Latest news with #GeminiCooperation
Yahoo
07-08-2025
- Business
- Yahoo
Maersk raises guidance on higher Q2 volumes
Maersk said second quarter container volumes were 4.2% higher from the same period a year ago, and raised its forecast for full-year earnings. A.P. Moller-Maersk A/S, parent company of the world's second-largest shipping line, reported revenue grew 2.8% in the quarter ended June 30 to $13.1 billion from $12.8 billion a year ago. Operating earnings (EBIT) fell to $845 million from $963 million. Ocean revenue rose to $8.57 billion from $8.37 billion. EBITDA was $1.44 billion from $1.41, and EBIT came in at $229 million, down from $470 million. Copenhagen-based Maersk (OTC: AMKBY) cited geopolitical uncertainty and continued rate pressure for weaker profit, but noted continued strong results in marine terminals, volume growth in ocean shipping, and increased profitability in logistics & services. It said all segments were benefiting from continued operational improvements and lower costs. Resilient market demand outside of North America led Maersk to raise its full-year 2025 financial guidance for pre-tax earnings (EBITDA) to $8 billion to $9.5 billion from $6 billion to $9 billion, and EBIT to $2 billion to $3.5 billion from unchanged to $3 billion. It left capital expenditures for 2024-2025 and 2025-2026 unchanged at $10 billion to $11 billion. Global container volume has been revised to between 2% and 4% from -1% and 4%. Disruptions in the Red Sea from renewed threats against shipping Houthi militia is expected to last through 2025. 'We have had a strong first half of the year, driven by consistent follow-through on our operational improvement plans and the successful launch of the Gemini Cooperation [with Hapag-Lloyd],' said Maersk Chief Executive Vincent Clerc, in the release 'Our new east-west network is raising the bar on reliability and setting new industry standards. It has been a key driver of increased volumes and solid delivery of our ocean business. Even with market volatility and historical uncertainty in global trade, demand remained resilient.' Ocean shipping saw volumes grew 4.2% from a year ago, mainly driven by exports out of Asia. Freight rates improved in the quarter, while still being under pressure both sequentially and compared to 2024. The Gemini tie-up that began in June saw schedule reliability above the 90% target. Find more articles by Stuart Chirls rates unmoved by latest tariff deadline Shipbuilder sued by owner, operator of ship in deadly Baltimore bridge collapse China trade fight weakens Matson earnings Panama ports sales challenge could turn into Trump win The post Maersk raises guidance on higher Q2 volumes appeared first on FreightWaves. Sign in to access your portfolio
The Sun
05-06-2025
- Business
- The Sun
Port of Tanjung Pelepas on record-breaking streak
ISKANDAR PUTERI: Port of Tanjung Pelepas (PTP), a joint venture between Malaysia-based MMC Group and Netherlands-based APM Terminals set a new benchmark by handling 1,269,389 twenty-foot equivalent units (TEUs) in a single month for May 2025. This achievement followed PTP's previous monthly records of 1,183,759 TEUs in March and 1,215,751 TEUs in April this year, marking three consecutive monthly records. PTP chairman Tan Sri Che Khalib Mohamad Noh said the latest milestone surpasses the April record by 53,000 TEUs. 'By seamlessly managing such substantial cargo volumes, we are consistently delivering exceptional service to our valued customers and partners, while contributing to Malaysia's economic growth.' 'This milestone goes beyond a display of our ability to push limits; it reflects the strong and promising collaboration we have with every single one of our truly valued customers at this leading transshipment hub, including the newly established Gemini Cooperation between Maersk and Hapag Lloyd,' PTP CEO Mark Hardiman said. PTP serves as the key Asian hub within the Gemini Cooperation, playing a pivotal role in supporting the success of this global partnership. 'At PTP, we are committed to maintaining consistently high productivity, even as volumes grow and demands intensify, such as those from the Gemini Cooperation network. 'This stability adds significant value for our customers, and ensuring schedule reliability remains at the heart of our service commitment,' said Hardiman. He said that PTP's sustainable growth journey is demonstrated through their focused investments in asset upgrades and infrastructure enhancements. 'These initiatives are closely aligned with our environmental, social and governance agenda, safety policies and digitalisation strategy. Such efforts have enabled PTP to navigate global challenges effectively while driving continuous improvement and expansion.' PTP also accomplished operational milestones in the past months, hitting 178,679 quayside moves in a single week, 15,041 moves within a 12-hour shift, and 1,442 moves completed in a single hour.
