Mærsk et al: so much silver lining you can barely see the clouds
Between April showers and spring sunshine
The shares of Israel’s Zim Integrated Shipping Services fell about 7% to $21 today in buoyant US markets.
Seeking Alpha (SA) wrote that a Barclays downgrade contributed to weakness as the broker cut its recommendation “to Underweight from Equal Weight with a $15 price target”, down from $26.5 previously, as it predicts “a global shipping downcycle in 2023-24”.
Unsurprisingly, Barclays believes the “container shipping industry is entering a period of ‘significant oversupply’ in 2023-24, estimating capacity will grow by 10%/year while demand is tracking at negative 3% compared with 2019.”
ZIM, whose stock started 2022 just below $17 a share, has enjoyed a great run this year, up over 23% despite today’s fall… investors taking profit ahead of its trading update, which is expected in early March, is hardly surprising.
(The full SA post can be found here.)
FAK rate hikes holding, with strong demand into peak season predicted
DSV could face $16m bill after helicopter is written off in haulage accident
Déjà vu as major ocean carriers scramble for tonnage and containers
Indian trade disrupted as port congestion forces liner services to skip calls
'I'm scared', says Boeing whistleblower, after two others suffer mysterious deaths
Rising costs of port congestion force surcharge by Asian feeder operators
Trade growth getting stronger, but ocean freight rates stay flattish
Global airfreight volumes blooming as flower shipments take off
Comment on this article