Westports and MISC (tanker) are up - ports and shipping operations are uninterrupted as the global economy and international trade recovers

BREAKING: Ports of Los Angeles, Oakland set April container volume records
15/05/2021

The ports of Los Angeles and Oakland both had their busiest April ever for container throughput as the US West Coast remained inundated by imports from Asia, the ports said May 13.

The Port of Los Angeles was making progress in reducing the queue of ships at anchor in San Pedro Bay, handling 946,966 twenty-foot equivalent units (TEUs) in April, up by 37.2% year on year and its fourth highest ever monthly volume.

Full article: https://www.hellenicshippingnews.com/ports-of-los-angeles-oakland-set-april-container-volume-records/

Post removed.Why?

BREAKING

STRONGEST APRIL ON RECORD AT PORT OF LONG BEACH
13/05/2021

DEMAND DRIVEN BY ONLINE SPENDING, RETAILERS RESTOCKING SHELVES

An ongoing cargo boom largely driven by online purchases lifted the Port of Long Beach to its strongest April on record.

Dockworkers and terminal operators moved 746,188 twenty-foot equivalent units in April, a 43.6% increase from the same month last year. It was the first time the nation’s second-busiest seaport handled more than 700,000 TEUs in the month of April, surpassing the previous record set in April 2019 by 118,066 TEUs.

Imports grew 44.8% to 367,151 TEUs, while exports climbed 21% to 124,069 TEUs. Empty containers moved through the Port were up 55.8% to 254,970 TEUs. The Port has moved 3,122,315 TEUs during the first four months of 2021, a 41.8% increase from the same period in 2020.
--
April marked the 10th consecutive month that the Port of Long Beach has broken cargo movement records for a particular month amid a historic cargo surge that started in July 2020.

Full link: https://www.hellenicshippingnews.com/strongest-april-on-record-at-port-of-long-beach/


Note: Port of Long Beach is a secondary port to the Port of Los Angeles, like Port of Tanjung Pelepas is to PSA (Port of Singapore) and Northport is to Westport. As referred earlier and mentioned in Ambank's research report, due to the bottlenecks/congestion, secondary ports which have excess capacity will benefit exponentially as they ramp up utilisation rates compared to primary ports which are already running at or near maximum capacity


MMC TO THE MOON

Genting-backed biotech firm to get new investor

Tristan Dielenberg / theedgemarkets.com
May 11, 2021 12:43 pm +08

KUALA LUMPUR (May 11): Genting Bhd’s biotechnology arm Celularity Inc said US-listed software company Palantir Technologies Inc will make an investment in Celularity under the planned Celularity-Palantir multi-year strategic partnership to leverage the unique combined strengths of Palantir’s Foundry platform with Celularity’s deep dataset to accelerate and advance cellular therapies.
--
"Palantir’s investment, together with the previously announced PIPE (private investment in public equity) investment being made in conjunction with the GX-Celularity business combination, will bring over US$100 million (about RM412 million) in new funding to Celularity upon closing of the business combination,” Celularity said in a statement on Wednesday (May 5).

Note: Palantir Technologies is a leading technology firm specialising in analytics / AI

BREAKING

ICTSI 1Q2021 net income up 51% driven by strong performance of international portfolio
By: AJOT | May 06 2021

Enrique K. Razon Jr., ICTSI chairman and president, said: “ICTSI has delivered strong operating performance in the first quarter of 2021, with volume, revenue and earnings rising across our three regions: Asia, the Americas, and Europe, Middle East, and Africa (EMEA). We have seen improvements in most of our terminals as economies continue to recover from the pandemic as well as significant contributions from new shipping lines and services.

--

International Container Terminal Services, Inc. (ICTSI) today reported unaudited consolidated financial results for the quarter ended March 31, 2021, posting revenue from port operations of US$435.6 million, an increase of 16 percent over the US$375.8 million reported for the same period last year; Earnings Before Interest, Taxes, Depreciation and Amortization (EBITDA) of US$264.8 million, 25 percent higher than the US$212.2 million generated in the first quarter of 2020; and net income attributable to equity holders of US$90.1 million, 51 percent more than the US$59.6 million earned in the same period last year primarily due to higher operating income; and significant reduction in equity in net loss of joint ventures; partially tapered by an increase in interest expense on loans, and higher interest on concession rights payable and lease liability from the new terminals.

https://ajot.com/news/ictsi-1q2021-net-income-up-51-driven-by-strong-performance-of-international-portfolio


Note: International Container Terminal Services, Inc. (ICTSI) (PSE: ICT) is a global port management company headquartered in Manila, Philippines. The company is ranked the eighth largest container terminal operator, according to TEU equity volume [2019].

