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Hapag sells-off on earnings miss; lower freight rates over Q4 to reverse

TRANSPORTATION

Shipping name, Hapag-Llyod HLAG GY Equity, is selling of in €HY equities after missing on Q4 earnings

* It attributed the miss to "lower freight rates resulting from the normalisation of global supply chains" - something that will reverse favourably for it in 1Q24 (global container rates are nearly double/+100% rates a year ago & stronger +140% vs. late Dec/Q4 levels).

* It did mention that "the conflict in the Red Sea negatively impacted transport volumes at the end of the year, as the rerouting of ships around the Cape of Good Hope extended voyage times." Uncertain how that will carry over to Q1 & if rates have sufficiently adjusted for this.

* Revenue in 4Q was $4.1b (c3.7b) & EBITDA was $0.3b c($1.4b), its €300m 28's (Ba3 Pos, BB+ S) yields unch this morning at 3.80% (YTM) continues to screen tight for HY name. It's callable at par from April 2026.

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