d'Amico International Shipping S.A.’s Post

ZIM Reports Q1 Revenues of Over $1.5 Billion, Marking a Recovery 📈🚢 ZIM has reported Q1 revenues of over $1.5 billion, indicating a significant recovery. This financial success underscores the company's strong market position and effective strategies. Achieving robust revenues is crucial for sustaining business growth and shareholder confidence. 🔗 ZIM reports Q1 revenues of over $1.5 billion, marking a recovery quarter https://lnkd.in/eQKj2DRH #Economy #Trade #RevenueGrowth #MarketRecovery #BusinessStrategies

I have been advising nine shareholders of an international group on how to wind down their UK operations following the founder's passing, while four family members buyout the EU subsidiary, which will continue trading. HMRC raised an objection to these four shareholders (2 from the UK and 2 from the EU, currently holding 45%) receiving both cash and shares in the new holding company, essentially asking, "Why are they receiving cash while still retaining 100% ownership of the business?" "Given that the whole business is valued at £10 million, and the EU business is valued at £2 million, the four continuing shareholders are receiving a cash equalisation payment to make good the £2.5 million loss in value. This is a commercial agreement that each shareholder will receive equal value and, as there are both UK and non-UK resident shareholders, there is no purpose of obtaining a tax advantage for any person." The trouble is that HMRC asked this same question three times, and having responded to this query three times with variants of the above answer, I ultimately submitted a six-page report setting out a detailed analysis of TCGA 1992, ss 135 et seq., quoting every relevant precedent. Today, HMRC have approved clearance for the transaction. Why should HMRC require four rounds of correspondence and nearly a CPD pack of notes before responding to the straightforward statutory questions posed to them? Where non-UK shareholders are on equivalent terms to UK shareholders (and non-UK shareholders receive the larger share of cash) it seems clear that there was no purpose of avoiding UK tax!

Evergreen tops the Taiwan carriers' profit league In their 2023 financial results, the Taiwanese carriers have showcased varying degrees of profitability. Larger carrier, Evergreen Marine Corp (EMC) remained profitable, Yang Ming Marine Transport Corp (YMM) reported an EBIT loss and the smallest player Wan Hai Lines Ltd (WHL) posted a net loss. On the liquidity front, EMC reported 2.4x and 1.4x times more cash than YMM and WHL, respectively in 2023 but leverage-wise YMM and WHL have shown resilience and managed to remain net cash positive as opposed to EMC whose net debt is in the positive territory. Individually:   1. EMC’s topline fell 57.8% YoY to USD 2.9bn. The company’s EBIT fell 91.1% YoY to USD 1.1bn translating into an EBIT margin of 12.6% (- 47.2 p.p. YoY) nearly double that of Maersk’s Ocean segment but lower than Hapag-Lloyd (14.1%). EMC also maintained a positive bottom line which slumped 89.8% YoY to USD 1.3bn. Cash declined 56.7% at the end of 2023 to USD 5.6bn due to dividends paid by the company amounting to USD 4.8bn (USD 2.28 per share (NTD 70.00 per share)). Debt at the end of 2023 remained largely stable at USD 6.6bn (+0.1% YoY), but its net debt turned positive to USD 1.0bn (vs end 2022: USD -6.2bn) thereby net gearing weakened to 6.7% (vs end 2022: -32.8%). 2. YMM reported a topline dip of 64.2% YoY in 2023 to USD 4.5bn but posted an EBIT loss of USD 53.4mn (vs 2022: +7.4bn), reflecting a loss margin of 1.2% (vs 2022: +58.7%). The EBIT loss was offset by a 2.9x YoY expansion in interest income and thus, YMM’s bottom line remained positive, totalling USD 160.1mn (-97.3% YoY). On account of USD 2.3bn paid in cash dividends and a 17.1% YoY reduction in gross debt (end 2023: USD 1.3bn), cash fell 53.3% YoY to USD 2.3bn. While cash did decline the simultaneous decline in gross debt aided in the net debt remaining negative at USD 1.0bn (vs 2022: USD -3.4bn), reflecting a net gearing ratio of -11.4% (2022: -30.0%). 3. As for the smallest carrier of the three – WHL’s revenue dropped 63.0% to USD 3.2bn posting an EBIT loss of USD 202.2mn (vs 2022: USD 4.0bn) and a loss margin of 6.3% only second to ZIM (-8.1%). WHL also reported a net loss of USD 178.3 (vs 2022: USD 3.6bn). Unlike the EMC and YMM, WHL favoured cash conservation which makes sense given its losses. Cash declined 30.5%, a lower fall than EMC and YMM, to USD 3.9bn. This decline in WHL’s cash was primarily due to the repayment of debt and capex and not due to high dividends, unlike YMM and EMC. Leverage-wise net debt remained in the negative at USD 1.4bn (vs 2022: USD -2.9bn) translating into a net gearing of -20.3% (vs 2022: -39.1%). To learn more about our equity research services, please write to us - financialresearch@drewry.co.uk #Drewry #container #shipping #maritime #ocean #equity #finance #financial #financialanalysis #investing

