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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.
Focused

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.

Euro HY Conference 2018: Relative Value Panel

Transcript: 27 Jun 2018, 9:21 PM ET - What is the biggest threat to European HY credit: Italy, Brexit, EM, commodities, tech or Donald Trump? 
Focused

Hapag-Lloyd 1Q18: Fuel Costs Creating Waves

Earnings Note: 14 May 2018, 9:50 PM ET - Against the backdrop of rising fuel costs, the favourable freight rate trend looks promising for Hapag-Lloyd as it looks to continue directing free cash flow towards deleveraging.
Focused

HLAG FY17: Optimistic despite Market Uncertainties

Earnings Note: 28 Mar 2018, 11:10 PM ET - The container shipping sector continues to face uncertainties, but Hapag-Lloyd reported solid results and a favourable outlook for 2018, highlighting the company’s optimism that it will continue to deliver.

November 2017 Euro Company Recommendation Changes

Euro Recommendation Changes: 01 Dec 2017, 12:03 AM ET - Our monthly report provides executive summaries for the twenty-five companies recommendation changes made on European companies during the month of November.
Focused

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 ..
Focused

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. ..

HY Note: CMA CGM - Issuing 5NC2, Considering 7NC3

HY Note: 06 Jul 2017, 6:18 AM ET - CMA CGM is issuing five year bonds and possibly seven-year bonds as well. We view the 6.5% area on the five-year bonds as fair value, but see less wiggle room on the downside for the seven-year bonds at 7.0%.

CMC Ravenna: New High Yield Issue Report

HY Note: 05 Jul 2017, 9:24 PM ET - CMC Ravenna (B2/B) is roadshowing a €250 mn senior unsecured bond (NC2) due 2022, to rank alongside its existing €300 mn 7.5% 2021 bond. 
Focused

HLAG/CMA CGM: Market Recovery-Time to Issue Bonds

HY Note: 04 Jul 2017, 6:19 AM ET - Hapag-Lloyd and CMA CGM are both in the bond market, with CMA CGM bonds pricing later this week. We are buyers of Hapag-Lloyd 7-yr bond at 5.25% IPT, but would shy-away if final pricing comes in below a 5-handle.
Focused

Euro HY Conference 2017: Container Shipping

Transcript: 25 Jun 2017, 8:02 PM ET - In this report, we transcribe our discussion of the container shipping sector and our investment recommendations for CMA CGM and Hapag-Lloyd.

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.
Focused

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.

March 2017 Company Coverage Initiated

Company Coverage Initiated: 02 Apr 2017, 4:24 PM ET - Our monthly report provides executive summaries for the ten company on which we launched coverage in the US, Europe, and Asia during the month of March.
Focused

Hapag-Lloyd: Solid Performance, UASC Merger Ahead

Company Spotlight: 28 Mar 2017, 11:07 PM ET - Hapag-Lloyd bonds are performing as the sector consolidates and freight rates improve, but on a relative value basis we are placing a Hold recommendation on the shorter dated bonds and a Sell recommendation on the 2022 bonds.

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.

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.

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