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>Price momentum remains very weak, and spot rates are already below 2024 lows</li>
<li>Multiple deep-sea carriers have recently guided to a collapse in core earnings in 2025</li>
<li>USTR / MARAD proposed rule changes could add to US tariff chaos &amp; raise carriers' costs</li>
</ul>


Price momentum remains very weak, and spot rates are already below 2024 lows
Multiple deep-sea carriers have recently guided to a collapse in core earnings in 2025
USTR / MARAD proposed rule changes could add to US tariff chaos &amp; raise carriers' costs


Monthly Container Shipping Tracker | Rates Down | Chorus of Weak Guidance | USTR-MARAD (March 2025)

ZIM Integrated Shipping Services / Equity Bottom-Up

<ul>
<li>Rates fell by -24% Q/Q in Q424, but ZIM exceeded consensus Q4 revenue &amp; earnings targets</li>
<li>Management guidance &amp; commentary regarding 2025 profitability paints a bleak picture</li>
<li>In our view, investors in container carriers would do well to heed these clear warnings</li>
</ul>


Rates fell by -24% Q/Q in Q424, but ZIM exceeded consensus Q4 revenue &amp; earnings targets
Management guidance &amp; commentary regarding 2025 profitability paints a bleak picture
In our view, investors in container carriers would do well to heed these clear warnings


ZIM Q424 Results, FY25 Guidance: Listen When Management Says "We're Gonna Earn Much Less This Year"

<ul>
<li>Price momentum for deep sea container carriers continued to plunge in January 2025</li>
<li>January's revenue decline vs the Summer peak also historically bad despite LNY boost</li>
<li>We take down emerging consensus view that "all trade disruptions are good for carriers"</li>
</ul>


Price momentum for deep sea container carriers continued to plunge in January 2025
January's revenue decline vs the Summer peak also historically bad despite LNY boost
We take down emerging consensus view that "all trade disruptions are good for carriers"


Monthly Container Shipping Tracker | No, Not All Trade Disruptions Boost Carriers  (February 2025)

<ul>
<li>After four straight months of decline, our index of price momentum stabilized in December</li>
<li>But unsustainably strong US imports &amp; potential Suez re-opening suggest rates to keep falling</li>
<li>We retain our bearish view of the container shipping segment, and suggest staying SHORT</li>
</ul>


After four straight months of decline, our index of price momentum stabilized in December
But unsustainably strong US imports &amp; potential Suez re-opening suggest rates to keep falling
We retain our bearish view of the container shipping segment, and suggest staying SHORT


Monthly Container Shipping Tracker: December Respite Likely Short-Lived | Stay SHORT (January 2025)

<ul>
<li>November's pricing weakness vs Summer peak is among the sharpest declines in 10+ years</li>
<li>A work stoppage at some US ports could hit in January, but impact likely muted</li>
<li>Share prices under pressure as investors begin pricing in softer conditions in 2025</li>
</ul>


November's pricing weakness vs Summer peak is among the sharpest declines in 10+ years
A work stoppage at some US ports could hit in January, but impact likely muted
Share prices under pressure as investors begin pricing in softer conditions in 2025


Monthly Container Shipping Tracker: November Pricing Weaker | January ILA Strike? (December 2024)

United Arab Emirates

DP World Ltd is a global operator of container and marine terminals. The Company operates marine terminals across six continents, and generates its core revenues from handling cargo containers. DP World was founded in 1972, and operates out of its global headquarters in Dubai, United Arab Emirates.

Price Gauge
52-week Range	0.00 - 0.00
Market Cap (USDm)	0.00
P/E	0.00
Dividend (Yield)	0.00

DP World (DPW DU)

Monthly Container Shipping Tracker | Rates Down | Chorus of Weak Guidance | USTR-MARAD (March 2025)

Container rates continue to fall, and major carriers are guiding to a collapse in core margins in FY25. Proposed US rules could potentially make...

Tracking Traffic

ZIM Q424 Results, FY25 Guidance: Listen When Management Says "We're Gonna Earn Much Less This Year"

Grim FY25 guidance and bleak commentary from ZIM management last week bolster our own very negative medium-term view of the deep-sea container...

Tracking Traffic

Monthly Container Shipping Tracker | No, Not All Trade Disruptions Boost Carriers (February 2025)

After a respite in December, container shipping price momentum plunged again in January. We expect rates and profitability to decline sharply in...

Tracking Traffic

Monthly Container Shipping Tracker: December Respite Likely Short-Lived | Stay SHORT (January 2025)

A ceasefire, if successful, will lead to lower rates in the Asia-Europe & Transpacific trades. We remain -ive on container shipping in 2025 despite...

Tracking Traffic

Monthly Container Shipping Tracker: November Pricing Weaker | January ILA Strike? (December 2024)

Container rates continued to soften in November, and 2024's Q4 seasonal decline from the Summer peak has been the second-steepest in the past 12...

Tracking Traffic

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)