Willie, good morning. Thank you very much indeed for the time. Willie for the last few years, this report has been dominated by the americans.They've led the financial league tables since, I think probably Covid. Yet this year it's the europeans that have taken over. And next year it looks like it's going to be the same story.Willie. What's changed. Yeah.Good morning, guy. I think a couple of things. Obviously, growth in the U.S. in North America has been relatively low compared to other parts of the world. ...

By Eduardo Baptista and Toby Sterling BEIJING/AMSTERDAM (Reuters) -Wingtech, the Chinese parent company of Netherlands-based Nexperia, accused its Dutch unit on Friday of conspiring to build a ​non-Chinese supply chain and permanently strip it of its control, escalating tensions between the two ‌sides. In a separate statement, Nexperia's Chinese arm demanded the Dutch business halt overseas expansion, including in Malaysia. "Abandon improper intentions ‌to replace Chinese capacity," Nexperia China said. ...

Dutch semiconductor manufacturer Nexperia has publicly appealed to its Chinese subsidiaries to resume engagement and help re-establish normal production flows, following months of disruption triggered by a government takeover in the Netherlands. In an open letter yesterday (27 November), Nexperia’s Dutch operation said it had made “repeated and multiple attempts” to restore communication channels with its China-based entities but had so far failed to secure a response. The company supplies high volumes o ...

Core Insights - A significant fire at one of South Korea's largest fashion warehouses has led to the closure of the facility, impacting inventory levels for a major fashion and retail conglomerate ahead of Black Friday sales [1][5] Company Overview - E-Land World, the retailer operating the affected distribution center, derives 51% of its sales from apparel and fashion merchandise and holds licenses for brands such as New Balance and G-Star, in addition to owning labels like SPAO, Hunt, Who.A.U., and Roem [2] Incident Details - The fire occurred at a 2.1-million-square-foot logistics center in Cheonan, South Korea, which housed approximately 11 million products, including clothing and footwear [3] - The fire started around 6 a.m. and was contained by 3:30 p.m., taking a total of 60 hours to fully extinguish [3][4] - The northern section of the warehouse partially collapsed, and the southern exterior suffered significant damage due to heat and flames [4] Damage Assessment and Impact - An on-site investigation is scheduled to assess the full extent of the damage, with E-Land Fashion announcing delays or cancellations of product deliveries as a result of the fire [5] - Brands, including New Balance, have communicated similar delays in shipping due to the incident [6] Operational Response - In response to the fire, E-Land has increased operations at its domestic and international production sites to mitigate supply disruptions during the Black Friday event [6] - E-Land World CEO Cho Dong-ju expressed the significant losses incurred from the incident, highlighting the destruction of valuable products [7]

Core Points - German automotive suppliers are facing significant production disruptions due to a global chip supply shortage linked to the trade dispute over Nexperia, affecting thousands of workers at Bosch [1][2] - The Dutch government has taken control of Nexperia amid concerns over technology transfers, which has led to export restrictions from China, exacerbating the chip supply issues [3][4] - Bosch is implementing furlough measures at its production sites in Germany and Portugal, with hundreds of workers affected due to the ongoing supply crunch [4][5] Industry Impact - Major suppliers like Bosch, Aumovio, and ZF Friedrichshafen are struggling to find alternative chip suppliers, while some exemptions from China's export ban have been granted [4] - The VDA automotive association has indicated that the situation remains tense, with potential further impacts on supply chains anticipated in the coming weeks [5][6] - Global supply chain disruptions are also affecting other manufacturers, such as Nissan, which plans to cut production by 1,400 vehicles at its Kyushu plant [6]

Core Viewpoint - Nexperia is actively working to provide alternative supply chain solutions to address disruptions caused by a dispute between its European unit and the Chinese packaging plant, ensuring continuity in wafer deliveries [1][2]. Group 1: Supply Chain and Operations - Nexperia has confirmed that it has not completely halted wafer shipments and is committed to maintaining delivery continuity [1][2]. - The company is collaborating with customers to alleviate pressure on the automotive market, which has been affected by a shortage of Nexperia chips [2]. - According to Nexperia, its Chinese arm possesses a sufficient amount of wafers and finished products to continue operations for several months, placing the responsibility for any shipment failures on its Chinese entities [3]. Group 2: Dispute and Market Impact - A standoff has emerged between Nexperia's European operations and its Chinese plant due to the Dutch government's seizure of the company over concerns regarding technology transfer, impacting the supply of chips critical to the global automotive market [4]. - Nexperia manufactures wafers in Europe, which are then sent to its Dongguan plant in China for cutting and packaging; however, shipments from Europe to China have been halted due to the ongoing dispute [4]. - The Chinese government has recently eased export controls on chips produced by the Dongguan plant, providing temporary relief to car manufacturers [5].