ICTSI reported results ono 6 May 2021 after market close.

On 6 May 2021, ICTSI share price:
Close: PHP 128.50

Today 11 May 2021, ICTSI share price:
Current: PHP 141.20 +5.80 (+4.28%)

*Total increase since 6 May: 9.88%

ICTSI share price: https://www.investing.com/equities/intl-container-chart

Note: The Port of Los Angeles is a 'primary' port while Port of Long Beach (just adjacent to it) is a secondary port, much like Northport (Port Klang) and Port of Tanjung Pelepas (Port of Singapore PSA). During congestion / bottlenecks, these liners/container ships will divert from primary ports to secondary ports. This can be seen in 4Q20 QoQ volumes - Westports volumes decreased vs 3Q20 whereas PTP saw volume increased in 4Q20 vs 3Q20 - proof that secondary ports will stand to benefit disproportionately

Primary ports such as PSA and Westports are already running at full utilisation - therefore congestions will actually decrease throughput - see Westport's **1Q21 results where volume actually dropped QoQ (Vol: container -4%; conventional -5%) - think of it this way - if a port can handle 10 ships a day and 70 a week, if all 70 ships arrive at the same time, the port can still only handle 10 a day - leading to idle time - and with freight rates at all time highs, the liners absolutely do not want to stand idle and want to move as fast as possible - leading to diversion to secondary ports). Note however that Westport's revenue increased (Revenue: container +4.9%; conventional +6.1%) increased QoQ - due to Value Added Service (i.e. higher rates / surcharges) - which will also bode well for secondary ports.

The secondary ports' increased throughput AND higher rates will lead to exponential performance to MMC's ports - e.g. see Supermax vs Hartalega

**Westports 1Q21 breakdown - Hong Leong IB (30 April 2021) https://klse.i3investor.com/blogs/hleresearch/2021-04-30-story-h1564317429-Westports_Holdings_VAS_to_Cushion_the_Supply_Chain_Disruption.jsp

BREAKING

Port of New York sets new monthly record for container volume in March
07/05/2021

The Port of New York and New Jersey posted its highest-ever monthly container volume in March as imports surged while also drawing cargoes away from congested US West Coast ports, the Port Authority said May 5.

Total throughput was 789,776 twenty-foot equivalent units in March, beating the previous monthly record from October 2020 by 34,339 TEUs.

The March total was a 40.8% increase from the same month last year when the coronavirus outbreak largely brought global trade to a halt, underlining the staggering reversal in demand for space on containerships over the past year.

It was also worrying sign that US East Coast ports could face the same port congestion issues that have diverted cargoes from the West Coast. The ports of Long Beach and Oakland, California, also set volume records for March as the Port of Los Angeles reached capacity for container imports from Asia, which have yet to show any sign of slowing.

Total import volumes at the Port of New York and New Jersey in March were 393,159 TEUs, a year-on-year increase of 44.8%. Loaded exports volumes fell by 7.4% over the same period, but exports of empty containers in March grew by 78% year on year.

“This reflects the need to reposition empty containers around the globe to provide the equipment necessary to support the strong cargo demand,” the Port Authority said.

Platts Container Rate 5 – North Asia to East Coast North America – was assessed at $5,700/FEU on May 5, an increase of 107% from the year-ago date.

https://www.hellenicshippingnews.com/port-of-new-york-sets-new-monthly-record-for-container-volume-in-march/

1. Firstly, it is important to note that the impairments referred to by MSWG's questions have already been accounted in MMC's P&L for Financial Year Ending 31 December 2020

> Expected credit loss of claim receivable and other receivables of the Group are measured at amortised cost. Impairment assessment is assessed using the expected credit loss (“ECL”) model on a forward looking basis. The expected credit loss charge to the Statement of Comprehensive Income for the year ended 31 December 2020 amounted to RM137 million, out of which, RM108 million relates to claim receivable of a subsidiary (“claim receivable”) as described in Note 3(e).

In relation to the claim receivable, the probability weighted ECL requires judgement to determine multiple probable outcomes and assign percentages of probability to each of those outcomes.

The degree of judgement required for the impairment assessment on the claim receivable may result in a material adjustment to the financial statements.

