NOL: Shares may come under pressure after container shipping operating data for 4 weeks ended Sept 17 exhibited sequential decline in freight rates, down 2.4% from previous period. Morgan Stanley notes that while rates are still extremely healthy, weaker sequential rates are a reflection of softening conditions on long-haul Asia-Europe and Transpacific routes….
Expect falling rates, sequentially declining volumes over next few months to weigh on stock performance which will provide opportunities to accumulate stock. Highlights grp’s strong management & healthy balance sheet to ride out the volatile demand conditions. Tip 20-day moving average at $2.02 to provide immediate support.
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