Financial footings

Analysis: Expect more K+N disposals as its Q2 numbers boost DSV shares

“In view of the good results, the strong resilience of the company, the stable cash flow and the available liquidity, we have decided to propose to the shareholders an appropriate participation in the company’s success in 2019 with a dividend of CHF 4.00 per share.” – Dr. Joerg Wolle, chairman of the board of directors at Kuehne + Nagel, (K+N), 21 July 2020.
In Q2 ’20, K+N delivered a respectable performance, with …

The post Analysis: Expect more K+N disposals as its Q2 numbers boost DSV shares...

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Analysis: 2020 – the financial watershed year for Hapag-Lloyd

When Rolf Habben Jansen took the helm of Hapag-Lloyd in 2014, the German carrier was a private company with 191 vessels (2013: 151) and annual ebitda of €99m (2013: €389m), recording hefty operating losses (-€112m, adjusted ebit and -€383m unadjusted) on annual revenues of €6.8bn.
Other key metrics at the time – 2014 was just one of those very bad years we were used to – are shown in the table …

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Analysis: DSV Panalpina – I smell fear in the market as its model becomes the benchmark

It’s unsurprising that in today’s remarks contained in the debut interims of DSV Panalpina, chief executive Jens Bjørn Andersen noted that “the closing of the Panalpina transaction on 19 August was the all-important event in Q3″.
In fairness, that was the only unsurprising bit.
Details 
The narrative has changed somewhat from the second quarter, when the benchmark deal had just closed, and it couldn’t be any different after the sealing of the most expensive, sizeable …

The post Analysis: DSV...

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Analysis: Kuehne versus Kuehne just as the Danes close in…

Mark 22 October on your calendar: Kuehne + Nagel (K+N) opens the earnings season for freight forwarders with its third-quarter (Q3) and nine-month (9M) results.
For the first time since I have started coverage, it won’t be preceded by its smaller domestic rival, Panalpina – which is now owned by DSV, whose trading update is due on 1 November – so it will set the tone for all others.
Lucky K+N? Maybe.
K+N vs …

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Carriers ditch constant chase for market share in a quest for profits

Zim’s return to the black in Q2, the carrier’s first net profit since Q317, confirms a trend of container lines giving up their chase for market share in favour of profitability, according to analyst Lars Jensen.
“Zim has followed the path of trading lower market share for improved yield,” he said.
The Israeli carrier posted a Q2 net profit of $5m, despite a year-on-year volume decrease of 5.3%.  But its liftings consisted …

The post Carriers ditch constant chase for market share in a quest for...

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Supply chain radar: AP Møller-Mærsk enters ‘new phase’ but still hauling its old baggage

”Our transformation has now entered a new phase, where we focus 100% on executing on the strategy to become the global integrator of container logistics.” – AP Møller-Mærsk (APMM), 15 August 2019, second-quarter (Q2) results.

The audited results of AP Møller-Mærsk (APMM) came with a bang today, at least judging by the headline numbers flagged by the carrier, with management highlighting the massive improvement of several metrics against the first-half (H1) of 2018.

As …

The post Supply chain...

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Supply chain radar: Like all the others, DSV is not in its prime anymore – so what?

Yesterday – before DSV released its interims – I expected to need a day or two to digest its trading update, but reality immediately kicked in when its numbers were announced.
And my very preliminary take was nicely summed up in a few words by one of my sources, who told me: “Not bad for an update”, which will be its last without Panalpina (PAN) under its belt.
By the way, those …

The post Supply chain radar: Like all the others, DSV is not in its prime anymore – so what? appeared first on The...

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Against the odds – Come on, Klaus-Michael Kuehne: spin off the core ocean freight business

In 2029, Klaus-Michael Kuehne will be 92 – I can picture him boasting about the greatness of a grand plan that only he could envisage.
First off, though, the Q2/H1 19 numbers released today by the ocean freight leader, Kuehne + Nagel.
Next 
Most of the headline numbers contained in its second-quarter (Q2) trading update released today were broadly in line with our expectations – please click here and here for our previous Premium …

The post Against the odds – Come on, Klaus-Michael Kuehne: spin...

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Analysis: the tempting of Taiwan – what to do with Wan Hai?

Taiwan and its ships are a hot topic that has united the shipping market.
Several executives believe the government will not make the same mistake that South Korea did with Hanjin, although foreign ownership of key container shipping assets and related port activities is very unlikely to be allowed, regardless of how bad market conditions might become.
The Taiwanese government holds a strategic view of the sector and public money can easily …

The post Analysis: the tempting of Taiwan – what to...

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Supply chain radar: DHL Global Forwarding has got its house in order – is it now ready to bite?

The first-quarter (Q1) results of DHL Global Forwarding, Freight (DGFF) were simply outstanding. Never, in recent memory, has the air freight market leader by volumes achieved such a solid quarterly performance on so many levels, with record operating income, or ebit, of €100m.
One obvious caveat, however, is that its headline numbers were likely propped up by IFRS-induced accounting changes, while it also got a little bit of help from currencies. …

The post Supply chain radar: DHL Global...

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