Cosco Shipping Energy Transportation (CSET) has warned that it expects to turn to a net loss of between RMB235m ($34.5m) to RMB305m in the first half from a profit of RMB865m in the first six months of 2017.
In the race to chase higher volumes it is often forgotten that headline numbers are not the end all and be all of the shipping business. Hong Kong-based Orient Overseas Container Line (OOCL) with its latest set of results has proven that it is able to maintain the fine balance between utilisation and revenue.
The futures market has constantly been re-adjusting since the beginning of this year and forward freight agreements (FFAs) have been underestimating the underlying strength of the dry bulk market.
A fall in container freight rates is being driven by oversupply of vessels rather than a drop in demand according to analyst Crucial Perspectives.
Japan “big three” shipowner Mitsui OSK Lines (MOL) reported a half-year net profit of JPY13.1bn ($116.4m) down 18.3% from JPY16.1bn a year earlier.
The period of rate stability in container shipping that followed the bankruptcy of Hanjin Shipping is coming to an end according to analyst Alphaliner.
A "slow and steady recovery from the tough market conditions that characterised 2016" helped bring Orient Overseas (International), the parent group of Hong Kong-based Orient Overseas Container Line (OOCL) back to a $53.6m profit from a $56.7m net loss in the previous corresponding period.
The Suez Canal Authority has further extended rebates for containerships from ports of the East Coast of America heading to South and South East Asian ports.
UAE-headquartered OSV owner Topaz Energy & Marine reported a $3.3m loss in the first quarter as constant challenges in the Middle East and Africa regions remain.