Friday, February 24, 2012

ITF newsletter on the economic crisis

ITF newsletter on the economic crisis

Link to Economic Crisis Newsletter

Company shorts - 24 Feb. 12

Posted:

Copenhagen-listed logistics operator DSV forecast an annual increase of at least four per cent in sea freight this year, after handling 728,000 teu in 2011. The company's annual pre-tax profit was up nine per cent to DKr2.4 billion.

The US port of New York and New Jersey handled 5.5 million teu last year, more than the record volumes reported before the crisis. ExpressRail, the port's on-dock rail system, handled 422,144 teu, up 12 per cent compared to 2010.

Swedish shipowner Stena Bulk has announced plans to expand its LNG fleet up to 10 fuel-efficient vessels.

The productivity at the Peruvian port of Callao soared 63 per cent after a US$27 million investment from APM Terminals, which operates the port since July 2011.

US-listed shipowner Danaos Corporation returned to profit in 2011. It posted a US$13.4 million net income, after being $102.3 million in the red a year ago.

New York-based dry bulk company Genco Shipping & Trading has reported an unexpected profit for the last quarter of 2011, although the voyage revenue and the average daily time charter equivalent rates plummeted.

Source: Lloyd's List, International Freighting Weekly; 23 February 2012

Maersk Line reduces Asia-Europe capacity

Posted:

Freight rate environment and fears of oversupply have made Danish giant Maersk Line to announce a nine per cent reduction of its 850,000 teu capacity on Asia to Europe trades. The company is committed to cut costs and keep its market share, and hopes its vessel sharing agreement with French carrier CMA CGM the Asia-west Mediterranean trades would benefit both shipping lines. Maersk has recently given up its option for a further ten mega-ships with capacity of 18,000 teu. In addition to lay-ups and slow steaming, Maersk is to introduce a rate increase of $775 per teu in the Asia to north Europe and Mediterranean routes.

Source: Lloyd's List; 22 February 2012

World bulker fleet hits new record

Posted:

The global fleet of bulk carriers could reach 10,000 vessels by the end of this year as more tonnage is scheduled for delivery, according to London-based shipbroker Clarksons. Although 1,539 vessels with a capacity of 90 million dwt are scheduled to be delivered this year, it is estimated that only 70 per cent of them with enter service. There have been 165 bulkers with 13.5 million dwt delivered so far this year, and the dry bulk fleet stood at 9,021 vessels on 17 February 2012, approximately 1,500 more than in January 2010. The handysize fleet accounted for 3,065 ships, the handymax segment stood at 2,504 vessels, and the panamax fleet has seen the largest increase to 2,066 vessels. The capesize fleet of vessels over 100,000 dwt is 1,386 vessels, almost double compared to the figure of 2007.

Source: Lloyd's List; 22 February 2012

NOL posted 2011 losses

Posted:

Singapore-based Neptune Orient Limes (NOL) Group has finished 2011 in the red, with losses of US$478 million, mainly because of the APL, its container line unit. The company blamed poor market conditions, weak demand and higher cost of fuel for a $320 million loss in the forth quarter. Last year, NOL Group's revenues were two percent down to $9.2 billion, compared to 2010, when NOL made a total net profit of $461 million. APL saw its 2011 revenue declining by five per cent to $7.9 billion. In spite of an overall increase in volumes, average revenues per feu dropped 10 per cent and the container line reported a $446 million loss. In contrast, revenues of APL Logistics surged 12 per cent to $1.4 billion.

Source: International Freighting Weekly; 22 February 2012

HPH Trust posts Q4 profit

Posted:

Singapore-listed Hutchison Port Holdings (HPH) Trust, a unit of Hong Kong-based giant Hutchison Whampoa, has announced operating profits of HK$1.2 billion (US$154.7 million) for the last quarter of 2011, slightly below the expected levels. The quarterly throughput of the container port business trust at its China's terminals in Shenzhen grew 5.5 per cent, even though volumes were 9.4 per cent lower than predicted. The revenue of HPH Trust, affected by the global economic slowdown, has increased by lower-than-forecast 6.7 per cent to $3.1 billion. In 2011, the company's total throughput at all terminals was four per cent higher than the previous year. HRT Trust expects a recovery based on growth in the US and intra-Asia trade.

Source: Lloyd's List; 22 February 2012