Ongoing consolidation at the current price-to-book (P/B level) hints that the financial community has already accounted for the near-term weakness.

"While we expected liners to be aggressive in capacity management, liners prioritised maintaining market share over arresting the free fall in freight rates."

"Maersk’s EBITDA and EBIT slumped 40% and 46% QoQ in 2022, and expects EBIT to be between $2-5 billion in 2023 (vs 2022: $30.9 billion). We expect a similar trend in results of other companies under our coverage."

Vertical integration starts playing out. Maersk buys Martin Bencher Group, Pilot, LF Logistics & Senator. Hapag-Lloyd buys 35% stake in India’s J M Baxi Ports & Logistics.

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