Hong Kong-listed COSCO International Holdings, a shipping service unit of Cosco Group, said today that its profits had gained 45% year on year to HKD$190M ($24.5M) in the first half of 2014 due to surge of finance income and ship trading commissions.
Revenues also rose 6% y/y to HKD$4.7Bn, a stock filing of COSCO International said. In the period, its finance income surged 68% y/y to HKD$68M due to interest income on bank deposits. In the ship trading agency segment, the gross profits jumped 133% y/y to HKD$69M, with revenues up 103% y/y to HKD$91M.
The Group's ship trading agency business was boosted by jumps in newbuilding vessel orders and the number of old vessels scrapped.
Also, the company suspended acquisition studies on exploration of the bunker oil supply business as its researches did not meet the company's expectations.
TAIWAN's Evergreen Marine posted second quarter net profit of TWD412 million (US$13.7 million) compared with a loss of TWD569 million in the same period last year.
Quarterly revenue decreased 3.6 per cent to TWD35.2 billion, according to a company filing to the Taiwan Stock Exchange.
Quarterly revenue decreased 3.6 per cent to TWD35.2 billion, according to a company filing to the Taiwan Stock Exchange.
Yang Ming reports second quarter profit, upgrade of Asia services |
Yang Ming Transport Corp., the parent company of Yang Ming Line, said it had a profit of 237.8 million New Taiwan dollars ($7.9 million) in the second quarter this year, compared with a loss of 2.6 billion NTD in the same period last year. Revenues were 34.3 billion NTD in the second quarter this year, compared with 29.9 NTD last year. Yang Ming also announced on Thursday that it has upgraded its southeast Asia service and India service to meet market demand: A new direct service from Singapore to Indonesia (SS1 service) was launched through cooperation with Advance Container Lines (Pte), Ltd., on Aug. 9. The ship shuttles between Singapore and Semarang, with a round-trip voyage every 7 days. South East Asia Service II …
A.P. Moeller-Maersk A/S (MAERSKB) raised its full-year profit forecast after the company’s container-shipping line, the world’s largest, said earnings are rising because of higher freight volumes and lower costs.
Earnings excluding discontinued operations, impairment losses and divestment gains will total $4.5 billion compared with a previous forecast of $4 billion, Copenhagen-based Maersk said today in a statement. The stock jumped the most in a year after the company also said it’s buying back shares.
Maersk Line, which transports about 15 percent of the world’s containers, has been battling industry overcapacity after a boom in ship orders coincided with the global recession, triggering the worst slump in prices for carrying cargo since containerization became global in the 1970s. The unit said today 2014 profits will be “significantly” above last year’s result of $1.5 billion, compared with a previous forecast of a result “above” 2013’s level.
Soaring shipping boosts global economy
A measure of global trade, the Baltic Dry Index has boomed over recent weeks, signifying an expanding world economy.
In a huge jump, shipping costs have rocketed by more than 40% in a month.
The increase in prices incurred in sending freight around the globe indicates that shipping companies are witnessing a dramatic rise in demand.
London-based The Guardian described the Baltic Index as a ‘key indicator of the health of the global economy’.
Head of fixed interest at M&G Investments Jim Leaviss said: "Although it's a pretty volatile indicator there is a strong relationship between the cost of shipping bulk cargo – generally intermediate goods like metals – and the strength of the global economy. So the recent 40% rise in the Baltic Dry Index might well be telling us that the global recovery is back on track after a pretty patchy first half of 2014."
Leaviss informed the Guardian that Russian sanctions against the EU and the rise in the index might not be a coincidence, possibly reflecting that Russia might be having to ship goods, including food, from further away now that it cannot import from the EU.
Maersk Line, which transports roughly 15% of shipped cargo, recently provided a fillip for global trade in exhibiting auspicious profits in Q2 of 2014.
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