ABGSC Shipping Daily 16 June

ABGSC Shipping Daily 10 June

Net rate for May implies 18% upside to Q2'25e

ABGSC Shipping Daily 2 June

ABGSC Shipping Daily 26 May

Sell-off on Q1 results is not warranted

Q1 in line, '25 guidance reiterated

ABGSC Shipping Daily 19 May

Steady at 12% yield

ABGSC Shipping Daily 12 May

Net rate for April implies 9% upside to Q2'25e

Still cheap and the Red Sea is still closed

A. P. Møller Mærsk (Sell, TP: DKK9400.00) - Resistance to gravity seem...

The Q1 report was largely as expected, albeit with support in the results related to mostly passing effects. Hence, we retain our view that the chronic oversupply of vessels will deteriorate the current value of the company. On rates converging towards 2016 levels, it should burn through more than USD13bn by the end of our forecast period, with no respite in sight due to the towering orderbook and owners still willing to order. We reiterate our SELL, but have raised our target price to DKK9,400 ...

Q1'25 beat driven by Ocean and Terminals

A. P. Møller Mærsk (Sell, TP: DKK8800.00) - Overcapacity at the gates

We find the recent share price strength surprising and likely short-lived due to a challenging supply/demand balance, only augmented by the escalating trade tensions. While we expect a Q1 beat versus consensus, we believe the company’s outlook is unlikely to satisfy buy-side expectations, and we see sizeable downside risk to the current valuation. We reiterate our SELL and have cut our target price to DKK8,800 (10,800).

Tariffs will hurt, but cons. is too low for Q1

ABGSC Shipping Daily 5 May

ABGSC Shipping Daily 28 April

Höegh Autoliners ASA (Buy, TP: NOK90.00) - Solidity of distributions i...

The markets reacted positively to the Q1 dividend, and we believe most of the current market cap will be distributed over our forecast period. This should offset the long-term structural risks to the sector, as its backlog should fend off any dramatic decline to cash flows. We find the risk/reward still attractive, with potential for re-rating on favourable news flow from a weighty sentiment. Hence, we reiterate our BUY and NOK90 target price.

DPS of ~NOK 70/sh by YE’27e