Since global shipping peaked during the Covid pandemic, A.P. Moller-Maersk has warned about an emerging downturn in the container shipping market.
Goldman now forecasts a lengthier and potentially more severe downturn for the shipping industry, recommending a sell for the Danish shipping giant: “We believe market expectations are still too complacent on the depth and duration of the coming shipping recession,” Goldman analyst Patrick Creuset told clients Monday morning. Creuset said his fundamental perspective on the industry is that freight rates and earnings must continue to decline. This reduction is necessary until there’s enough financial pressure to phase out expensive tonnage.
He said, “Even after the further rate drop in recent weeks, we see no sign of this: New vessel deliveries are running at c.1% of the global fleet/month with very little slippage, idling and scrapping remain low, and Nov active capacity is set to increase significantly vs. Oct on the […]
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