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

ZIM Integrated Shipping Services / Equity Bottom-Up

ZIM Integrated Shipping Services (ZIM US)

<ul>
<li>Concerted rate increase on Sept 1 failed, deep sea rates are still falling</li>
<li>Carrier revenues in July-August down ~40% Y/Y, W Coast volumes weak</li>
<li>We retain our -ive view on container shipping, seek opportunities to Short</li>
</ul>


Concerted rate increase on Sept 1 failed, deep sea rates are still falling
Carrier revenues in July-August down ~40% Y/Y, W Coast volumes weak
We retain our -ive view on container shipping, seek opportunities to Short


Monthly Container Shipping Tracker | Sept 1 Rate Increase Failed, Rates Still Down | September 2025

<ul>
<li>In Q225, Evergreen Marine reported a -56% Y/Y decline in Operating Profit</li>
<li>That's bad, but our initial read indicates Q325 will likely be far worse</li>
<li>Y/Y, shares still <em>up</em> slightly; we see lots of downside for container carriers</li>
</ul>


In Q225, Evergreen Marine reported a -56% Y/Y decline in Operating Profit
That's bad, but our initial read indicates Q325 will likely be far worse
Y/Y, shares still up slightly; we see lots of downside for container carriers


Evergreen Marine Reported -56% Y/Y Decline in Q225 OP | But Q325 Is Likely to Be Much Worse

<ul>
<li>Our proprietary index shows price momentum has continued to weaken in Q3</li>
<li>Some carriers have tightened FY25 earnings ranges, but mood mostly downbeat</li>
<li>We remain -ive on the sector; stay SHORT ZIM against LONG CM PORTS pair</li>
</ul>


Our proprietary index shows price momentum has continued to weaken in Q3
Some carriers have tightened FY25 earnings ranges, but mood mostly downbeat
We remain -ive on the sector; stay SHORT ZIM against LONG CM PORTS pair


Monthly Container Shipping Tracker | Rates, Earnings, Cash Flow All Collapsing (August 2025)

Independent research on the U.S. markets, Baptista Research

Baptista Research

Independent research on the U.S. markets

Baptista Research is an independent financial research house focused on the U.S. markets. We provide equity research as well as credit research reports on the top-listed U.S. companies with most of our focus on technology, consumer goods and services, automobiles, industrials, oil and gas, pharma, and healthcare. Our research has served more than 3000 institutional investors including mutual funds, hedge funds, banks, family offices, and various buy-side firms. We operate a research subscription service where institutions, as well as retail investors, can have priority access to all our research. We also have a wide distribution of our research reports across some of the top global financial platforms. Apart from equity research and credit research, we also provide advisory services with respect to mergers & acquisitions (M&A), private equity/ venture capital fundraising, valuation reports, and investment management services for corporates.
Baptista Research is owned and managed by Ishan Majumdar, an ex-Venture Capitalist/ Investment Banker, a Chartered Accountant, and a Masters’ degree holder in Management from HEC Paris. Ishan has nearly a decade of experience in Mergers and Acquisitions, Leveraged Buyouts (LBOs), Venture Capital Investing, Corporate Strategy, and Valuation in front-office roles at the likes of BNP Paribas CIB, Credit Agricole CIB, Groupe Danone, and TIW Private Equity. He has worked on and closed multiple acquisition deals, leveraged buyouts, and start-up investment transactions.

<ul><li>Hapag-Lloyd's first-quarter 2025 results indicate a robust start to the year, supported by solid financial performance despite ongoing operational challenges.</li><li>The company recorded a significant year-over-year increase in transport volumes, achieving a 9% growth.</li><li>This outpaces the global market growth rate of approximately 4.2%, demonstrating Hapag-Lloyd's effective market positioning and operational efficiency.</li></ul>

Hapag-Lloyd's first-quarter 2025 results indicate a robust start to the year, supported by solid financial performance despite ongoing operational challenges.The company recorded a significant year-over-year increase in transport volumes, achieving a 9% growth.This outpaces the global market growth rate of approximately 4.2%, demonstrating Hapag-Lloyd's effective market positioning and operational efficiency.

Hapag-Lloyd: Initiation of Coverage- Can a $5.9 Billion War Chest Shield It From Global Turmoil?

<ul>
<li>Shares of container carriers have surged on expectations of a strong recovery in volume</li>
<li>But April data show pricing continued to soften despite solid North American demand</li>
<li>The carriers themselves and other industry players remain downbeat; SHORT the carriers</li>
</ul>


Shares of container carriers have surged on expectations of a strong recovery in volume
But April data show pricing continued to soften despite solid North American demand
The carriers themselves and other industry players remain downbeat; SHORT the carriers


Monthly Container Shipping Tracker | Pricing Still Weak | No Signs of a Recovery | SHORT (May 2025)

Germany

Hapag-Lloyd AG operates as a container shipping line company. The Company offers transportation of goods by sea, road, rail, and inland waterway vessels. Hapag-Lloyd serves customers worldwide.

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Hapag-Lloyd AG (HLAG GR)

Monthly Container Shipping Tracker | Sept 1 Rate Increase Failed, Rates Still Down | September 2025

August and September data show clearly that deep-sea ocean freight rates remain under downward pressure. We believe Q325 carrier earnings may...

Tracking Traffic

Evergreen Marine Reported -56% Y/Y Decline in Q225 OP | But Q325 Is Likely to Be Much Worse

Taiwan's Evergreen Marine reported a steep -56% Y/Y decline in Operating Profit in Q225, but based on their monthly revenues in July-August, we...

Tracking Traffic

Monthly Container Shipping Tracker | Rates, Earnings, Cash Flow All Collapsing (August 2025)

Container shipping price, earnings, and cash flow all remain weak in Q3. We expect conditions to remain challenging in the medium-term, and our...

Tracking Traffic

Hapag-Lloyd: Initiation of Coverage- Can a $5.9 Billion War Chest Shield It From Global Turmoil?

Hapag-Lloyd's first-quarter 2025 results indicate a robust start to the year, supported by solid financial performance despite ongoing operational...

Baptista Research

Monthly Container Shipping Tracker | Pricing Still Weak | No Signs of a Recovery | SHORT (May 2025)

Pricing remains weak, and carriers kept FY25 guidance downbeat despite decent Q125 results (and US claims of progress on tariffs). We view the...

Tracking Traffic

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