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)

Pan-Asia Catalysts/Events, Quiddity Advisors

Travis Lundy

Pan-Asia Catalysts/Events

Quiddity Advisors

Event-Driven

<ul>
<li>The Nikkei reported this AM that <a href="https://www.smartkarma.com/entities/kawasaki-kisen-kaisha-ltd" target="_blank" data-smartkarma-citation="entities:3548:1" rel="noopener">Kawasaki Kisen Kaisha (9107 JP)</a> CEO was considering increasing shareholder returns this fiscal year. It already has a juicy div and a ¥100bn buyback.</li>
<li>The company announced its buyback, and an agreement by two holders of 39% to sell in a ToSTNeT-3 buy, then started buying in the market. Results are impactful.</li>
<li>The shares are up today on this news, though they gave some back after the BOJ news. The outlook for more share price impact is not bad. </li>
</ul>


The Nikkei reported this AM that Kawasaki Kisen Kaisha (9107 JP) CEO was considering increasing shareholder returns this fiscal year. It already has a juicy div and a ¥100bn buyback.
The company announced its buyback, and an agreement by two holders of 39% to sell in a ToSTNeT-3 buy, then started buying in the market. Results are impactful.
The shares are up today on this news, though they gave some back after the BOJ news. The outlook for more share price impact is not bad. 


KLINE (9107) CEO Comes Out Swinging - More LPG Carriers and More Shareholder Returns THIS YEAR

<ul>
<li>Our measure of container shipping price momentum remained weak in October</li>
<li>Poor Q3 results and downbeat Q4/FY guidance from Maersk, Zim; and Suez re-opening?</li>
<li>Conditions are poor and will likely remain that way for a while; AVOID the sector</li>
</ul>


Our measure of container shipping price momentum remained weak in October
Poor Q3 results and downbeat Q4/FY guidance from Maersk, Zim; and Suez re-opening?
Conditions are poor and will likely remain that way for a while; AVOID the sector


Monthly Container Shipping Tracker: Poor Q3 Results, Weak Guidance, A Re-Opening of Suez? | AVOID

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

<ul>
<li>Core "Ocean" EBITDA fell by 55% Y/Y in Q325 due to lower average freight rates</li>
<li>Maersk lifted lower end of guidance range, but offered downbeat tone on Q4, 2026</li>
<li>Shares fell by 5% in response to Thursday's report; we remain negative on sector</li>
</ul>


Core "Ocean" EBITDA fell by 55% Y/Y in Q325 due to lower average freight rates
Maersk lifted lower end of guidance range, but offered downbeat tone on Q4, 2026
Shares fell by 5% in response to Thursday's report; we remain negative on sector


Maersk Q325 Results: Core Ocean Down 55% Y/Y | Downbeat Guidance from Management | Q425 Losses?

Orient Overseas International / Equity Bottom-Up

<ul>
<li>Price momentum and volume growth both remained weak in September </li>
<li>Mideast ceasefire raises possibility of Suez Canal re-opening in 2026</li>
<li>Expect pricing to remain weak; Suez re-start would likely lead to losses</li>
</ul>


Price momentum and volume growth both remained weak in September 
Mideast ceasefire raises possibility of Suez Canal re-opening in 2026
Expect pricing to remain weak; Suez re-start would likely lead to losses


Monthly Container Shipping Tracker | Momentum, Volume Still Weak | Suez Restoration? (October 2025)

Japan

Nippon Yusen Kabushiki Kaisha mainly provides marine transportation services and transportation management solution from international hub ports to both domestic and international ports. The Company operates container transportation, tramp and specialized carriers, and logistics and cruise lines. Nippon Yusen offers scheduled and unscheduled transportation services around the world.

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Nippon Yusen Kk (9101 JP)

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

KLINE (9107) CEO Comes Out Swinging - More LPG Carriers and More Shareholder Returns THIS YEAR

K-Line's CEO in a Nikkei interview said they would expand their LNG carrier fleet by 60% from here to 2026. And they said they are considering...

Travis Lundy

Monthly Container Shipping Tracker: Poor Q3 Results, Weak Guidance, A Re-Opening of Suez? | AVOID

Weak pricing, declining earnings and cash flow, and the potential re-opening of the Suez Canal to ship traffic are all reasons to AVOID container...

Tracking Traffic

Maersk Q325 Results: Core Ocean Down 55% Y/Y | Downbeat Guidance from Management | Q425 Losses?

Maersk reported decent Q3 numbers last week, but management's downbeat tone & new guidance that suggests EBIT loss in Q4 should raise alarm bells...

Tracking Traffic

Monthly Container Shipping Tracker | Momentum, Volume Still Weak | Suez Restoration? (October 2025)

Price momentum and North American inbound demand both remained weak in September, and we believe a new ceasefire raises the likelihood of a Suez...

Tracking Traffic

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