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CMA CGM 3Q18: Reprieve in Bunker Costs on the Way?

Earnings Note: 28 Nov 2018, 11:18 AM ET - CMA CGM reported 3Q18 results that continue to highlight positive growth in demand, offset by a drag on earnings due to the rise in fuel costs.

HLAG 3Q17: Strong Results, Recovery Still on Course

Earnings Note: 15 Nov 2017, 8:48 PM ET - Strong 3Q17 results reflect the market recovery, freight rate improvements and cost control efforts. Despite recent softness in freight rates, recovery is still expected while capacity growth remains in check.

CMA CGM: Issuing €300m 7NC3 Bonds, IPT 5.5%-5.75%

Worth Watching: 16 Oct 2017, 9:22 PM ET - CMA CGM (B3/B-) is issuing €300 mn seven-year NC3 senior unsecured notes (due January 2025). CMA CGM last tapped the bond market in July to refinance near term maturities, and also increased the capacity under its revolving credit facilities (s ..

CMA CGM 1Q17: Riding the Recovery Wave

Earnings Note: 23 May 2017, 8:44 PM ET - CMA CGM reported strong 1Q17 results as the rise in freight rates, improvement in operating performance and NOL synergies more than offset the sharp rise in bunker fuel costs.

Hapag-Lloyd 1Q17: Fuel Costs Weigh on Margins

Earnings Note: 13 May 2017, 10:53 AM ET - Hapag-Lloyd reported results that were weighed down by the rise in bunker fuel costs, while freight rates continue to improve sequentially, but still remain down YoY.

CMA CGM: Initiating Coverage - Buy Recommendation

Company Spotlight: 07 Dec 2016, 11:26 PM ET - Investors should be wary of the significant volatility in the container shipping sector, but we place a Buy recommendation on CMA CGM senior unsecured bonds given the improving market fundamentals and the company’s stabilizing finances.

CreditSights 12th Annual European Conference

Announcement: 29 Nov 2016, 8:54 PM ET - Download our Conference Mobile App for our upcoming event on Friday 9th December 2016.
Focused

Heathrow: 3Q16 Results, Long Runway

Worth Watching: 28 Nov 2016, 11:11 PM ET - Heathrow "won" the latest round in the next runway sweepstakes—a key hurdle, but political and legal issues could still delay the third runway from minimum seven years to maximum never.  The real win is keeping a second runway out of Gatwick, c ..
Focused

Heathrow: One Less Hurdle to Third Runway

Worth Watching: 25 Oct 2016, 8:56 PM ET - Heathrow won another step in the third-runway race, but remains at least another year from the finish line.  The UK government finally gave the bureaucratic nod to Heathrow, the obvious choice for decades, but Parliament approval looks like an ..

Hanjin Bankruptcy: 100-Year Supply Chain Flood

Sector Analysis: 22 Sep 2016, 9:30 PM ET - International admiralty and local bank laws cannot handle large containership liquidations.  Just-in-time customers should increase buffer inventories.

July 2016 Europe Company Recommendation Changes

Euro Recommendation Changes: 31 Jul 2016, 8:00 PM ET - Our monthly report provides executive summaries for the twenty-two company recommendation changes made on European companies during the month of July.
Focused

Heathrow 2Q16: Traffic Down, EBITDA Up, Brexit ?

Earnings Note: 25 Jul 2016, 2:54 PM ET - Traffic falls off, but retail and cost cutting make it back.
Focused

Airlines vs. Brexit

Sector Analysis: 29 Jun 2016, 10:58 PM ET - On Brexit alone, airlines are oversold.
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Heathrow: Steady 1Q16

Worth Watching: 25 Apr 2016, 8:14 PM ET - Heathrow 1Q16 financial results remain on the slowly increasing, steady, and long runway—EBITDA up 7% on strong retail and lower costs.  This gradual slope of improving EBITDA will be this story until they start digging for the third runway—in o ..
Focused

Heathrow 4Q15: Steady State

Earnings Note: 26 Feb 2016, 4:22 AM ET - Long runway of constrained capacity, strong demand, and free cash flow.

Maritime Transportation: 2016 Oil Tanker Outlook

Sector Outlook: 04 Feb 2016, 5:23 AM ET - Tankers look forward to strong spot rates in 2016, but potential events in the Middle East Gulf could rapidly reverse this outlook.  
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Heathrow: 2016 Guidance

Worth Watching: 14 Dec 2015, 11:04 PM ET
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Heathrow 3Q15: Very Long Steady Runway

Earnings Note: 28 Oct 2015, 10:53 PM ET - Third runway will not open before 2025, probably later.  Slow, steady growth until then.
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Heathrow: Positive 2015 Guidance

Worth Watching: 28 Jun 2015, 10:12 PM ET
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Heathrow 1Q15: Grinding out Cash

Earnings Note: 03 May 2015, 7:22 PM ET - With facilities built out, entering net free cash flow territory.

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