Asian Equities Analyst, Logistics & Transport, Tracking Traffic

Daniel Hellberg

Asian Equities Analyst, Logistics & Transport

Tracking Traffic

Focusing on Asian logistics, transportation, and travel companies

Equity Bottom-Up

<ul>
<li>Declines in carrier revenues and pricing continued to moderate in April</li>
<li>Inbound to N. America container volume declines also eased in April</li>
<li>Lower fuel prices a tailwind in '23, shares cheap, we retain our +ive sector view </li>
</ul>


Declines in carrier revenues and pricing continued to moderate in April
Inbound to N. America container volume declines also eased in April
Lower fuel prices a tailwind in '23, shares cheap, we retain our +ive sector view 


Monthly Container Shipping Tracker | Price, Volume Declines Moderate | Fuel=Tailwind (May 2023)

Equity Capital Markets

<ul>
<li>Regional container carrier TS Lines debuted in HK at HK$4.18 on November 1 </li>
<li>Post-IPO, shares appear cheap, trading at 65% of fleet replacement + net cash</li>
<li>We provide updates on early trading, Q324 earnings from peers, &amp; more</li>
</ul>


Regional container carrier TS Lines debuted in HK at HK$4.18 on November 1 
Post-IPO, shares appear cheap, trading at 65% of fleet replacement + net cash
We provide updates on early trading, Q324 earnings from peers, &amp; more


TS Lines HKEX IPO: Early Trading | Valuation Vs Wan Hai & RCL | Return to TransPac May Not Work Out

AP Moeller - Maersk A/S / Equity Bottom-Up

<ul>
<li>Maersk's Q324 results were strong, fueled almost purely by higher freight rates</li>
<li>The company's peers have been reporting similar results since early 2024</li>
<li>We continue to believe that price momentum has peaked; AVOID the carriers</li>
</ul>


Maersk's Q324 results were strong, fueled almost purely by higher freight rates
The company's peers have been reporting similar results since early 2024
We continue to believe that price momentum has peaked; AVOID the carriers


Maersk Q324 Results: Giant Dane Finally Joins the Party, But Read-Through for Industry Is Limited

<ul>
<li>In the September data are clear signs of slowing momentum &amp; price moderation</li>
<li>Seasonality, NAM de-stocking, anniversary of Red Sea re-routes all contributing</li>
<li>Without catalysts, we would AVOID holding shares of global container names</li>
</ul>


In the September data are clear signs of slowing momentum &amp; price moderation
Seasonality, NAM de-stocking, anniversary of Red Sea re-routes all contributing
Without catalysts, we would AVOID holding shares of global container names


Monthly Container Shipping Tracker: As Momentum Wanes, Best to Avoid Carriers' Shares (October 2024)

<ul>
<li>Workers at US East/Gulf Coast ports could strike without new contract by Oct 1st</li>
<li>But data suggest importers have been boosting inventory over past few months</li>
<li>Although US West Coast port workers support ILA, they're unlikely to strike</li>
</ul>


Workers at US East/Gulf Coast ports could strike without new contract by Oct 1st
But data suggest importers have been boosting inventory over past few months
Although US West Coast port workers support ILA, they're unlikely to strike


A Potential October Strike at US East & Gulf Coast Container Ports Is Unlikely to Be Impactful

Israel

ZIM Integrated Shipping Services Ltd provides shipping services. The Company offers multi-modal, cargo handling, tariff management, schedule information, and other related services. ZIM Integrated Shipping Services serves clients worldwide.

ZIM Integrated Shipping Services (ZIM US)

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ZIM Integrated Shipping Services (ZIM US)

Monthly Container Shipping Tracker | Price, Volume Declines Moderate | Fuel=Tailwind (May 2023)

April numbers show Y/Y declines in revenue and throughput are moderating. In addition, lower fuel prices could provide a tailwind in the remainder...

Tracking Traffic

TS Lines HKEX IPO: Early Trading | Valuation Vs Wan Hai & RCL | Return to TransPac May Not Work Out

In this insight we offer some quick updates on regional container carrier TS Lines, which successfully listed its shares in Hong Kong on November 1.

Tracking Traffic

Maersk Q324 Results: Giant Dane Finally Joins the Party, But Read-Through for Industry Is Limited

Maersk reported a scary-good set of quarterly results on Halloween! But many of its peers have been enjoying similar price-driven improvements in...

Tracking Traffic

Monthly Container Shipping Tracker: As Momentum Wanes, Best to Avoid Carriers' Shares (October 2024)

In September's data there are clear signs of sharply slowing momentum in the global container trades. We recommend avoiding shares of the carriers...

Tracking Traffic

A Potential October Strike at US East & Gulf Coast Container Ports Is Unlikely to Be Impactful

Although workers at US East and Gulf Coast ports could strike in October, for several reasons we believe the impact of a strike will be quite limited.

Tracking Traffic

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