Financial Data and Key Metrics Changes - The company reported a cash position of $562 million, with $72 million restricted, ensuring coverage for covenants and capital needs [11] - Earnings and cash flow increased compared to the first nine months of 2024, with a significant increase in contracted revenues of $778 million added through the first nine months of 2025 [6][11] - The annualized dividend was increased to $2.50 per share, representing a 19% increase from the previous dividend and a total increase of 67% from $1.50 over the past 18 months [6][25] Business Line Data and Key Metrics Changes - The company added 38 charters through the first nine months of 2025, with $380 million added in the third quarter alone [8] - The charter portfolio now has over $1.9 billion in forward contracted revenues, with 2.5 years of remaining contract coverage [8][23] Market Data and Key Metrics Changes - The company noted that charter rates remain steady at historically high levels despite volatility in freight markets [28] - The ongoing disruption in the Red Sea has absorbed about 10% of effective capacity, driving up charter rates [15] Company Strategy and Development Direction - The company focuses on maintaining optionality in a volatile geopolitical and trade environment, emphasizing the need for flexible mid-size and smaller container ships [4][7] - The strategy includes locking in long-term charters while ensuring financial flexibility to respond to market changes [7][9] Management's Comments on Operating Environment and Future Outlook - Management highlighted the importance of flexibility in the current environment, where supply chains are becoming less efficient and more fragmented [4][24] - The deferral of the IMO net-zero framework is expected to extend the economic life of older conventionally fueled vessels, benefiting the company's fleet [19] Other Important Information - The company has reduced its outstanding debt from $950 million at the end of 2022 to a projected under $700 million by the end of 2025 [12] - The blended cost of debt has been lowered to 4.34%, down from over 6% in 2020 [13] Q&A Session Summary Question: Are freight rates and charter rates showing a healthy gap? - Management confirmed that charter rates are steady at high levels despite freight market volatility [28] Question: How is the company balancing rates versus duration for renewals or forward charters? - The company is focused on risk-averse mid-term and longer charters, preferring to secure attractive economic rates for extended durations [29] Question: What contributed to the significant backlog added in the third quarter? - Management indicated that the backlog addition reflects broader market dynamics rather than being unique to the company, with a resurgence in chartering activity following a disrupted second quarter [34] Question: Can older vessels continue to trade as they age? - Management stated that container ships can trade beyond 28 or 29 years if the market conditions remain favorable, citing the strong safety record of container ships [38][40] Question: What is the outlook for transits through the Red Sea? - Management noted that discussions regarding Red Sea transits are not currently underway, emphasizing the complexity of decisions involving insurers and charterers [42]

Nexperia’s power chips are crucial to the global automotive industry - Fabian Bimmer/Reuters A technology company seized by the Dutch government has warned carmakers against buying microchips from its rogue Chinese division, warning that it cannot vouch for their quality. Nexperia said that its Chinese unit was ignoring instructions and had refused to pay for components shipped from its European factories. “Nexperia’s entities in China have stopped operating within the established corporate governance f ...

Core Insights - Volkswagen has warned of potential temporary production outages due to China's export restrictions on semiconductors produced by Nexperia [1][2] - The company is in close communication with stakeholders to assess risks and make necessary decisions, although current production remains unaffected [2] - The German Association of the Automotive Industry (VDA) has indicated that the dispute between China and the Netherlands regarding Nexperia could result in significant production restrictions soon [3] Company Impact - Volkswagen's spokesperson confirmed that while Nexperia is not a direct supplier, some of its components are utilized in vehicles through direct suppliers [1] - The company's shares fell nearly 2% following the news of potential production issues [3] Industry Context - The situation highlights the interconnectedness of the automotive supply chain and the impact of geopolitical tensions on production capabilities [2][3]

Core Viewpoint - A stand-off between China and the Netherlands regarding chipmaker Nexperia could lead to significant disruptions in automotive production in the near future, as indicated by Germany's VDA industry association [1] Group 1 - The conflict over Nexperia is expected to have a direct impact on the automotive industry [1] - Germany's VDA industry association has raised concerns about the potential consequences of this stand-off [1]