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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.

Hapag-Lloyd 3Q18: Fuel Recovery Plan On the Way

Earnings Note: 08 Nov 2018, 9:27 PM ET - Hapag-Lloyd reported solid results, and although market headwinds remain, remains cautiously optimistic and well positioned to react to potential headwinds on the horizon.

CMA CGM 2Q18: Fuel surcharges, M&A on the Horizon

Company Analysis: 11 Sep 2018, 8:05 AM ET - 2Q18 results were expected to be weak, but liquidity remains solid and 2H18 will improve sequentially as fuel surcharges kick in.

US Strategy: Tariffs as Repricing Event?

Strategy Analysis: 01 Mar 2018, 9:40 PM ET - The market has been building in very low odds of a trade war event, a NAFTA withdrawal, or a significant escalation of tit-for-tat trade retaliations on a broader scale.  The odds-makers just got a fresh load of input.
Focused

Eletson: What Went Wrong

HY Note: 22 Jan 2018, 11:33 PM ET - A look at why Eletson missed its coupon.
Focused

Eletson: Missed Interest Payment

Worth Watching: 17 Jan 2018, 10:06 PM ET - Eletson missed its 1/15 interest payment, due on 1/16 because of the US holiday.  Despite confusion regarding reporting of the event, or lack thereof, management confirmed the missed payment.  The extended period of low rates absorbed too much ..

December 2017 Europe Company Recommendation Change

Euro Recommendation Changes: 01 Jan 2018, 6:35 PM ET - Our monthly report provides executive summaries for the thirteen companies recommendation changes made on European companies during the month of December.
Focused

Eletson 3Q17: WEAK Rate Environment

HY Note: 05 Dec 2017, 4:41 AM ET - Lowering to HOLD on uncertain rate outlook.

CMA CGM: Taps 5.25s of 2025 for €150 mn

Worth Watching: 06 Nov 2017, 5:37 AM ET - CMA CGM (B3/B-) is tapping its €500 mn 5.25% 2025 senior unsecured notes for an additional €150 mn, less than one month after issuing the bond (see CMA CGM: Issuing €300m 7NC3 Bonds, IPT 5.5%-5.75%). This will take the total outstanding amount t ..
Focused

Eletson: Weak 2Q17 Results

HY Note: 05 Oct 2017, 2:09 AM ET - Low rates weigh heavily on Eletson revenue.

Hapag-Lloyd: 2Q17 Earnings

Worth Watching: 29 Aug 2017, 4:52 PM ET - Hapag-Lloyd reported solid results that benefitted from the improving pricing environment – although the consolidation of UASC, as well as the company's long term contract mix, has held the company back from posting even stronger improvements. ..
Focused

Eletson: 2Q17 Results Expected Soon

Worth Watching: 24 Aug 2017, 5:40 PM ET - Eletson should be reporting 2Q17 results soon, maybe next week when CreditSights has a heavy vacation schedule.  If so, expect weak revenues on very low day rates, all financing in place for the newbuilding program, and completed refinancing of ..
Focused

Eletson 1Q17: Needs Consumption, Has Indigestion

Earnings Note: 18 Jun 2017, 9:30 PM ET - Global product inventories remain stubbornly high, restricting product tanker demand.

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.
Focused

Eletson 4Q16: Less Weak

HY Note: 29 Mar 2017, 4:19 AM ET - 2017 should improve over weak 2016 results.
Focused

Eletson: Quickie Consent Solicitation

Worth Watching: 19 Mar 2017, 10:36 PM ET - Eletson cruises by with a consent solicitation, with no cash consideration, allowing it to repurchase bonds at the market from proceeds of asset sales.  Covenants currently require a Trust for cash generated by sales or proceeds from losses of ..
Focused

Eletson: Weak 3Q16 followed by 4Q Rebound

Company Analysis: 09 Dec 2016, 12:35 PM ET - Very weak quarter driven by product tanker rates hitting a cyclical bottom, 2017 outlook improving.

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

Eletson 2Q16: EBITDA Off Plan

Earnings Note: 05 Aug 2016, 12:15 AM ET - Eletson reduces 2016 guidance as high petrochemical inventories weigh heavily on product tanker rates.  

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