Refer to Notes 3(e) and 23 in the financial statements.

> 3(e) Impairment of claim receivable of a subsidiary, MMC International Holdings Ltd.

In determining whether the expected credit loss of claim receivable (included in other receivables of the Group) in respect of a discontinued involvement in a project in Middle East is recoverable, the debtor’s ability to pay the amount claimed by the Group had been assessed. The impairment loss on the amount claimed requires judgements on the assumption of recoverability based on latest developments.

> 23 Other receivables
Other receivables represent sundry receivables and non-interest bearing. Loss allowance is assessed for other receivables individually. The Group and the Company have provided an allowance of RM211,863,000 (2019: RM101,356,000) and RM334,000 (2019: nil) respectively for impairment of its other receivables that are not considered recoverable.


2. Secondly, the carrying amount of the Trade and Other Receivables (Non-Current) as at 31 December:

2020: RM 43.321 million* (Trade receivables: RM 15 mil; Other receivables: RM 23.44 mil)
2019: RM 115.654 million

In other words, it has been substantially impaired and there is little left

*Eventhough MSWG only enquires on the Accumulated impairment loss of RM200.7 mil in FY2020 (FY2019: RM92.6 million) on Other receivables, to be conservative we include the carrying amount for both the Non-current Trade receivables and Other receivables - Refer to Note 23 of MMC's Annual Report 2020

As extracted from the link - https://focusmalaysia.my/markets/agm-watch-concerns-abound-on-how-ppb-group-fares-in-its-cinema-biz/


"
Elsewhere, MSWG also queried MMC Corporation Bhd with regard to its accumulated impairment losses on other receivables that has ballooned to RM200.7 mil in FY2020 (FY2019: RM92.6 million).

“What were the reasons for the high impairment losses on other receivables? What was the nature of these impairment losses and what actions have been taken to recover the said amount?” asked MSWG.

On the same note, the shareholder activism group also wanted to know percentage of impairment losses of RM200.7 mil that is expected to be uncollectable.

“To which business segment does the impaired other receivables relate to? How much of the impaired other receivables have been recovered to-date?” asked MSWG.

MMC Corp will stage its 45th AGM at its head office in Wisma Budiman, Kuala Lumpur on May 10 (Monday) at 10am. – May 7, 2021
"

Rising COVID-19 cases dents sentiment...but the market will realise that MMC is largely unaffected and has in fact delivered improved performance even during the pandemic in FY2020

Saudi Ports reports 2.5 million containers in the Q1 of 2021
06/05/2021

The Saudi Ports Authority (MAWANI) has reported a rise in the total number of handling containers during the first quarter of 2021, with an increase of 16.18 percent, or 2.5 million standard container.
--
Saudi Ports achieved an exceptional rise in the number of transshipping containers at 41.36 percent, or 1.3 million standard container, represented by 2,973 ships, or an increase of 5 percent compared to the same period, last year.

Full article: https://www.hellenicshippingnews.com/saudi-ports-reports-2-5-million-containers-in-the-q1-of-2021/


Note: PTP is a major transshipment hub: -

1. Surge in transhipment traffic pushes port of Tanjung Pelepas to a new record (28/1/21)
https://theloadstar.com/surge-in-transhipment-traffic-pushes-port-of-tanjung-pelepas-to-a-new-record/

2. Higher transhipment cargo volume at Tanjung Pelepas: MMC (8/4/21)
https://www.nst.com.my/business/2021/04/680720/higher-transhipment-cargo-volume-tanjung-pelepas-mmc

Maersk's regional South East Asia transshipment hub (i.e. main port) is the Port of Tanjung Pelepas

AP Moeller Maersk A/S Class B (+6.94%)
16,030.00 DKK +1,040.00
5 May, 4:59 pm GMT+2 ·Disclaimer
CPH: MAERSK-B

As the saying goes, a rising tide lifts all boats - the shipping liners (Maersk is a leading container company and No. 1 on the Asia-Europe route*) do well, and the entire supply chain does well (e.g. see Gloves and Raw Material (NBR prices), Chemicals (Luxchem) and Formers (Esceram) etc)

Only difference is the global recovery is just beginning and there is a long runway (economic expansions run for years with the economic cycle typically 10 years). Coupled with surges in the demand for goods arising from reopenings, capital expenditures across industries/sectors (new plants, machinery, capital goods, raw materials due to lack of investment during covid), government stimulus, trade diversion/supply chain disruption (US-China trade war), commodities bull etc - global trade and import & export will go on a supercycle

BREAKING

China’s major ports report growth in container throughput
05/05/2021

China’s major ports reported growth in container throughput in mid-April, data from an industrial association shows.