New Straits Times
05-06-2025
- Business
- New Straits Times
PTP hits all-time monthly cargo record in May with 1.27mil TEUs
KUALA LUMPUR: The Port of Tanjung Pelepas (PTP), a joint venture between Malaysia's MMC Group and Netherlands-based APM Terminals, handled 1,269,389 twenty-foot equivalent units (TEUs) in May 2025, setting a new monthly record. This follows two earlier monthly highs this year, 1,183,759 TEUs in March and 1,215,751 TEUs in April, marking three consecutive record-breaking months. "This latest milestone surpasses our April record by 53,000 TEUs. What a remarkable leap. With this momentum, we anticipate a robust year ahead," PTP chairman Tan Sri Che Khalib Mohamad Noh said in a statement today. "By seamlessly managing such substantial cargo volumes, we are consistently delivering exceptional service to our valued customers and partners while contributing to Malaysia's economic growth." PTP chief executive officer Mark Hardiman said the milestone goes beyond a display of the port's ability to push limits, noting that it reflects the strong and promising collaboration with its valued customers, including the newly established Gemini Cooperation between Maersk and Hapag-Lloyd. He added that PTP serves as the key Asian hub within the Gemini Cooperation, playing a pivotal role in supporting the success of this global partnership. "At PTP, we are committed to maintaining consistently high productivity, even as volumes grow and demands intensify, such as those from the Gemini Cooperation network. "This stability adds significant value for our customers, and ensuring schedule reliability remains at the heart of our service commitment," he noted. Hardiman said PTP's sustainable growth journey is demonstrated through its focused investments in asset upgrades and infrastructure enhancements. He added that these initiatives are closely aligned with the port's environmental, social and governance (ESG) agenda, safety policies and digitalisation strategy and such efforts have enabled PTP to navigate global challenges effectively while driving continuous improvement and expansion. "Our journey has not been without challenges, but these very challenges have shaped our resilience and determination. "PTP's success is anchored by our unwavering focus on our people, technology and processes, with safety as our core value and our customers at the heart of everything we do. "This year, as we proudly celebrate our 25th anniversary, these record-breaking milestones serve as a powerful reminder of how far we have come and how much further we can go together," Hardiman said. In addition to the monthly records, PTP also accomplished strong operational milestones in the past months, hitting 178,679 quayside moves in a single week, 15,041 moves within a 12-hour shift, and 1,442 moves completed in a single hour.
Yahoo
27-05-2025
- Business
- Yahoo
Maersk, Hapag-Lloyd partner on new Asia-Long Beach service
Maersk (OTC: AMKBY) and Hapag-Lloyd (OTC: HPGLY) announced new container services from East Asia to the U.S. Port of Long Beach. The additions by the Gemini Cooperation partners, which include the redeployment of at least one ship back into the eastbound trans-Pacific to U.S. West Coast trade, come as carriers scale up during a 90-day pause in reciprocal tariffs by China and the United States. Maersk's Gemini TP9 service will be covering East China and North East Asia to Long Beach. The port rotation is Xiamen, China – Busan, South Korea – Long Beach – and return to Xiamen. The first sailing is the 4,600-TEU Rhone Maersk on June 24, with a return from Long Beach scheduled for July 15. The ship is being phased out of a West Africa-Asia will operate the 4,250-TEU Synergys Keelung on the same eastbound rotation from Xiamen on July 1. The new service adds an additional 1.2% of capacity to the Pacific trade into the U.S. West Coast, said analyst Lars Jensen, in a LinkedIn post. In the past week container vessel capacity on the trans-Pacific grew by 11%, according to Sea-Intelligence. Also, Maersk hiked its peak season surcharge from the Indian Subcontinent and Middle East to the U.S. and Canada East and Gulf coasts. The charge increases from up to $500 depending on origin/destination to an additional $500 as of next Monday from South and East India, Sri Lanka, Bangladesh, and Pakistan. The carrier said as of June 16, across-the-board surcharges will be $1,500-2,000 per said waiting times are rising at North China and other ports due to congestion, and intermittent port closures caused by strong winds and dense fog. Wait times range from 24-72 hours at Shanghai Yangshan; 24-36 hours at Ningbo, China; 24-72 hours at Qingdao, China; 12-36 hours at Singapore; an average of 18 hours at Busan, South Korea but 72 hours at PNIT Terminal. Japan's Yokohama has waits from 12-24 hours. Find more articles by Stuart Chirls more than halfway through $1B stock buyback Drewry: China-US container rates up by double digits Savannah sees record containers amid tariff frenzyZim profit up on higher container volume, rates The post Maersk, Hapag-Lloyd partner on new Asia-Long Beach service appeared first on FreightWaves. Error in retrieving data Sign in to access your portfolio Error in retrieving data Error in retrieving data Error in retrieving data Error in retrieving data
Yahoo
15-05-2025
- Business
- Yahoo
Tariffs temper Canadian National outlook
