Emirates, PIL and ASL expand South China-Philippines loop to Vietnam

Emirates Shipping Line (ESL) and Pacific International Lines (PIL) will later this week expand their joint South China- Philippines ‘SCP’ service, which was initially launched in January, to include Ho Chi Minh City in Southern Vietnam and Subic Bay in the Philippines at the expense of Cebu. 

Along with this expansion, Asean Seas Line (ASL), which joined ‘SCP’ in February as a slot taker, will henceforth become a vessel provider by bringing in the 1,118 teu PROS HOPE that is scheduled to join the loop at Shekou on 9 June.
While Emirates and ASL are rebranding this expanded loop to ‘SVP’, PIL is marketing it as ‘CPV’. 

The expanded ‘SVP / CPV’ will turn in three weeks (one week more) with three 1,100 – 1,200 teu ships, the 1,200 teu DANUM 175 (Emirates), the PROS HOPE (ASL) and a PIL ship that is yet to be nominated, calling at Shekou, Nansha, Xiamen, Manila (North), Subic Bay, Xiamen, Shekou, Nansha, Ho Chi Minh City, Shekou. 
The DANUM 175 will kick off the enhanced rotation of the ‘SVP / CPV’ loop when it sails from Xiamen on 2 June. 
Moreover, at the same time, China United Lines (CULines) will join the 'SVP / CPV' by taking slots on the ‘South China – Philippines’ segment of the loop and branding it as ‘SP1’. 
CMA CGM profits fall by USD 5 bn
French carrier CMA CGM reported a group net profit of USD 2.01 bn for the first quarter of 2023, a drop of more than USD 5 bn on a year ago as freight demand continued to slow.
CMA CGM saw revenue from shipping activities decline 40% year-onyear to USD 8.87 bn, while shipping EBITDA dropped 64% to USD 3.05 bn.
The EBITDA declines were higher than fellow large European carriers Maersk and Hapag-Lloyd. 

However the line performed better than COSCO, with whom it shares a similar trade profile. Both groups operate 22% of their capacity on the Transpacific, and around 22/23% on the Far-East–Europe trades, with just a small amount of tonnage on the Atlantic (3%). Maersk and Hapag-Lloyd have a lower exposure to the Transpacific.
CMA CGM carried 5.02 Mteu in the quarter, down 5% on a year ago, but average rates per teu were estimated at around USD 1,770 per teu, a near 40% drop on a year ago.

Source: haiants.vn