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 Capital Markets

<ul>
<li>Regional container carrier TS Lines debuted in HK at HK$4.18 on November 1 </li>
<li>Post-IPO, shares appear cheap, trading at 65% of fleet replacement + net cash</li>
<li>We provide updates on early trading, Q324 earnings from peers, &amp; more</li>
</ul>


Regional container carrier TS Lines debuted in HK at HK$4.18 on November 1 
Post-IPO, shares appear cheap, trading at 65% of fleet replacement + net cash
We provide updates on early trading, Q324 earnings from peers, &amp; more


TS Lines HKEX IPO: Early Trading | Valuation Vs Wan Hai & RCL | Return to TransPac May Not Work Out

Equity Bottom-Up

ZIM Integrated Shipping Services / Equity Bottom-Up

ZIM Integrated Shipping Services (ZIM US)

<ul>
<li>We are convinced container shipping price momentum is waning, medium-term</li>
<li>Not surprisingly, carrier ZIM's share performance correlates to price momentum</li>
<li>Shorting ZIM against Long position in terminal operator isolates sagging price</li>
</ul>


We are convinced container shipping price momentum is waning, medium-term
Not surprisingly, carrier ZIM's share performance correlates to price momentum
Shorting ZIM against Long position in terminal operator isolates sagging price


Short ZIM Against Long Position in China Merchants Port Hldgs | 2025 High Conviction

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

<ul>
<li>Maersk's Q324 results were strong, fueled almost purely by higher freight rates</li>
<li>The company's peers have been reporting similar results since early 2024</li>
<li>We continue to believe that price momentum has peaked; AVOID the carriers</li>
</ul>


Maersk's Q324 results were strong, fueled almost purely by higher freight rates
The company's peers have been reporting similar results since early 2024
We continue to believe that price momentum has peaked; AVOID the carriers


Maersk Q324 Results: Giant Dane Finally Joins the Party, But Read-Through for Industry Is Limited

<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)

<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

Israel

ZIM Integrated Shipping Services Ltd provides shipping services. The Company offers multi-modal, cargo handling, tariff management, schedule information, and other related services. ZIM Integrated Shipping Services serves clients worldwide.

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ZIM Integrated Shipping Services (ZIM US)

TS Lines HKEX IPO: Early Trading | Valuation Vs Wan Hai & RCL | Return to TransPac May Not Work Out

In this insight we offer some quick updates on regional container carrier TS Lines, which successfully listed its shares in Hong Kong on November 1.

Tracking Traffic

Short ZIM Against Long Position in China Merchants Port Hldgs | 2025 High Conviction

We believe container shipping price momentum is waning. Pairing a short position in carrier ZIM against a long position in terminal operator CMPH...

Tracking Traffic

Maersk Q324 Results: Giant Dane Finally Joins the Party, But Read-Through for Industry Is Limited

Maersk reported a scary-good set of quarterly results on Halloween! But many of its peers have been enjoying similar price-driven improvements in...

Tracking Traffic

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

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

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