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大连市科学技术局

2019年6月15日 - 美高梅手机版游戏

On April 15, the “Zhongtuan Rotterdaam” sailed slowly into Dalian port
Dayaowan container dock, marking that Zhongyuan Container Shipping
Co.Ltd’s Far East/Europe shipping line opens officially to Dalian Port.
Zhongyuan has 8 container ships with 5400 standard container capacity,
shipping to 11 major domestic and overseas ports in five ocean-going
lines.(Dalian Daily p. 1.Aprril 16,2002.)

AP Moller Maersk’s 2Q results highlight across different businesses in
Transport &Logistics segment: AP Moller Maersk (APMM, MAERSKB DC,
DKK13,080, Buy, TPDKK15,500; covered by Edward Stanford) announced
results on 16 August and we havelooked at the performance of its
Transport & Logistics segment, which has a direct impacton Asia Marine
coverage. Maersk Line returned to profit (margins improved 7.0ppt
q-o-qand 8.5ppt y-o-y to 6.0% in 2Q17) after four consecutive quarters
of losses, driven by astrong recovery in East West freight rates and
steady improvement in North South routes.

    Maersk Container Industry, the container manufacturing arm of APMM,
saw a 161% yo-y increase in revenue, driven by higher sales (mostly from
Maersk Line) and the marketprice for dry containers. On the other hand,
Damco, the freight forwarding arm of APMM,reported only a breakeven
given margin pressure as it was not able to fully pass on therising
ocean freight rates to customers. APM Terminal, the port operating arm
of APMM,has seen volume from Maersk Line grow 7-8% y-o-y in 2Q17, while
its effectivethroughput grew by only 4.3%. Consolidation of liner
services has also negativelyimpacted volumes and rates, particularly in
Latin America. Outlook: Maersk Linereiterated the expectation of an
improvement in excess of USD1bn in underlying profit in2017, compared to
a loss of USD384m in 2016, mainly driven by improvements in freightrates
and partly increasing volumes.

    Read-across to Asia Marine coverage: APMM’s results reinforce our
thesis for differentsub-sectors in Asia Marine coverage. In container
shipping, reading Maersk Line’sresults along with OOIL’s, we believe
2H17 will be better than 1H17 and shipping linesexposed to long haul
routes will see the biggest improvement. In ports, the resultsconform
with our view that shipping lines will divert more volumes to affiliated
ports torealize synergies. While this should bode well for companies
like CS Ports, it wouldnegatively impact independent port operators like
Westports. In containermanufacturing, a rebound in volume and price of
containers further reinforces ourpositive view on Singamas’ box
manufacturing business.

    Evergreen, CS Port and Singamas are our key Buys while we remain
bearish onWestports. We believe Evergreen will benefit from the
improvement in long-haul freightrates driven by higher annual contract
rates. Meanwhile, CS Port could see increasingvolume from its bigger
shipping parent, COSCO Shipping Holdings, which recentlyoffered to
acquire OOIL. Singamas will also benefit from a rebound in container
boxprices. However, Westports, as an independent port operator, could
continue to losevolume given the container shipping sector consolidation
and alliance reshuffle.

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