Maersk on Wednesday denied published reports that it has set a timeline to resume services through the Red Sea and Suez Canal shipping route. In a customer advisory, the world’s second-largest container line said “As the safety of crew, vessels and cargo remains our top priority, we currently have no specific timing to change the Gemini east-west network to sailing through the Red Sea.” Gemini is Maersk’s cooperative service arrangement with German carrier Hapag-Lloyd (HLAG.DE). The advisory follows med ...

Financial Performance & Highlights - The company reported a profit of USD 173 million for Q3 2025, with an EBITDA of USD 2384 million[13] - The company's contract backlog stands at USD 295 billion[13] - The company's liquidity is USD 5556 million[13] - The company will generate a capital gain of USD 267 million from the sale of VLCC Dalma in Q4 2025[13] - The company will generate a capital gain of USD 24 million from the sale of Capesize Battersea in Q4 2025[13] - The company will generate a capital gain of USD 204 million from the sale of Suezmax Sofia in Q4 2025[13] Fleet & Market Update - The company's fleet includes 205 modern eco vessels, with an average age of 56 years[9] - The orderbook to fleet ratio for VLCC is 154% and for Suezmax is 208%[15] - The company's dry bulk fleet outperformed the Q3 5TC Baltic Capesize Index by 255%[33] - Windcat CSOVs achieved a TCE of USD 27272 per day in Q3 2025, with Q4 TCE quarter-to-date rates at USD 118870 per day (837% fixed)[86]

Core Insights - The article emphasizes the strong performance of the analyst team, highlighting a 10-year track record that demonstrates the ability to outperform across various market conditions with an annualized return of almost 40% and a long-only model portfolio return exceeding 23 times [1]. Company Insights - Fluence Energy, Inc. is mentioned as a company previously covered, indicating that the article serves as an update to earlier analyses on Fluence Energy [2]. Industry Insights - The focus of the analysis has expanded beyond technology stocks to include the offshore drilling, supply industry, and shipping industry, which encompasses tankers, containers, and dry bulk [3]. - There is also an interest in the emerging fuel cell industry, suggesting a broader scope of research within the energy sector [3].

Core Points - TS Shipping OÜ has appointed Margus Raad as a new Member of the Management Board, effective from January 15, 2026, for a term of three years, focusing on international business development and sales [1][2] - Valdo Kalm, Chairman of the Supervisory Board, emphasized Raad's extensive maritime and management experience, which will aid in implementing TS Shipping's strategy and identifying suitable offshore projects for the vessel Botnica [2] - Margus Raad has a background in nautical sciences from the Estonian Maritime Academy and has held various positions in the maritime sector, including CEO of Tschudi Ship Management AS since 2012 [3] Company Overview - Tallinna Sadam is one of the largest cargo and passenger port complexes in the Baltic Sea region, providing passenger and freight services [5] - The Tallinna Sadam group operates in the shipping business through subsidiaries, including OÜ TS Laevad for ferry services and OÜ TS Shipping, which charters the multifunctional vessel Botnica for icebreaking and offshore services [5] - The group also has a stake in AS Green Marine, which offers waste management services [5]

Core Viewpoint - ZIM Integrated Shipping Services Ltd. is undergoing a strategic review following a non-binding acquisition proposal from its CEO and President, indicating potential interest from multiple parties in acquiring the company [2][3][4]. Group 1: Acquisition Proposal - The board of ZIM is reviewing a preliminary acquisition proposal from CEO Eli Glickman and Rami Ungar to purchase all outstanding ordinary shares [2]. - The review has been ongoing for several months, with indications of interest from multiple parties, including strategic buyers [3]. - ZIM has appointed Meitar Law Offices and Skadden, Arps, Slate, Meagher & Flom LLP as legal counsel, and Evercore as a financial advisor for this review [2]. Group 2: Board Changes - Two independent directors, Yair Avidan and Dr. Yoram Turbowicz, have been added to the board as part of the ongoing review process [4]. - The review will also consider potential sale opportunities and capital allocation strategies [4]. Group 3: Stock Performance - ZIM's stock has decreased by 16.30% year to date but has increased by 11.29% over the past six months [5]. - The stock has a 52-week range of $11.04 to $23.61 and a market capitalization of $2.35 billion [5]. - Recent trading data shows ZIM's stock rose by 13.63%, reaching $19.51 [5].

