world’s stock exchanges to increase in frequency as carriers look for more sources of free money and investors look for new ways to take part in the supply chain boom.
Israel’s Zim Integrated Shipping Services filed its updated IPO prospectus last week, outlining its goal of selling 17.5m shares at between $16 and $19 per share (at the high end of the rage, Zim will …

The post On the wires: Stretched Zim & wealthy OOCL hunting for new blood appeared first...

https://theloadstar.com/on-the-wires-stretched-zim-wealthy-oocl-hunting-for-new-blood/

OOCL profits are surfing the wave of soaring rates and demand

18 January 2021

A very strong fourth-quarter 2020 operational update from OOCL is an indicator of the rich vein of profitability enjoyed by the liner industry since the middle of last year, despite the pandemic.
The liner barometer data released by the Hong Kong-based carrier’s parent, OOIL, reported Q4 revenue up a substantial 51.2% on the same quarter of the previous year, to $2.42bn.
Total liftings across OOCL’s four regions increased 23.7%, to 2,225,642 teu, …

The post OOCL profits are surfing the wave of...

https://theloadstar.com/oocl-profits-are-surfing-the-wave-of-soaring-rates-and-demand/

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