Not the start of the decline of globalisation – just of China's dominance
Determined to have his FDR moment, Joe Biden’s latest policy seems likely to have put ...
TFII: SOLID AS USUALMAERSK: WEAKENINGF: FALLING OFF A CLIFFAAPL: 'BOTTLENECK IN MAINLAND CHINA'AAPL: CHINA TRENDSDHL: GROWTH CAPEXR: ANOTHER SOLID DELIVERYMFT: HERE COMES THE FALLDSV: LOOK AT SCHENKER PERFORMANCEUPS: A WAVE OF DOWNGRADES DSV: BARGAIN BINKNX: EARNINGS OUTODFL: RISING AND FALLING AND THEN RISING
TFII: SOLID AS USUALMAERSK: WEAKENINGF: FALLING OFF A CLIFFAAPL: 'BOTTLENECK IN MAINLAND CHINA'AAPL: CHINA TRENDSDHL: GROWTH CAPEXR: ANOTHER SOLID DELIVERYMFT: HERE COMES THE FALLDSV: LOOK AT SCHENKER PERFORMANCEUPS: A WAVE OF DOWNGRADES DSV: BARGAIN BINKNX: EARNINGS OUTODFL: RISING AND FALLING AND THEN RISING
Fantastic long read from one of liner shipping’s premier analysts, Charles de Trenck, on the nightmare for investors who have bought shares in China Shipping or Cosco – or worse, both…
“CSCL, even though it ripped off investors initially, actually moulded itself into a better company over time, even though ultimately it likely would have faced tremendous difficulties without state subsidies. Cosco was the opposite in some ways. Its core container business was and is an operationally viable operation. But the corporate structure on top, led by people like Wei Jiafu, was a financial drain on operations. It made all the wrong calls on asset timing.”
Mr de Trenck worked for a number of banks in Hong Kong while Cosco was preparing its various subsidiaries for stock market listings, and there are few who understand the troubled balance sheets of Chinese shipping companies better than he.
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