Hapag-Lloyd : Very good Q3 in prospect but the sharp drop in freight rates leads us to revise our assumptions for 2023-2024e; Neutral, target price cut to € 240
>Spot freight rates continue to fall, at levels below contract rates - The main event in the container shipping sector is the strong fall in spot freight rates in the last few months. This configuration was expected since nearly all players said they anticipated a downward adjustment as of Q4 of the current year against the backdrop of an easing of congestion in ports and fears over demand in a disrupted context for the global economy. Conversely, this adjustment look...Hapag-Lloyd is a container liner shipping company. Co.'s core business is the shipping of containers by sea but also encompasses transport services from door to door. Co. transports hazardous goods by sea, road, rail, and inland waterway vessels; and provides reefer solutions to transport temperature-sensitive products, including perishable cargoes; and high value reefer cargoes, such as pharmaceuticals, healthcare products, and more. Co. also offers security information services; e-commerce solutions in the shipping industry; logistics services, such as pre-carriage and on-carriage transport services; and customs clearance services.
Oddo Securities provides securities brokerage and research services. The company offers equity, economic, and derivatives research and credit analysis services. It focuses on insurance, automotive, building materials, pharmaceuticals, telecommunications, information technology, and agri-food industries.
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