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>In the September data are clear signs of slowing momentum &amp; price moderation</li>
<li>Seasonality, NAM de-stocking, anniversary of Red Sea re-routes all contributing</li>
<li>Without catalysts, we would AVOID holding shares of global container names</li>
</ul>


In the September data are clear signs of slowing momentum &amp; price moderation
Seasonality, NAM de-stocking, anniversary of Red Sea re-routes all contributing
Without catalysts, we would AVOID holding shares of global container names


Monthly Container Shipping Tracker: As Momentum Wanes, Best to Avoid Carriers' Shares (October 2024)

Orient Overseas International / Equity Bottom-Up

<ul>
<li>We believe price momentum for global container carriers is unlikely to improve from here</li>
<li>As price momentum falters, carriers' shares could continue to give back big gains</li>
<li>We would look for near-term opportunities to reduce or eliminate exposure to sector</li>
</ul>


We believe price momentum for global container carriers is unlikely to improve from here
As price momentum falters, carriers' shares could continue to give back big gains
We would look for near-term opportunities to reduce or eliminate exposure to sector


Charts & Context | From Here, What Can Get Better for Container Carriers? | Reduce Sector Exposure

ZIM Integrated Shipping Services / Equity Bottom-Up

<ul>
<li>Price momentum in August eased slightly vs July, the first M/M dip since March</li>
<li>In the next two months, seasonality will moderate and Y/Y comps will get tougher</li>
<li>If Q4 momentum wanes, we feel continued strong share performance less likely</li>
</ul>


Price momentum in August eased slightly vs July, the first M/M dip since March
In the next two months, seasonality will moderate and Y/Y comps will get tougher
If Q4 momentum wanes, we feel continued strong share performance less likely


Monthly Container Shipping Tracker: Strong Price Momentum Likely to Moderate in Q4

<ul>
<li>Backed by strong US demand, spot container rates remain very firm</li>
<li>On top of higher average freight rates, carriers now enjoying lower fuel prices</li>
<li>Dispersion of returns on carrier shares is eye-opening, only a few performed</li>
</ul>


Backed by strong US demand, spot container rates remain very firm
On top of higher average freight rates, carriers now enjoying lower fuel prices
Dispersion of returns on carrier shares is eye-opening, only a few performed


Monthly Container Shipping Tracker | Rates Up | Transpac Volume Up | Fuel Price Down (August 2024)

<ul>
<li>Evergreen reported strong Q2 results, with revenue and margins both up sharply</li>
<li>Meanwhile, Hapag-Lloyd reported stagnant revenue and lower core profit margins</li>
<li>Divergent carrier performance reinforces our view that management skill matters</li>
</ul>


Evergreen reported strong Q2 results, with revenue and margins both up sharply
Meanwhile, Hapag-Lloyd reported stagnant revenue and lower core profit margins
Divergent carrier performance reinforces our view that management skill matters


More Q224 Container Carrier Results: Evergreen, Hapag-Lloyd Show Sharply Diverging Results

China

T.S. Lines (TSL) is a container shipping firm primarily operating in the Asia Pacific (APAC) region.

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TS Lines (2510 HK)

Monthly Container Shipping Tracker: As Momentum Wanes, Best to Avoid Carriers' Shares (October 2024)

In September's data there are clear signs of sharply slowing momentum in the global container trades. We recommend avoiding shares of the carriers...

Tracking Traffic

Charts & Context | From Here, What Can Get Better for Container Carriers? | Reduce Sector Exposure

We believe container rates will continue to moderate in the near-term, and that in the absence of improving rates investors should look to reduce...

Tracking Traffic

Monthly Container Shipping Tracker: Strong Price Momentum Likely to Moderate in Q4

We believe the strong year-to-date price momentum enjoyed by most container carriers may moderate in Q4, which would make it difficult for some of...

Tracking Traffic

Monthly Container Shipping Tracker | Rates Up | Transpac Volume Up | Fuel Price Down (August 2024)

Container shipping pricing momentum remained positive in July, and fuel prices have declined markedly over the past month.

Tracking Traffic

More Q224 Container Carrier Results: Evergreen, Hapag-Lloyd Show Sharply Diverging Results

Evergreen Marine's Q2 results far outpaced the results of both Hapag-Lloyd and Maersk. The Taiwanese carrier's results over the past 2.5 years...

Tracking Traffic

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