Maersk released its third-quarter results on November 5: revenue was US$18.1 billion, a year-on-year increase of 27%. The group's EBITDA rose from 2.7 billion US dollars in the same period last year to US$4.7 billion, EBIT rose from 1.3 billion US dollars to 3.3 billion US dollars, and EBIT profit margin was 18.1%; the three major business segments (shipping, logistics and services, terminals) all increased year-on-year, and the terminal business hit a record high revenue. The full-year guidance was subsequently raised - underlying EBITDA was raised from US$105-12.5 billion to US$140-14.5 billion, and underlying EBIT was raised from US$45-6.5 billion to US$80-8.5 billion. The company attributed the source of demand to industrial cargo flows brought about by electrification in addition to consumption, energy and AI infrastructure investment: Global container demand increased by 2%-4% year-on-year in the third quarter, and the Asian typhoon season caused severe port congestion. The global average port waiting time peaked at 16.6 hours, the highest since January 2023. The Shanghai export container freight index rose 46% quarter-on-quarter in the third quarter. The EBIT of the shipping sector rose to US$2.6 billion (US$567 million in the same period last year), and the ship utilization rate remained at 96%; logistics and service revenue increased by 13%, and the EBIT profit margin rose to 5.8%; the US$1 billion buyback plan continues. CEO Vincent Ke (Vincent) Clerc) said the fleet was operating at full capacity and demand on some routes exceeded available space.
On November 4, CSSC Dalian Shipbuilding started construction of the world's first 113,000-ton liquid ammonia dual-fuel powered Aframax oil tanker H5021 built for AET, an oil tanker company under the MISC Group of Malaysia. The ship is 249.8 meters long, 44 meters wide, and 21.2 meters deep. It is equipped with a Win-GD liquid ammonia dual-fuel main engine. Its emissions meet IMO Tier III, and its energy efficiency meets the requirements of EEDI Phase III. Using liquid ammonia as the main fuel reduces carbon oxide and sulfur oxide emissions. Dalian Shipbuilding said that the start of the ship marks the company's product lineage has further expanded to liquid ammonia dual fuel after mastering LNG and methanol dual fuel technology. The two parties have signed a construction contract for three liquid ammonia dual-fuel Aframax tankers in 2024, and again signed a contract for the world's first hybrid Suezmax shuttle tanker in 2026.
On November 3, Taiwan's TS Lines announced that it had signed a shipbuilding contract with Shanghai Waigaoqiao Shipbuilding and China Shipbuilding Trading to build two 11,000TEU container ships. The total contract value is 246 million US dollars (approximately 1.644 billion yuan), and a single ship is 123 million US dollars. It is planned to be delivered in 2030. Payment is divided into five installments: 20% refund guarantee received, steel plate cutting, keel laying, 10% each for launching and 50% for delivery. The source of funds is internal funds and/or bank loans. As a reference, Clarkson data shows that the current new-build price of 10,000/11,500TEU traditional fuel tank ships is about US$123 million, which is higher than US$118 million in the same period last year. This is Dexiang’s 20,216 ships of 7,000TEU. This is the fourth order placed at the factory after 20,243 ships of 14,000TEU and 3 ships of 7,092TEU. Excluding this order, Waigaoqiao has orders for 99 ships with a deadweight of 15.37 million, including 69 container ships, with delivery scheduled to 2031.
DNV announced on October 29 that it has issued a statement of feasibility (Statement of Feasibility) for the concept of "injecting CO₂ directly into subsea wells by shuttle carriers" proposed by Aker BP and Höegh Evi. This concept is used in the Atlas project on the Norwegian continental shelf: the annual injection capacity in the first phase can reach 6 million tons of CO₂, and the total storage capacity of the license area is estimated to be 150 million tons. Aker BP targets the first injection around 2031, and has subsequently operated for more than 25 years. years. By design, the liquefied CO₂ carriers operated by Höegh Evi transport the cargo to the storage site and inject it directly into the reservoir, eliminating the need for new onshore facilities, cross-border pipelines and permanent offshore structures. The pipeline option is retained as a follow-up option; the concept is intended to connect multiple European industrial clusters to offshore storage on the Norwegian continental shelf. DNV’s assessment covers the offshore infrastructure from the ship’s receipt of CO₂ to the injection into the reservoir, identifying the main technical challenges and deeming them manageable at the current stage of development. DNV has previously issued an Approval in Principle (AiP) for Höegh Evi’s liquefied CO₂ carrier and floating CO₂ receiving conditioning terminal (FCSO). Prajeev Rasiah, senior vice president of DNV Energy Systems’ Nordic region, said that direct injection into the reservoir from the ship requires the ship, subsea and injection systems to operate as an overall value chain, and the evaluation shows that the concept is technically feasible.