From April 11 to 20, container throughput at China’s eight key ports increased 17.8 percent year on year, according to the China Ports and Harbours Association.

Specifically, the container throughput for foreign trade rose 22.3 percent from a year earlier during the same period.

The growth rate of container throughput at Ningbo Zhoushan port exceeded 30 percent in mid-April, while that of Shanghai, Xiamen and Shenzhen ports exceeded 20 percent, said the association.

The boom in container throughput for foreign trade came amid the rapid expansion in China’s exports, with its exports surging 38.7 percent year on year in the first quarter of this year.
Source: Xinhua News Agency

https://www.hellenicshippingnews.com/chinas-major-ports-report-growth-in-container-throughput/

You have to understand Bill Gates just divorced from his wife of 27 years...that's why we have this cuckoo doorman33 ha ha ha

BREAKING

Crunch at European ports after Suez unblocking

Europe’s main container ports are receiving far more boxes than are departing, according to Container xChange.

Gary Howard | May 04, 2021


The increase in imports comes after the blockage of the Suez Canal by Ever Given caused huge tailbacks of ships, and the canal’s unblocking released the queue of laden vessels on their way to Europe.

Week-on-week, the increase in incoming 20-foot dry containers in week 17 was 3.75% in Rotterdam, 3.5% in Antwerp and 2.2% in Hamburg [Europe ports]

Full article: https://www.seatrade-maritime.com/containers/crunch-european-ports-after-suez-unblocking


Note: The Straits of Malacca and Singapore serve arguably the most important shipping route in the world - Asia-Europe - MMC's ports in Port of Tanjung Pelepas (Singapore) and Northport (Port Klang) straddle this route

Hartalega is seeing shipment issues i.e. ports are busier than ever

MMC TO THE MOON

WATCH: MSC Gulsun World’s Largest Container Ship Calls at Port of Tanjung Pelepas (27 July 2019)

https://www.youtube.com/watch?v=RlrnS8hYSQI


On 28 July 2019 MSC Gülsün set a new container loading record by departing from the Port of Tanjung Pelepas with 19,574 TEU of containers on board. The record has since been beaten by HMM Algeciras which carried 19,621 TEU from Yantian, China to Rotterdam


Note: The MSC Gulsun (delivered 4 July 2019) has a maximum theoretical TEU (twenty-foot equivalent units) of 23,756. The current largest container ships, the Algeciras-class has a maximum theoretical TEU of 23,964 (HMM Algeciras delivered 24 April 2020)

The Port of Tanjung Pelapas is able to handle the latest generation and largest container ships in the world

In a sea of red, MMC goes against the tide, and closes green

Like a beacon in the darkness of night, it guides those that are lost

Safe harbour

Safe haven

MMC TO THE MOON

MMC provides a safe harbour for investors, sheltering them from the volatility and uncertainty of the markets, just as ports are a place of refuge to ocean-going ships and other maritime vessels

MMC TO THE MOON

BREAKING NEWS

Malaysia’s PMI up at 53.9 in April, strongest expansion since July 2012 — IHS Markit
Syafiqah Salim / theedgemarkets.com
May 03, 2021 10:17 am +08


KUALA LUMPUR (May 3): Malaysia's Purchasing Managers' Index (PMI) rose to 53.9 in April, from 49.9 in March, the strongest expansion recorded since the survey began in July 2012, according to IHS Markit.

In a statement today, it said the rise in the composite single-figure indicator of manufacturing performance indicated a solid improvement in the health of the manufacturing sector.

“April data suggested that output grew for the first time in nine months. The pace of growth was the strongest recorded since June 2020. Firms commonly attributed the renewed growth to improved market demand leading to increased orders.

“New order volumes also returned to expansion territory in April, the first rise since September 2018. The pace of the increase was solid, and the quickest in exactly seven years, as manufacturers noted stronger client confidence, notably for new products. Furthermore, new export sales increased for the first time since November 2019, as demand in key markets across Asia and the US recovered,” it said.

At the same time, IHS Markit said, there was a renewed fall in employment at Malaysian manufacturing firms in April.

