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>Deep-Sea container rates surged in May, yielding best read since June 2022</li>
<li>But volume growth into North American WC ports slowed noticeably...</li>
<li>We believe Q224 results will impress, and still like our Long/Short pairs</li>
</ul>


Deep-Sea container rates surged in May, yielding best read since June 2022
But volume growth into North American WC ports slowed noticeably...
We believe Q224 results will impress, and still like our Long/Short pairs


Monthly Container Shipping Tracker | Pricing Surged in May | Did Volume Growth Wobble? | (June 2024)

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

<ul>
<li>Its unclear whether Yemen-based Houthis would end attacks after ceasefire</li>
<li>We've entered peak Summer shipping season from Asia to US, Europe</li>
<li>Higher spot rates have already lifted contract rates in Q2 2024</li>
</ul>


Its unclear whether Yemen-based Houthis would end attacks after ceasefire
We've entered peak Summer shipping season from Asia to US, Europe
Higher spot rates have already lifted contract rates in Q2 2024


Why an Israel-Hamas Ceasefire Probably Wouldn't Lead to Lower Container Rates in Short-Term

<ul>
<li>Our index shows April pricing momentum remained positive in deep-sea trades</li>
<li>Evergreen Marine posted strong revenue and earnings growth in Q124</li>
<li>Container carriers have performed well YTD in 2024; we expect convergence</li>
</ul>


Our index shows April pricing momentum remained positive in deep-sea trades
Evergreen Marine posted strong revenue and earnings growth in Q124
Container carriers have performed well YTD in 2024; we expect convergence


Monthly Container Shipping Tracker | Pricing Still Firm | Share Prices Converging | (May 2024)

<ul>
<li>Our analysis suggests container rate momentum remained +ive in March</li>
<li>Despite higher fuel expense, core container margins likely rose Y/Y in Q124</li>
<li>Our L/S pair trade? It's worked, a little, but Evergreen shares have stayed firm</li>
</ul>


Our analysis suggests container rate momentum remained +ive in March
Despite higher fuel expense, core container margins likely rose Y/Y in Q124
Our L/S pair trade? It's worked, a little, but Evergreen shares have stayed firm


Monthly Container Shipping Tracker | March Volumes Strong | Q1 Margins Likely Up Y/Y (April 2024)

<ul>
<li>Strong uptick in price momentum in February reflects booming spot market</li>
<li>February container throughput growth in key regions also firm, up 7.4% Y/Y</li>
<li>We suggest Short Evergreen vs Long Maersk (or ZIM) pair trade idea</li>
</ul>


Strong uptick in price momentum in February reflects booming spot market
February container throughput growth in key regions also firm, up 7.4% Y/Y
We suggest Short Evergreen vs Long Maersk (or ZIM) pair trade idea


Monthly Container Shipping Tracker | February Spot Rates Strong | Volume Firm, Too | (March 2024)

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)

Monthly Container Shipping Tracker | Pricing Surged in May | Did Volume Growth Wobble? | (June 2024)

Deep-sea container shipping price momentum surged in May, even though volumes into the North American West Coast slowed. We think this is a head...

Tracking Traffic

Why an Israel-Hamas Ceasefire Probably Wouldn't Lead to Lower Container Rates in Short-Term

Shares of container shipping companies have dipped in recent weeks, apparently on the expectation that an Israel-Hamas ceasefire could un-do the re...

Tracking Traffic

Monthly Container Shipping Tracker | March Volumes Strong | Q1 Margins Likely Up Y/Y (April 2024)

Container rate momentum remained +ive in March, & we believe carriers' margins probably improved Y/Y in Q124 (despite higher fuel expenses). Our L...

Tracking Traffic

Monthly Container Shipping Tracker | February Spot Rates Strong | Volume Firm, Too | (March 2024)

February price momentum improved dramatically, to levels not seen since Q322. Spot rates have lifted some carriers' shares YTD, but we expect share...

Tracking Traffic

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Monthly Container Shipping Tracker | Pricing Surged in May | Did Volume Growth Wobble? | (June 2024)

Deep-sea container shipping price momentum surged in May, even though volumes into the North American West Coast slowed. We think this is a head...

Tracking Traffic

Why an Israel-Hamas Ceasefire Probably Wouldn't Lead to Lower Container Rates in Short-Term

Shares of container shipping companies have dipped in recent weeks, apparently on the expectation that an Israel-Hamas ceasefire could un-do the re...

Tracking Traffic

Monthly Container Shipping Tracker | Pricing Still Firm | Share Prices Converging | (May 2024)

Average deep-sea rates and traffic remained firm in April. The L/S pair trades we suggested back in mid-March? One of them has worked out quite well.

Tracking Traffic

Monthly Container Shipping Tracker | March Volumes Strong | Q1 Margins Likely Up Y/Y (April 2024)

Container rate momentum remained +ive in March, & we believe carriers' margins probably improved Y/Y in Q124 (despite higher fuel expenses). Our L...

Tracking Traffic

Monthly Container Shipping Tracker | February Spot Rates Strong | Volume Firm, Too | (March 2024)

February price momentum improved dramatically, to levels not seen since Q322. Spot rates have lifted some carriers' shares YTD, but we expect share...

Tracking Traffic