Matson (NYSE: MATX) released its third-quarter results on November 4: net profit of US$209.4 million, US$6.96 per diluted share, US$134.7 million, US$4.24 in the same period last year; revenue of US$1.1135 billion, US$880.1 million in the same period last year; consolidated operating profit US$255.2 million, US$161 million in the same period last year. Container cargo volume on China routes increased by 16% year-on-year, The company claims that its speed and reliability are differentiated in the context of port congestion in Asia and Europe and pressure on the global network; cargo volume on Hawaii routes fell by 0.3%, Guam increased by 4.3%, and Alaska fell by 4.8%. Chairman and CEO Matt Cox said that the high demand and high freight rates on China routes are expected to continue until the end of the year and into early 2027. Accordingly, the fourth quarter shipping industry profit is expected to increase by approximately 50% year-on-year (USD 136 million in the same period last year), and consolidated operating profit will also increase by approximately 50%. (USD 143.7 million in the same period last year).
U.S. dry bulk shipowner Genco Shipping & Trading (NYSE: GNK) released its third-quarter results on November 4: net profit of US$38 million, basic and diluted earnings per share of US$0.87 and US$0.85 respectively; adjusted net profit of US$39.2 million. The board of directors announced a third-quarter dividend of US$1.05 per share, an increase of 600% from US$0.15 in the same period last year and an increase of 31% from the second quarter, which is the highest in the company's history. Registered on November 16, paid around November 23; since the implementation of the value strategy in 2021, the cumulative dividend has been US$9.765 per share, which is approximately 39% of the current stock price. The company said that TCE income in the third quarter hit a multi-year high, and it has received the third high-specification capesize ship during the year. The total investment in capesize and Newcastlemax since the fourth quarter of 2023 is US$408 million; based on existing leases (Covering 66% of days of owned capacity availability) With the current FFA curve, the fourth quarter dividend is reiterated to be above $1 per share.
ADNOC and its partners' industrial platform TA'ZIZ announced at ADIPEC on November 4 that two strategic projects in Ruwais have completed US$1.39 billion (Dh5.1 billion) in financing. Both transactions were oversubscribed. Among them, the financing of the TA'ZIZ terminal project exceeded US$928 million (including US$225 million in Islamic financing). The terminal is a joint venture between ADNOC and Advario Star Energy and is the main logistics gateway of the TA'ZIZ industrial chemicals zone. Provides liquid chemical storage, transportation and export capabilities; the TA'ZIZ ammonia project has financing of over US$460 million. It is a joint venture between TA'ZIZ, Fertiglobe, Mitsui & Co. and GS Energy. It will produce 1 million tons of ammonia per year after completion, making it one of the largest synthetic ammonia plants in the region. Before the two financings, TA'ZIZ had completed US$2 billion in financing for the methanol project in April this year. Mashal Saoud Al-Kindi, CEO of TA'ZIZ, said, This marks a new stage in the delivery of industrial chemicals areas.
The Maritime and Port Authority of Singapore (MPA), the Research Council of Norway (RCN) and the Singapore Maritime Institute (SMI) jointly launched a call for research funding on November 5 to support decarbonization solutions for international shipping. Three directions: alternative fuels and energy infrastructure (fuel safety and operation, bunkering and storage tank technology, electric ship charging facilities), ship energy efficiency and emission reduction (ship performance, on-board energy consumption optimization, reducing fuel use), digitalization and green operations (Voyage optimization, on-time arrival, autonomous operation, ship-port data exchange). SMI provides up to SGD 2.7 million to Singaporean research partners, and RCN provides up to NOK 20 million to Norwegian partners; each application must be jointly participated by research institutions and enterprises from both countries, and selected projects will be funded for up to four years. This is the third joint solicitation between the two countries after 2015 and 2018. Applications will open on December 2, 2026, January 20, Ends in 2027.