📊 Shipping M&A Outlook: Challenges and Opportunities Ahead Respected journalist Greg Miller of Lloyd's List highlights the shifting dynamics in shipping mergers and acquisitions (M&A) as 2025 approaches. After a robust year of deal-making in 2024, M&A activity may slow but still holds potential surprises. Declining share prices could lead to privatizations, while the urgent need for fleet renewal may create acquisition opportunities. Despite uncertain bulk commodity shipping rates and geopolitical factors easing, buyers are equipped with cash reserves and lender support. However, high asset values remain a barrier, especially for public buyers needing younger fleets. The market’s cyclical nature suggests readiness is key for capitalizing on future bargains. Continue reading below, and keep in mind: at John S. James Co., we ensure your supply chain remains resilient amidst evolving industry dynamics. Whether you're assessing nearshoring opportunities under the USMCA framework or seeking cost-effective logistics solutions, our expertise in customs brokerage and freight forwarding across all transport modes provides unmatched value. Discover how we can support your global trade goals at johnsjames.com. #ShippingMergers #FreightForwarding #GlobalLogistics #CustomsBrokerage #SupplyChainInsights #USMCATrade #MaritimeIndustry #FleetRenewal

#Buybacktax #Unionbudget2024 Buy back tax u/s 115QA is proposed to be abolished. Companies undertaking buy back of shares w.e.f 1st October, 2024, would not be required to pay buy back tax. Instead, amount received by the shareholder on buy back of shares will be deemed as dividend in the hands of the shareholder and will be taxable at the applicable rates. No deduction of any expenses undertaken for buy back would be available. Cost of acquisition of shares bought back would be deemed to be capital loss in the hands of the shareholder (assuming consideration of shares to be nil). Such capital loss would be available for a set off from capital gains as per the relevant carry forward and set off provisions.

IPOs - One of the least risky way to invest into the markets. And lately there's been applications in IPO in abundance as many #ipo gets oversubscribed by retail sectors. Just like many of us , one of my client updated me that she invested in 4 IPOs and earned gains from 3 out of those and loss in 1. She wanted to know the further tax treatment of it, so why not all of us should be aware of such tax treatment. Listing gains on IPO can be bifurcated as long term or short as per below mentioned table. Now the question arises , can we set-off STCG (short term capital gain) against capital loss? -> Any short term capital loss can be set-off against STCG/LTCG. What if we are unable to set-off loss both (short/long term capital loss) in the PY of #ITR filing ? -> One can carry forward it for a period of 8 years provided #itreturn is filed on or before due date and can be set-off against future Capital Gains exclusively. Note: A thing that requires an attention is Long term Capital loss can be set-off against long term capital gains only. In order know how to report IPO listing gains in ITR , under which itr form it should be filed , or any other query or guidance, without any hesitate, I'll be happily looking forward to guide and assist for tax compliances. --TaxMate Advisors (Tikamchand Vaishnav)

Stay ahead of the curve with valuable insights on global tax developments from specialists across BDO. UK businesses exporting to the EU are affected by the EU Carbon Border Adjustment Mechanism, first by the administrative reporting burden starting this year, including the need to appoint an EU-based reporting agent if the UK business has no footprint in the EU. Starting in October, both resident and nonresident importers into Canada will have to be registered on the Assessment and Revenue Management portal. Italy’s Supreme Court has ruled that a special purpose vehicle involved in a merger leveraged buy-out transaction may deduct the input VAT related to transaction costs. https://ow.ly/QRNO50TkOM4

Deal volumes were maintained in Q1 but the Private Company Price Index*, (PCPI), reveals an ongoing softening in trade multiples. Download the report: https://bit.ly/3yiEbW7 *The PCPI/PEPI tracks the relationship between the Enterprise Value (EV) to 'Earnings Before Interest Tax Depreciation and Amortisation' (EBITDA) multiple (EV/EBITDA) paid by trade and private equity buyers when purchasing UK private companies.

