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.

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