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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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Free AccessMaersk (MAERSK; Baa1/BBB+; S) FY Guidance Boost
Disruptions benefiting Maersk, some sizeable upgrades here;FY24 (same as CY) EBITDA guidance now $7-9b (prev. $4-6b, c$6.2b), EBIT $1-3b (prev. -$2-flat, c$430m) & FCF of >+$1b (prev. >-$2b, c-$2.1b).
"On the back of continued strong container market demand and the disruption caused by the ongoing crisis in the Red Sea [Maersk] now also sees signs of further port congestions, especially in Asia and the Middle East, and additional increase in container freight rates...The ongoing threats to commercial vessels in the Red Sea and growing supply chain bottlenecks indicate that this situation won't improve soon. "
It's bucking our take from 1Q (below) which was warning of weaker fundamentals. Our view that the curve screens rich is unch; outside the €26s, duration is long & leaves investors exposed to fundamentals. Higher rated airports still trade inside it (31s Z+89, 32s Z+99, 36s Z+127).
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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.