Full article: https://www.theedgemarkets.com/article/malaysias-pmi-539-april-strongest-expansion-july-2012-%E2%80%94-ihs-markit

Comments: Purchasing Managers Index (PMI) tracks manufacturing performance (reading above 50 signals expansion) i.e. more goods are being produced > more containers and import & export of raw materials etc. And around 80% of the volume of global trade is carried by sea / maritime shipping. Shipping remains by far the most efficient form of transport of goods, which means higher volume and throughput for MMC's ports

Container Rates Alert: Shippers on the ropes as long-term contract market rates hit highs and Ever Given chaos continues
30/04/2021

Double hit

“Meanwhile, in Europe, the Suez Canal incident has created a backlog that has seen ports overwhelmed with cargo, while sailing schedules have suffered a ‘domino effect’ disruption. Here we can expect to see implications stretching well into May, and even June. Furthermore, shippers with cargoes on the affected ships have had initial delays to goods exacerbated by carriers dumping containers wherever they can in a rush to load available empty containers and get back on track. This means a rash of consignments are stranded in the wrong locations with no plans to rescue them. Seen as a whole the situation leaves carriers in a position of supreme strength, essentially able to pick and choose assignments and customers, and does not bode well for shippers desperate for much-needed rates relief.”

Full article: https://www.hellenicshippingnews.com/container-rates-alert-shippers-on-the-ropes-as-long-term-contract-market-rates-hit-highs-and-ever-given-chaos-continues/

BREAKING

Throughput in port of Rotterdam increases by 3.0% in first quarter of 2021
30/04/2021

The volume of freight handled in the port of Rotterdam in the first quarter of this year totalled 115.8 million tonnes. This constitutes a 3.0% increase over the same period last year. As such, the port of Rotterdam has set a new step in its recovery from the decrease in throughput in 2020 as a consequence of the COVID-19 pandemic.

The most pronounced increase could be observed in the volumes of biomass (+36.7%), coal (+25.2%) and mineral oil products (+19.7%) put through Rotterdam. The port’s terminals also handled a substantially higher number of containers (+4.5%). Volumes declined in the segments LNG (-26.8%), agribulk (-8.6%) and other liquid bulk (-2.8%).

Full article: https://www.hellenicshippingnews.com/throughput-in-port-of-rotterdam-increases-by-3-0-in-first-quarter-of-2021/

South Korea container port volumes grow 1.3% in Q1

Containerised cargo grew by 1.3% at South Korea's seaports year-on-year in the first quarter of 2021, according to the country's Ministry of Oceans.

Michele Labrut | Apr 29, 2021

Seaports volumes reached 7.29m teu in the January-March period, up from 7.19m teu a year earlier.

Export and import cargo increased 4.5% year-on-year to 4.24m teu in the first quarter. The Ministry attributed the growth to stronger trade with China and Canada.

South Korea said it expects the amount of containerised cargo handled at seaports continuing to increase in line with the global vaccination programme along with global economic stimulus measures.

Link: https://www.seatrade-maritime.com/ports-logistics/south-korea-container-port-volumes-grow-13-q1

MMC TO THE MOON

Freight volumes rise at the Port of Gothenburg
29/04/2021

Freight volumes are continuing to rise at the Port of Gothenburg in the majority of segments, despite the impact Covid-19 is having on global logistics. This can be seen from the volume report for Q1 2021.

In March 2020, the full force of the Covid-19 pandemic struck Sweden and many parts of the world. However, it failed to have a bearing on Q1 freight volumes at the Port of Gothenburg.

During the first quarter of this year, global trade has been hit hard by the pandemic with a shortage of empty containers, continued closures, and the spread of the virus being the major aggravating factors. In spite of this, flows through the Port of Gothenburg in the container, ro-ro, and new vehicle segments have increased.

“The situation now is considerably more problematic than it was a year ago. Still, volumes at the Port of Gothenburg are on the rise, reflecting how adaptable and solution-oriented the logistics sector is in the face of adversity. Everyone is working extremely hard at every level to meet the challenges that have emerged, and in Gothenburg and Sweden we can see that by working together we have been extremely successful,” said Elvir Dzanic, Gothenburg Port Authority chief executive.

