News Highlights week: 45 - 2022

Regional Chinese carrier Shandong International Transportation Corporation (SITC) has recently extended its South China – Myanmar – Malaysia service ‘CMM’, which now includes Qinzhou in South China, Haiphong in Northern Vietnam, and Belawan in North Sumatra, Indonesia. 

The service, whose launch marked SITC’s expansion into Myanmar, was initially started under the name ‘Malaysia - Myanmar service’ (‘MMS’) in November 2021. 

A month later, the loop was extended to South China with the addition of calls at Nansha and Chiwan. At the same time, the former ’MMS’ was rebranded as the ‘CMM’. 

This recent extension of the ‘CMM’ has increased turnaround time from three to four weeks. The port rotation now covers Nansha, Chiwan (Mawan), Haiphong, Qinzhou, Nansha, Chiwan (Mawan), Port Kelang (North), Yangon (AWPT), Belawan, Port Kelang (North), and Nansha. 

The 1,200 teu HAIAN BELL has been nominated to join the revised ‘CMM’ as the loop’s fourth vessel, adding to the 855 teu RESOLUTION, the 847 teu SITC TOKYO and the 816 teu VENUS C. 

Maersk reported record profit in the third quarter

AP Moller-Maersk reported another record profit in the third quarter — its 16th consecutive quarter with year-on -year earnings growth. The Copenhagen-based liner giant also maintained its own profit and capex forecasts for the year unchanged at underlying Ebitda of about $37bn, underlying Ebit of around $31bn and free cash flow above $24bn. The company's net income climbed to $8.9bn in the third quarter from $5.4bn last year and to $24.2bn for the first nine months of 2022. Overall revenue increased by 37% in the third quarter to $22.8bn while Ebitda gained by 60% over the same period to $10.9bn.

The International Maritime Organization’s (IMO) latest emissions reduction measures came into force today, a regulatory move which will grant an ‘efficiency rating’ to ships, similar to those used for buildings and household appliances. The new rules, although enacted today, will only become mandatory from 1 January, are expected to drive older ships to the scrapyard, while others will need to reduce speed to comply. 

MKT