Asian Equities Analyst, Logistics & Transport

Tracking Traffic

Focusing on Asian logistics, transportation, and travel companies

Monthly Container Shipping Tracker | Iran Conflict Lifts Fuel Prices, Spot Rates, & Carrier Shares

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

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

Maersk Q325 Results: Core Ocean Down 55% Y/Y | Downbeat Guidance from Management | Q425 Losses?

Monthly Container Shipping Tracker | Spot Rates Weaker Ahead of LNY | Suez Canal Re-Opening Update

Monthly Container Shipping Tracker: Recent Improvement in Price Likely to Dissipate Soon

Monthly Container Shipping Tracker: Poor Q3 Results, Weak Guidance, A Re-Opening of Suez? | AVOID

Asian Equities Analyst, Logistics & Transport, Tracking Traffic

Daniel Hellberg

Equity Bottom-Up

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

<ul>
<li>On Thursday February 5 Maersk reported in-line FY25 results and a Q425 EBIT loss in <em>Ocean</em>
</li>
<li>In FY26 Maersk expects a -40% Y/Y decline in EBITDA and an EBIT <strong>loss</strong> on lower freight rates</li>
<li>We expect smaller carriers (including Asian names) to suffer even more than Maersk in FY26</li>
</ul>


On Thursday February 5 Maersk reported in-line FY25 results and a Q425 EBIT loss in Ocean

In FY26 Maersk expects a -40% Y/Y decline in EBITDA and an EBIT loss on lower freight rates
We expect smaller carriers (including Asian names) to suffer even more than Maersk in FY26


ZIM Integrated Shipping Services (ZIM US)

Maersk FY25 Results and FY26 Guidance: Leading Carrier Expects FY26 EBIT Loss Due to Lower Rates