Full article: https://www.hellenicshippingnews.com/freight-volumes-rise-at-the-port-of-gothenburg/


Comments: International trade is global - what happens in one market (or port) happens in all markets (or port). After all, every ship that departs from one port, needs to dock in another

MMC's time has come and all that deep value will finally be unlocked

TO THE MOON

Forum so exciting...like that conlan7firm

GENTING TO THE SKIES AND BEYOND

Genting shareholders are the best ha ha ha the Genting forum is calm when price rises...but even livelier when price drops...through thick and thin...in sickness and in health...that is the mark of true super investors

BREAKING NEWS

Container volume at top Chinese ports up 14.2% in early April

Container volume at eight major Chinese ports increased 14.2% year-on-year in early April, according to the statistics released by China Ports and Harbors Association.

Katherine Si | Apr 27, 2021

Export container volume increased 15.6% while the domestic volume increased 10.5% in early April. Among which, the port of Xiamen and Shenzhen posted a growth rate of over 30%.

Cargo throughput at major coastal hub ports increased 8.1% year-on-year while the international trade cargo throughput increased 2.5%.

Related: Major Chinese container ports volume up 10.8% in late March

Crude oil shipments at major coastal ports slightly increased 10.7% year-on-year. The port of Tianjin posted a growth rate of over 40%. Port inventory increased 31.1% year-on-year.

Metal ore shipments at major Chinese ports grew 8.6% while the port inventory increased 10%.

Cargo throughput at three major Yangtze river ports increased 2% year-on-year in early April while the container volume increased 23.7%.

Copyright © 2021. All rights reserved. Seatrade, a trading name of Informa Markets (UK) Limited.

Link: https://www.seatrade-maritime.com/ports-logistics/container-volume-top-chinese-ports-142-early-april


Comments: International trade will go on a supercycle that will last for years in line with the global economic recovery. MMC's time has come and the deep value will finally be realised and unlocked in 2021

The market doesnt need to have MY cases start to drop to 0 for Genting to move. It is always forward looking, and as such the world can see for themselves the US, UK, Israel, Singapore (which has contained the pandemic)

For the US, UK, Israel (the key metrics to look for is number of deaths which is the ultimate goal - the logic is 'if it doesn't kill you, then its no different than a mild flu' - eventhough the number of new cases are also dropping). UK is now at single digits, and Israel has had a few days the last week where there were 0 deaths (expect to see news proclaiming Israel has seen 0 deaths for consecutive days etc and how they have defeated/contained the Covid-19 in the coming days/weeks etc)

Expect to see the naysayers turn around and say they actually bought the last few days at low...ha ha ha

BREAKING

China’s imports and exports in the first quarter increased by 38.3% from the same period in 2020
27/04/2021

In March 2021, the Maritime Silk Road Trade Index (STI) released by the Ningbo Shipping Exchange showed that the import and export trade index was 163.83 points,up 33.70% year-on-year; the export trade index was 167.18 points,an increase of 30.24% year-on-year;the import trade index was 160.42 points,up 37.57% year-on-year.

From January to March, China total import and export trade value was US$1,302.9 billion,a year-on-year increase of 38.3%.The total export trade value was US$710.0 billion,a year-on-year increase of 48.7%;the total import trade value was US$593.0 billion,a year-on-year increase of 27.6%.

--

Full article: https://www.hellenicshippingnews.com/chinas-imports-and-exports-in-the-first-quarter-increased-by-38-3-from-the-same-period-in-2020/

Comments: Data from the article shows Malaysia ranked 9th and China-Malaysia total import and export trade value increased 32.6% year-on-year in the Jan-Mar 2021 period

BREAKING

DP World global container volume grows record 10.2% in Q1
Michele Labrut | Apr 26, 2021

Dubai-headquartered DP World said gross container volumes across its global portfolio increased by 10.2% in the first quarter of this year compared to the same period in 2020.

Overall the company handled 18.9m teu in what was described in a statement as a “strong start to the year”, particularly at terminals in India and Australia.

DP World’s Jebel Ali terminal handled 3.5m teu in the first three months of the year, up 2.6% year-on-year.

“We are delighted with the strong start to 2021 with our portfolio delivering 10.2% volume growth in 1Q 2021, which is once-again ahead of industry estimated growth of 8.9%. This performance is ahead of expectations and illustrates the resilience of the global container industry, and DP World's continued ability to outperform the market,” said Chairman and CEO Sultan Ahmed Bin Sulayem.

“Overall, the strong start to the year leaves us well placed to deliver an improved performance in 2021, and despite the more benign trading environment, we remain focused on containing costs to grow profitability, managing growth capex and continued execution of our strategy of delivering supply chain solutions to beneficial cargo owners.”