Core Viewpoint - CMB.TECH reported a profit of USD 17.3 million for Q3 2025, a significant decrease from USD 98.1 million in Q3 2024, while EBITDA increased to USD 238.4 million from USD 177.1 million year-over-year, indicating a recovery in tanker and dry bulk markets after a soft summer [4][5][6]. Financial Highlights - Revenue for Q3 2025 was USD 454.2 million, compared to USD 221.8 million in Q3 2024, with year-to-date revenue reaching USD 1.08 billion, up from USD 714.2 million in the previous year [5][6]. - The company’s contract backlog stands at USD 2.95 billion, reflecting strong future revenue potential [6]. - An interim dividend of USD 0.05 per share is proposed, expected to be paid on or about January 15, 2026 [10]. Fleet Highlights - CMB.TECH took delivery of seven new vessels in Q3 2025, including Super-Eco Newcastlemax and VLCC Atrebates, while selling two older vessels [6][14][15]. - The average daily time charter equivalent (TCE) rates for various vessel types showed mixed results, with Newcastlemax at USD 29,423/day and VLCC at USD 30,486/day for Q3 2025 [11][39]. Corporate Highlights - Changes in the Supervisory Board included the resignation of Mr. Marc Saverys and Mrs. Julie De Nul, with Mr. Carl Steen and Mrs. Gudrun Janssens appointed as new members [12][13]. - The company continues to focus on rejuvenating and decarbonizing its fleet, with ongoing sales and acquisitions of vessels [5][6]. Market & Outlook - The dry bulk market is expected to benefit from increased iron ore imports to China, despite a decrease in domestic steel production, indicating a bullish outlook for seaborne trade [19][20]. - The tanker market is supported by rising global oil supply, with OPEC+ increasing production, which may lead to improved freight rates [26][29]. - The chemical tanker market remains stable, with expectations of modest recovery in volume growth in 2026 [36][37].

Core Insights - The article discusses the impact of the U.S. government shutdown on the CFTC's futures market data, particularly regarding gold and other precious metals, and the market's expectations for interest rate changes in December and January [2][26] - It highlights the significant price movements in gold, silver, and other assets, emphasizing the normalcy of price corrections after substantial gains [27][28] - The article also touches on the broader economic implications of potential interest rate cuts and their effects on asset valuations, particularly in the context of fund managers locking in profits [26][30] Group 1: Market Sentiment and Data Analysis - The CFTC data reflects a shift in market sentiment, with the probability of a rate cut in January rising from 17.4% to 25.2% over two weeks [2][26] - Managed positions in gold futures have seen a net long position decrease of 10.3% as of October 7, while silver and platinum also experienced declines in net long positions [4][8][9] - The article notes that gold prices have risen significantly from approximately $2,300 to around $4,000, indicating a potential for normal price corrections [27][28] Group 2: Investment Strategies and Asset Performance - The performance of gold compared to other assets shows that it has outperformed Nasdaq and Bitcoin year-to-date, despite recent declines [28] - The author references the investment strategies of notable figures, suggesting that holding physical gold and silver is a prudent approach amid market volatility [3][29] - The article warns against the mindset of expecting quick profits from high positions, likening it to gambling rather than investing [28] Group 3: Economic Outlook and Future Projections - The article posits that the U.S. is likely to continue lowering interest rates, which could support further increases in gold prices [30][29] - It discusses the potential for ongoing economic challenges, including stagflation, which may drive demand for physical assets like gold [32][33] - The future of gold prices is tied to the actions of the Federal Reserve and geopolitical dynamics, particularly U.S.-China relations [31][32]

Group 1 - The article highlights the strong performance of the analyst team, achieving an annualized return of almost 40% over the past decade with a long-only model portfolio return exceeding 23 times [1] - The focus is on providing income-oriented investment options for those preferring lower-risk firms with consistent dividend payouts [1] - The research covers various sectors including energy, shipping, and offshore markets, indicating a comprehensive approach to market analysis [1] Group 2 - The article serves as an update on Barnes & Noble Education, Inc. (BNED), suggesting ongoing interest and analysis of the company's performance [2] - The author has a background in trading, particularly in tech stocks, and has expanded coverage to include offshore drilling, supply, and shipping industries [3] - The author has experience as an auditor and has navigated significant market events, indicating a depth of knowledge in market dynamics [3]

Group 1 - The article highlights the strong performance of the analyst team, achieving an annualized return of almost 40% over the past decade with a long-only model portfolio return exceeding 23 times [1] - The focus is on providing income-oriented investment options for those preferring lower-risk firms with consistent dividend payouts [1] - The research covers various sectors including energy, shipping, and offshore markets, indicating a comprehensive approach to market analysis [1] Group 2 - The article serves as an update on Barnes & Noble Education, Inc. (BNED), suggesting ongoing interest and analysis of the company's performance [2] - The author has a background in trading, particularly in tech stocks, and has expanded coverage to include offshore drilling, supply, and shipping industries [3] - The author has experience as an auditor and has navigated significant market events, indicating a depth of knowledge in market dynamics [3]

Core Viewpoint - Takeover speculation surrounding Zim Integrated Shipping Services has intensified, leading to a significant increase in its stock price by nearly 14% as investors anticipate a potential sale [1]. Group 1: Takeover Speculation - Zim's board of directors has received multiple "indications of interest" regarding the company following a strategic review initiated after a buyout offer from Ray Shipping's executives [2]. - The strategic review aims to explore "potential value creation alternatives," including a sale of the company, to maximize shareholder value [3]. Group 2: Market Performance - Zim's stock price increased by 13.63%, reaching $19.51, with a market capitalization of $2 billion [4]. - The stock's trading range for the day was between $18.05 and $19.56, while the 52-week range was $11.04 to $23.61 [5]. - The company has a gross margin of 23.74% and a dividend yield of 39.49% [5].