Canadian National expects to haul slightly more rail freight in 2025 than a year ago, as President Donald Trump's tariff war tempers expectations for cross-border trade. 'There was a new Trump administration to start the year, so we thought there would be lots of uncertainty,' Chief Executive Tracy Robinson told the Bank of America industrials conference Tuesday in New York. 'We continue to be optimistic that trade deals are going to get done, as we saw over the weekend.' A third of the Montreal-based railroad's freight, including steel, grain and containers, originates in or goes to the United States. But that relationship has been upended by Trump's escalating tariffs — and his increasingly aggressive rhetoric. 'We haven't seen a big impact from tariffs so far,' Robinson said, or from fewer ships sailing from China prior to the tariff pause as ocean lines blanked scheduled services. Robinson affirmed CN's target of 10%-15% earnings-per-share growth this year, including profits that were 8% higher in Q1. 'The second quarter should also see growth in earnings, if not volume,' said Robinson, who joined CN as CEO in early 2022. 'There is always some uncertainty, and more so this year. The best way to manage that is to stay close to your customers. They are talking about access to different kinds of markets. We are seeing how quickly those blank sailings can be filled, talking with our customers about containers.' Like an airplane temporarily losing altitude, the company anticipates an 'air pocket' effect on China volumes by the end of May or beginning of June, the aftereffect of 145% tariffs that amounted to an embargo on Chinese imports. 'It depends where they are in the manufacturing cycle; it could be a couple of weeks or longer.' Along with U.S. cross-border freight, CN sees another third from international and the remaining third within Canada. 'Ten percent of our business is with China, and 2% between the U.S. and China,' Robinson said. 'The rest is within Canada. It's diversified, which we think is a benefit.' Robinson said the railroad is not expecting an economic lift to earnings this year. CN expects mid-3% volume growth for the year, one-third of that on easy comparisons related to a strike in 2024. A third will come from slightly positive industrial production, and half from CN-specific growth. CN claims a 50% market share in transporting grain, which Robinson termed 'very good,' in a positive crop year despite adverse weather in February. International volumes are up at the Port of Prince Rupert, British Columbia, where CN has a 65% share of containers from calls by Hapag-Lloyd as part of the liner's Gemini Cooperation with Maersk. Robinson sees Prince Rupert as an important driver of future growth. 'We have great partners in [terminal operator] DP World and Port of Prince Rupert [Authority]. They've got capacity there, currently running 50-50 with U.S. volumes, and offer on-time service, especially for U.S. destinations. We want it 70-30 U.S.' CN moved 3,000 carloads of plastic pellets into Prince Rupert in 2024 and expects that volume to grow. IntermodeX, a provider of intermodal services and division of container terminal operator SSA Marine, is developing a transload facility that connects directly to CN rails, and the port also handles export grain and coal. A natural gas facility is undergoing expansion as well. The railroad will continue to see quarter-to-quarter improvement in pricing, which Robinson said was ahead of plan in the first quarter. 'Pricing is above inflation for the year,' she said. The company has 24,500-25,000 employees, with about 550 currently furloughed. 'We're running tight [on costs]. Head count is week to week based on volumes we can see coming in. Overall, we are flattish year on year.' CN in the past has outsourced some of its engineering staff but is now insourcing it with a corresponding reduction in cost. 'We have also had a certain level of attrition within furloughs, but depending on growth we may do a little bit of hiring. Also, we can handle any surge volume by putting management employees on trains; we can do that in Canada [per labor rules] and not take people off furlough.' While saying that 'we don't manage to operating ratio,' Robinson added CN 'won't oversell our network but improved volume is magic in a fixed cost environment. 'In this framework, the operating ratio should start with a 5.' Boasting an operating model that has worked through strikes, port issues, forest fires and hard winters, CN currently has 80 locomotives and 4,000 cars in storage. 'We like to run the place lean and we are running fast right now. We need less equipment to run the same volume; that's resilience,' said Robinson. The railroad does not expect to purchase new motive power over the next several years, instead refurbishing 60-63 locomotives in 2025. 'We can also borrow loco hours off other railroads; there is some of that going on right now. Availability is at a level we haven't seen in some time.' Capital spending in 2025 is set at $3.4 billion, or 19% of revenue, for track maintenance and other work. Robinson said the Falcon Premium cross-border intermodal service operated with Union Pacific and Ferromex from Mexico to Detroit and Toronto is slowly growing volume. 'It's a long game turning the market around with truck business that should move by rail,' Robinson said. The company is aiming to upgrade its transborder services with Norfolk Southern connecting Canada with Kansas City, Missouri, and Atlanta, and CSX linking Montreal and southern Ontario with ports in Philadelphia and New York-New Jersey, to Falcon Premium levels. The former Elgin, Joliet & Eastern Railway, acquired by CN in 2007, gives the railroad a bypass around the Chicago bottleneck that 'nobody else has; we can get around there in 24 hours,' Robinson said. Subscribe to FreightWaves' Rail e-newsletter and get the latest insights on rail freight right in your inbox. Find more articles by Stuart Chirls here. Coal, grain keep US rail freight ahead of 2024 levels Some Class I railroads take fresh look at mergers CSX lost out on $1 million a day in Q1 revenue amid hurricane, tunnel work Trump's FRA nominee vows to uphold 2-person train crews The post Tariffs temper Canadian National outlook appeared first on FreightWaves. Error in retrieving data Sign in to access your portfolio Error in retrieving data Error in retrieving data Error in retrieving data Error in retrieving data