He admitted the business “performed better than expected” in 2020 despite reporting a 27% drop in profits from the previous year.

Copyright © 2021. All rights reserved. Seatrade, a trading name of Informa Markets (UK) Limited.

Link: https://www.seatrade-maritime.com/ports-logistics/dp-world-global-container-volume-grows-record-102-q1


Global recovery and international trade is on a supercycle

With reopenings, global economic recovery, government stimulus, commodities bull run, supply chain reorganisation (China-US trade war etc),, shipping and international trade will go in a supercycle just as in the past after every recession

During Covid-19, MMC's ports have actually seen higher volumes and improved profits as evidenced in 2020 (even 3Q20, ports saw higher YoY performance vs 3Q19)

Precovid Genting's Financial Year ended 31 Dec 2019:

RM mil
Total EBITDA: 7,883.0
Malaysia EBITDA: 2,651.3

As you can see, Malaysia makes up approx. ~ 33% of Genting's EBITDA precovid, while SG, US & Bahamas, UK & Egypt, Plantations, Power, Oil & Gas and Property make up the rest. Malaysia is significant, but it is not everything. And most importantly, it is only a matter of time before Genting Highlands bounces back to prepandemic and then to all time records due to revenge travel and gaming and spending. Gaming revenues always goes on a bull run after every recession as the economy recovers as history has shown countless times

Cargo surge breaks multiple records at Port of Los Angeles
19/04/2021

The Port of Los Angeles, the busiest U.S. port by container volume, has experienced the strongest March in its 114-year history, according to an announcement of the port.

“As more Americans get vaccinated, businesses reopen and the economy strengthens, consumers continue to purchase goods at a dizzying pace,” said Port of Los Angeles Executive Director Gene Seroka Wednesday at an online briefing conference.

According to Seroka, the port processed 957,599 Twenty-Foot Equivalent Units (TEUs) in March for a 113 percent leap compared to March 2020 when global trade slowed to a crawl after the onset of the COVID-19 pandemic.

The loaded imports volume reached 490,115 TEUs last month, an increase of 123 percent compared to the previous year, while loaded exports edged up 1.5 percent to 122,899 TEUs. Empty containers, heavily in demand in Asia, surged 219 percent compared to March 2020 reaching 344,585 TEUs.

As a Western Hemisphere port with the most cargo moved annually, the Port of Los Angeles’ top trading partners include China, Japan, Vietnam and South Korea.

The cargo surge in March also marked the largest monthly year-over-year increase in the port’s history and its busiest first quarter so far. Moreover, the overall cargo volumes through the nation’s busiest container port have increased 44 percent compared to 2020.
Source: Xinhua

https://www.hellenicshippingnews.com/cargo-surge-breaks-multiple-records-at-port-of-los-angeles/

We are only at the cusp of a global economic recovery that will last for years (as with every economic cycle after each recession) and international trade is the heartbeat of all that growth.

Shipping is the most efficient form of transport for goods

MMC TO THE MOON

Hong Kong-Singapore travel bubble: ‘mid-May’ target for long-awaited deal amid coronavirus pandemic
By DANNY LEE and KANIS LEUNG | ASEANPLUS NEWS
Tuesday, 20 Apr 2021 | 10:33 AM MYT

A long-awaited Covid-19 travel bubble between Hong Kong and Singapore could be up by as early as mid-May, three sources have told the Post, kicking off a second attempt to revive quarantine-free tourism between the two major Asian financial hubs.

The exact launch date is still considered a “moving target”, according to those familiar with the discussions.

One of the sources said mid-May was the timeline authorities were working towards, but added it was still premature to disclose the new conditions.

Cathay Pacific Airways and Singapore Airlines will be the first two carriers to launch the bubble, as previously planned.

Full article: https://www.thestar.com.my/aseanplus/aseanplus-news/2021/04/20/hong-kong-singapore-travel-bubble-mid-may-target-for-long-awaited-deal-amid-coronavirus-pandemic

Usually naysayers will do an about face and say they bought at the bottom of this round when it starts to go up...

Looks like naysayers also got lousy quality...ha ha ha

MMC is a company whose time has come

Like cyclical sectors, transportation plays an integral role in the global economy (Dow Jones Transportation Average Index is a barometer of economic activity) especially at the start of a global recovery, with ports and shipping in for a multi-year upcycle and re-rating

The fundamentals have not changed...in the meantime keep trolling the naysayers ha ha ha

Being secondary port in both Port Klang and Singapore, means that MMC has higher available capacity to handle the increased ships and cargo compared to those ports already running at full utilisation (similar to the glove industry - Supermax vs Hartalega)

Post removed.Why?

