Asian Equities Analyst, Logistics & Transport

Tracking Traffic

Focusing on Asian logistics, transportation, and travel companies

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

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

Monthly Container Shipping Tracker | Momentum, Volume Still Weak | Suez Restoration? (October 2025)

Maersk Q125 Results: Solid Q1 Numbers | But Mgmt Retains Negative View on FY25, Citing Uncertainty

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

Asian Equities Analyst, Logistics & Transport, Tracking Traffic

Daniel Hellberg

Equity Bottom-Up

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

<ul>
<li>Core "Ocean" EBITDA fell by 55% Y/Y in Q325 due to lower average freight rates</li>
<li>Maersk lifted lower end of guidance range, but offered downbeat tone on Q4, 2026</li>
<li>Shares fell by 5% in response to Thursday's report; we remain negative on sector</li>
</ul>


Core "Ocean" EBITDA fell by 55% Y/Y in Q325 due to lower average freight rates
Maersk lifted lower end of guidance range, but offered downbeat tone on Q4, 2026
Shares fell by 5% in response to Thursday's report; we remain negative on sector


ZIM Integrated Shipping Services (ZIM US)

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