AP Moller Maersk – Results on Expected Lines

Everybody Hurts (Sometimes): Mighty Dane Mærsk Plunges, Container Cycle Likely Peaked in Q2-Q3 2017

AP Moller Maersk A/S (MAERSKB DC) - 1Q18 Result Update

A.P. Moller - Maersk – Credit Outlook: Stable | Bond Valuation: Neutral

AP Moller Maersk A/S (MAERSKB DC) - Positive, with Cautious Optimism

Underlying Thesis Intact; Maersk Line Returns to Profitability

Container Shipping - A Rising Tide Floats All Boats

Equity analyst - Containers, Drewry Maritime Financial Research

Nilesh Tiwary

Equity analyst - Containers

Maritime Sector, Equity & Credit Research

Drewry Maritime Financial Research

With no ties to other players in the shipping, finance or banking world, we provide a uniquely impartial view of the markets and companies we cover. Our parent organization, Drewry is a leading independent provider of research services to the maritime and shipping industry, employing over 100 professionals across an international network of offices in London, Delhi, Singapore and Shanghai. Combining our market-leading resources with seasoned sector expertise DFRS offers a highly differentiated and comprehensive range of investment and financial research services to lenders and prospective investors in publicly listed maritime and shipping companies. The full service of reports, supporting resources and sector orientated webinars provides our clients with the most complete picture of the organisations under coverage as is possible. We have been charting and analysing the world’s maritime markets for more than 40 years. This unrivalled intelligence and understanding provides the foundation of our research service. Our analysts have access to one of the most up-to-date, comprehensive and reliable sources of market insight and research data available today. We look at globally listed companies within the following sectors: Port Operators, Container Shipping, Container Manufacturing & Leasing, LNG Shipping, Dry Bulk Shipping and Tanker Shipping. Combine in-depth sector expertise with financial analysis focusing on over 50 stocks globally.

Equity Bottom-Up

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

<p><strong>Reiterating our neutral view with a 6% cut in fair value:</strong> APMM’s share price has mostly been on a free fall since July 2017. As a reminder, our Neutral case was based on our view that the lower-than-expected spot rates would find its way into the East-West contract rates, thus limiting Maersk Line’s profitability in 2018. While this is true for all other operators in our coverage list, APMM is also grappling with other issues, including divestment of energy assets and the acquisition of Hamburg…</p>

Reiterating our neutral view with a 6% cut in fair value: APMM’s share price has mostly been on a free fall since July 2017. As a reminder, our Neutral case was based on our view that the lower-than-expected spot rates would find its way into the East-West contract rates, thus limiting Maersk Line’s profitability in 2018. While this is true for all other operators in our coverage list, APMM is also grappling with other issues, including divestment of energy assets and the acquisition of Hamburg…

AP Moller Maersk - Sometime to Go Before Hitting Full Throttle