BREAKING

Major Chinese container ports volume up 10.8% in late March [2021]

Container volume at eight major Chinese ports increased 10.8% year-on-year in late March.
Katherine Si | Apr 08, 2021

According to the statistics released by China Ports and Harbors Association, export container volume increased 8.7% while the domestic volume increased 18% in late March. Among which, the port of Ningbo-Zhoushan and Shenzhen posted a growth rate of over 30%.

Full article: https://www.seatrade-maritime.com/ports-logistics/major-chinese-container-ports-volume-108-late-march

The global economy, and therefore international trade and shipping are on an uptrend

MA50/EMA50 4.92/4.93 tested...correction hopefully over

In fact, the major cause of the 'fourth wave' is India

And if you look at the India stock market index Nifty 50 (link below), you'll see this 'wave' has a very muted effect on the India stock market

https://www.investing.com/indices/s-p-cnx-nifty

Which again means that, the 'fourth wave' effect is confined only to Bursa and is only temporary

Now you see what I see

**but you only see the 'fourth wave' impact on Bursa

If the fourth wave had real impact, it would hit the US and EU markets and we would be back to March 2020 (new cases mean nothing when the real indicator which is no of deaths continues to go down in the US). But you only see it in Bursa, meaning the fourth wave is not a valid reason. More importantly SG, US UK have contained the pandemic. Malaysia just a matter of time

BREAKING NEWS

Pfizer says it can deliver 10pct more Covid vaccines by end of May
By AFP - April 14, 2021 @ 9:03am

NEW YORK: Pfizer has "ramped up production" of its Covid-19 vaccine and can deliver 10 percent more doses than expected to the United States by the end of May, its CEO Albert Bourla said on Tuesday.

That would bring its delivery by the end of next month to 220 million doses, and Bourla said on Twitter the pharmaceutical giant can also "supply the full 300 million agreed on for the end of July two weeks early."

The news comes after US health authorities earlier in the day called for a pause on the use of Johnson & Johnson's Covid-19 vaccine, after six women between age 18 and 48 developed a rare type of blood clot that left one dead and another in critical condition.

The White House said it was confident there would be no "significant impact" on the vaccination plan in the world's hardest-hit country, where almost half of all adults have now received at least one dose.

Jeff Zients, President Joe Biden's Covid-19 response coordinator, said that a huge surplus in the supply of two other vaccines – Pfizer and Moderna – meant the country could easily take up the slack.

Biden has promised doses would be available for all adults in the country by the end of May, and in addition to the doses of the Pfizer vaccine developed with German firm BioNTech, Washington has also ordered 300 million doses of Moderna's jab.

The United States had ordered 100 million doses from Johnson & Johnson.--AFP

https://www.nst.com.my/world/world/2021/04/682139/pfizer-says-it-can-deliver-10pct-more-covid-vaccines-end-may

BIMCO: Containership Orders Reach High with Focus on ULCS

BY THE MARITIME EXECUTIVE | 7 April 2021 08:04:38

Construction orders for new containerships are at a high, setting new records in March and highlighting the confidence of the shipping industry. The industry trade group BIMCO is highlighting the order book as its “number of the week.”

BIMCO reports that in March, orders for 45 Ultra-large containerships (15,000 and above TEU capacity) were placed, breaking a record. In addition, they report that an additional 27 orders for smaller sized ships were placed in the same month, bringing the total to 866,060 TEU on order worldwide. BIMCO’s Chief Shipping Analyst Peter Sand believes this indicates a turnaround for the container shipping sector.

The turnaround for the container shipping sector offers a glimpse of the level of confidence currently seen in the business on behalf of owners as well as investors says BIMCO. For all of 2020, a total of 995,000 TEU of container shipping capacity was ordered. Capacity ordered in the first quarter of 2021 has already reached 1,398,000 TEU, a six-year-high compared to previous full years.

“The industry is keen on benefitting from the economies of scale that ultra-large containerships have to offer if you carry payloads close to its cargo carrying capacity,” says Sand.

Full article: https://www.maritime-executive.com/article/bimco-containership-orders-reach-high-with-focus-on-ulcs


More ships (or cars or planes) = more traffic for ports (or petrol stations or airports)

The orders confirms the increase and upcycle in global trade