GTJASVN_HAH Equity Report_container transportation update

Research Center

26/10/2022

Hai An Transport and Stevedoring Jsc (HAH VN)_Container transportation industry update

Container freight rate has reduced dramatically 65% from the top. Charter rates follow the freight rate as demand for container transportation sinks.
Order – built vessel will be delivered in late 2023 and 2024, estimated about 28% of current capacity (7.1 million teus will be on the water in next 2-3 years vs current capacity of 25 million teus).
HAH’ NPAT will decrease strongly when the chartered vessel renews contract in late 2022 and 2023.
It is challenging to estimate the bottom of the freight rate and charter rate in high inflation environment and high possibility of FED’s rate hike in next few quarters.
We believe that for recent large investment at high price in vessels team from the last 2 years, the rate of return of HAH will reduce significantly in next few years.

Danh sách báo cáo liên quan

GTHTSVN Research_Sector Report_Vietnam Industrial RE Sector Updates_Oct 1 2026_EN

02/10/2026

GTHTSVN Research_Sector Report_Vietnam Industrial RE Sector Updates_Oct 1 2026_EN (1) Vietnam Industrial Real Estate: 1H2026 Bright Spots and Strategic...

GTHTSVN_Research_Securities_Sector_Ahead_of_Market_Upgrade_EN

26/08/2026

The 2025-2026 period continues to mark a strong transformation for Vietnam’s securities sector, with simultaneous expansion in capital base, client base...

(EN) GTHTSVN_Sector Update_Consumer Sector Update 1H2026_21.08.2026

26/08/2026

(EN) GTHTSVN_Sector Update_Consumer Sector Update 1H2026_21.08.2026 Against the backdrop of heightened geopolitical tensions in the Middle East, Vietnam...

Contact

Stock index

Trade now

EN

VI

CN

Research Center