An article that recently caught my attention highlighted Indian investors receiving notices for not disclosing SPAC shares in their ITR under the foreign assets schedule.  However, how many of us truly understand what a SPAC is and how it can serve as a superior method for investing and acquiring companies? Special Purpose Acquisition Companies (SPACs) have gained global popularity, although they have not yet taken off in India. SPACs provide a streamlined alternative for companies seeking to go public without undergoing the traditional IPO process. Essentially, a SPAC is a shell company that raises capital with the goal of acquiring an existing private company. One significant advantage of SPAC transactions is their expedited timeline, allowing companies to go get acquired much faster than through the conventional IPO route. Additionally, SPACs offer greater price certainty, as the acquisition price is pre-negotiated and agreed upon before the public listing, thereby mitigating market volatility risks often associated with IPOs. Moreover, companies benefit from the expertise and networks of the SPAC's sponsors—typically experienced industry professionals or investors—who can offer strategic guidance and support growth post-merger. In summary, SPAC transactions present a flexible, efficient, and potentially less risky avenue for private companies to enter the public market. #SPAC #Investing #FinancialMarkets #PublicListing #IPOAlternative #IndianInvestors #GlobalInvesting #MarketTrends #SPACBenefits #FinancialStrategy https://lnkd.in/gA-ZHdqw

The Stock Market Ahead of the Trading Session: “Hot Seat” of an Insurer with a Controlling Shareholder After Two Years https://ift.tt/ORSQseu VIC: Vingroup Joint Stock Group (stock code: VIC) has just announced the Board’s resolution to transfer 99.93% of the shares in VYHT Joint Stock Company. Accordingly, VYHT Joint Stock Company, which is in charge of a part of the Vinhomes Royal Island project, will transfer 80% to foreign partners, and 19.93% of the shares will be transferred to Vinhomes Joint Stock Company under Vingroup. After the transaction is completed, VYHT will no longer be a subsidiary of Vingroup. BVH: The Board of Directors of Bao Viet Holdings (stock code: BVH) has decided to appoint Ms. Tran Thi Dieu Hang – Member of the Board of Directors as Chairman of the Board of Directors from November 27 until the position of Chairman of Bao Viet Holdings is filled. The position of Chairman of the Group has been vacant for more than 2 years since Mr. Dao Dinh Thi left the position in August 2022. VTL: Phuc Tin Service Company has sold all 2.4 million VTL shares of Vang Thang Long Joint Stock Company and is no longer a major shareholder as of November 27. DP1: Central Pharmaceutical Joint Stock Company CPC1 (stock code: DP1) has appointed Mr. Ta Van Dung as Acting General Director of the company from December 13. Market volatility in the past month Source: Fireant TNB: Mr. Le Viet – Chairman of the Board of Directors of Thep Nha Be Joint Stock Company (stock code: TNB) has just submitted his resignation from this position to enjoy retirement benefits. SBH: Song Ba Ha Hydropower Joint Stock Company (stock code: SBH) has appointed Mr. Nguyen Anh Vu as Acting Chairman of the Board of Directors of the company from December 1. GIL: Binh Thanh Production, Business and Import-Export Joint Stock Company (stock code: GIL) announced that it has received a decision from Ho Chi Minh City Tax Department on administrative fines for tax violations with a total amount of tax arrears, late payment interest, and fines for the period 2019-2022 of VND 3.6 billion. VDP: Central Pharmaceutical Joint Stock Company VIDIPHA (stock code: VDP) announced that it has received a document from the State Securities Commission on violations of securities and securities market laws. Accordingly, the enterprise was fined VND 65 million for late disclosure of information. Dividend payment: DNH: Da Nhim – Ham Thuan – Da Mi Hydropower Joint Stock Company (stock code: DNH) pays an interim dividend for 2024 in cash at a rate of 12%. The record date is December 16. The dividend payment amount is over VND 506 billion. PCM: Postal Construction Materials Joint Stock Company (stock code: PCM) has appointed Mr. Ha Thanh Hai as Chairman of the Board of Directors of the company from November 28. VNR: National Reinsurance Corporation (stock code: VNR) pays dividends in shares to existing shareholders at a ratio of 10:1 (shareholders owning 10 shares...