Prolonged market tightness, but limited upside

Q4 miss, mitigated by DPS beat and '26 guidance reiterated

Continued tightness lifts estimates

Chinese passenger car export: +6% m-o-m in November, +52% y-o-y

USTR port fees suspended, estimates up

Earnings trimmed on USTR fees

Q3 in line, USTR port fees guided higher

USTR port fees up ~3.3x, '25 guidance suspended

Planned Mexican tariffs threaten 2–3% of global car shipping volumes

Still inexpensive, but also balanced risk/reward

Q2 miss, no special divi, unchanged guidance and capex increase

ABGSC Shipping Daily 23 July

Still a HOLD

ABGSC Shipping Daily 10 July

ABGSC Shipping Daily 1 July

Wallenius Wilhelmsen ASA (Buy, TP: NOK87.00) - Still-attractive value

We have cut our near-term forecast to reflect heightened uncertainty and more cautious full-year guidance, but remain confident that the majority (79%) of the current market cap should be derisked by end-2027e, leaving an attractive stub value for the long-term business potential in the world-leading car carrier. We reiterate our BUY, but have cut our target price to NOK87 (91).

Sticking to the lower end of '25 guidance

2025 guidance down, but Q2 better than Q1

Wallenius Wilhelmsen ASA (Buy, TP: NOK91.00) - Solid value in troublin...

Challenging times for the car carriers is reflected in depressed equity valuations. We believe a considerable backlog to derisk the investment over time, and potential upside on any respite in peaking trade tensions, make for an attractive investment case. We reiterate our BUY, but have cut our target price to NOK91 (115).

US tariffs pressure trade and rates