NOL: Nomura has Neutral call with $2.30 target. Believes freight rates could be peaking as shipping carriers are struggling to implement further peak season surcharges, while containership supply is increasing, especially on Asia-Europe routes. Shares in steady decline since NOL reported return to profitability in 2Q10 with US$99.7m earnings, as investors unload on prior strength, mull prospect of slower global trade, lower freight rates given uncertain global economic prospects.
Concerns backed by NOL's latest operating data showing volume shipped during 4-week period ended July 23 down 0.8% sequentially.
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