LINER operators Evergreen Marine Corporation,
Wan Hai Lines and Regional Container Lines
(RCL) all reported profits for the
second quarter of the year as blanked sailings and lower bunker costs mitigated
the impact of reduced cargo volumes.
Taiwan's Evergreen recorded a net
profit of TWD3.19 billion (US$108.28 million) and Taiwan's regional carrier Wan
Hai made a net profit of TWD1.68 billion (US$56.82 million).
The Covid-19 pandemic tested the
liner industry's ability to practise capacity discipline and route configurations.
Evergreen stated that its net
profit, which came after losses in the previous two quarters, was mainly due to
the large increase in the transpacific freight rates and the drop in bunker
prices.
In Q2, vessels sailing from East
Asia to both the US West Coast and US East Coast were at full capacity, and
freight rates increased weekly. In particular, the US East Coast route rose to
US$3,303/FEU at the end of June. Freight for the US West Coast route reached
US$2,692/FEU, reports UK's Container News.
Evergreen said that with freight
rates still heading northwards, the company's net profit will be higher in the
traditional peak season, in Q3.
Its compatriot, Wan Hai, saw its
net profit surge by 140 per cent from the year-ago. Like its peers, Wan Hai
reduced its expenses by returning chartered ships and blanking sailings. As
average oil prices were 30 per cent lower year on year, the company increased
its profits. Wan Hai saw opportunities with the shortage of capacity on the
transpacific route, prompting it to launch a solo service.
Thailand's RCL saw net profits
surge to THB215 million (US$6.97 million) in Q2, as cargo volumes fell 15 per
cent to 465,000 TEU. Reduced capacity lent support to freight rates, and bunker
costs were down 37 per cent lower, which saw a substantial rise in the
company's net profit.
RCL said it had improved its
income through "special port calls and extra voyage arrangements where
cargoes existed". RCL is continuing with cost-control action "through
better capacity optimisation, cargo operation arrangements and box
management".
Source : HKSG.
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