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Why MNI
MNI is the leading provider
of intelligence and analysis on the Global Fixed Income, Foreign Exchange and Energy markets. We use an innovative combination of real-time analysis, deep fundamental research and journalism to provide unique and actionable insights for traders and investors. Our "All signal, no noise" approach drives an intelligence service that is succinct and timely, which is highly regarded by our time constrained client base.Our Head Office is in London with offices in Chicago, Washington and Beijing, as well as an on the ground presence in other major financial centres across the world.
TRANSPORTATION
- Revenues were in line with consensus at $11.74bn vs $11.54bn expected, -34% YoY. EBITDA came in at $839mn vs $1.04bn expected, -87% YoY.
- The company provided FY EBITDA guidance $1-6bn vs $6.41bn expected.
- Stock buybacks suspended.
- Equity trading off ~-16%. This the second disappointing quarter in a row, despite advantages accruing from disruption in the Red Sea, pointing to ongoing difficult trading conditions amid oversupply. Credit spreads indicated ~3 wider vs bunds.
- · MAERSK 0.75 11/31 have historically traded through Baa index and is currently in the middle of the range. Spreads moved materially wider post 3Q. Risk appears to be the tilted to the downside from here.
Why MNI
MNI is the leading provider
of intelligence and analysis on the Global Fixed Income, Foreign Exchange and Energy markets. We use an innovative combination of real-time analysis, deep fundamental research and journalism to provide unique and actionable insights for traders and investors. Our "All signal, no noise" approach drives an intelligence service that is succinct and timely, which is highly regarded by our time constrained client base.Our Head Office is in London with offices in Chicago, Washington and Beijing, as well as an on the ground presence in other major financial centres across the world.
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