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

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

<ul>
<li>Q1 volume growth (+9.3%) beat market, and rising oil has not impacted results -- yet</li>
<li>Still, EBITDA in Ocean (container shipping) segment plunged 53% Y/Y on lower rates</li>
<li>Guidance from February unchanged, but medium-term outlook is downbeat; AVOID</li>
</ul>


Q1 volume growth (+9.3%) beat market, and rising oil has not impacted results -- yet
Still, EBITDA in Ocean (container shipping) segment plunged 53% Y/Y on lower rates
Guidance from February unchanged, but medium-term outlook is downbeat; AVOID


Maersk Q126 Results: Strong Volume Growth, Delayed Fuel Impact, But Profitability Still Plunged

Technical Analyst, Vermilion Research

Joe Jasper

Technical Analyst

Technical and Quantitative Research

Vermilion Research

Vermilion’s objective is to deliver timely, actionable, and unique technical research to professional investors through the application of our various technical indicators.

Our research strategists seek to highlight securities which we believe are at major inflection points, based on our various technical and quantitative indicators, and offer asymmetric risk/return profiles. Our unique research methodology, centered on relative strength, enables our strategists to deliver superior investment recommendations.

Our process begins by organizing the universe of actively traded stocks into discrete sectors, then into industry groups. We then apply our technical and quantitative tools to identify developing price trends. Once attractive trends are identified within a selected sector or group, we screen for individual stocks which we believe offer the best risk/reward profile. We provide a historical perspective that often reveals, through our long-term charts, how price patterns often repeat themselves over time.

Technical Analysis

MSCI Emerging Markets Index / Technical Analysis

Today’s report provides a top-down synopsis of the technical condition of emerging markets across the globe, and includes a wide variety of bottom-up recommendations, spanning most sectors and all market capitalizations.

Today’s report provides a top-down synopsis of the technical condition of emerging markets across the globe, and includes a wide variety of bottom-up recommendations, spanning most sectors and all market capitalizations.

Emerging Markets: Technical Strategy & Reccommendations

<ul>
<li>For both carriers, rates and OP margins surged in H224, but have fallen ever since then</li>
<li>Though it's a distinct market, Intra-Asia conditions are impacted by deep-sea conditions</li>
<li>TS Lines' strong share outperformance vs market leader Wan Hai Lines is not justified</li>
</ul>


For both carriers, rates and OP margins surged in H224, but have fallen ever since then
Though it's a distinct market, Intra-Asia conditions are impacted by deep-sea conditions
TS Lines' strong share outperformance vs market leader Wan Hai Lines is not justified


Intra-Asia Container Carriers Wan Hai Lines, TS Lines Also Feeling the Pain of Lower Freight Rates

Orient Overseas (International) / Equity Bottom-Up

<ul>
<li>Spot freight rates are fading again in mid-April, despite ongoing conflict in Strait of Hormuz</li>
<li>Spot fuel prices remain high and we believe Q126 OP margins will show sharp compression</li>
<li>We expect shares in container segment to give back all of March's gains, and then some</li>
</ul>


Spot freight rates are fading again in mid-April, despite ongoing conflict in Strait of Hormuz
Spot fuel prices remain high and we believe Q126 OP margins will show sharp compression
We expect shares in container segment to give back all of March's gains, and then some


Monthly Container Shipping Tracker | March Price Weak, April Spot Rates, Too | Fuel Starting to Bite

<ul>
<li>Deep-Sea container rates turned weaker again in Jan-Feb, likely obliterating carrier profits</li>
<li>Another round of US tariff uncertainty should dampen near-term NAM demand further</li>
<li>Excess supply, Suez re-opening, now US tariff chaos? SHORT deep-sea container carriers</li>
</ul>


Deep-Sea container rates turned weaker again in Jan-Feb, likely obliterating carrier profits
Another round of US tariff uncertainty should dampen near-term NAM demand further
Excess supply, Suez re-opening, now US tariff chaos? SHORT deep-sea container carriers


Monthly Container Shipping Tracker | Weak Price in Jan-Feb | Softer NAM Demand | Now US Tariff Mess

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.

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DP World (DPW DU)

Maersk Q126 Results: Strong Volume Growth, Delayed Fuel Impact, But Profitability Still Plunged

In Copenhagen on May 7, Danish container giant AP Moller Maersk reported Q126 results that showed a sharp Y/Y decline in core profitability -- this...

Tracking Traffic

Emerging Markets: Technical Strategy & Reccommendations

Today’s report provides a top-down synopsis of the technical condition of emerging markets across the globe, and includes a wide variety of...

Vermilion Research

Intra-Asia Container Carriers Wan Hai Lines, TS Lines Also Feeling the Pain of Lower Freight Rates

Revenue and OP margins for Intra-Asia container carriers Wan Hai Lines and TS Lines surged in H224 but have fallen sharply since then. We expect...

Tracking Traffic

Monthly Container Shipping Tracker | March Price Weak, April Spot Rates, Too | Fuel Starting to Bite

March price momentum remained weak, and now in mid-April spot rates are beginning to fall. Fuel costs have risen sharply, and Q1-Q2 carrier margins...

Tracking Traffic

Monthly Container Shipping Tracker | Weak Price in Jan-Feb | Softer NAM Demand | Now US Tariff Mess

January and February deep-sea container rates have softened noticeably, probably wiping out most carriers' profit margins altogether. Conditions...

Tracking Traffic

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