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GTJASVN_HAH Equity Report_container transportation update

26/10/2022

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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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