NOL

NOL: Jul operating data.
Container shipping volumes at 235.2k FEU, +7% yoy, mainly due to higher volumes carried on the Intra-Asia and Asia-Europe trade lanes.
Avg revenue per FEU at US$2557, -17% yoy, mainly due to lower rates in the Asia-Europe trade and greater Intra-Asia mix.

Transpacific peak season surcharge of US$400/FEU has been implemented since Aug-15 for most carriers including NOL.
Citi expects this to lift volumes and rates in the coming months, although the magnitude of increase is not expected to be as much as last yr due to weak consumer and business confidence and influx of large ships into major trade lanes.

But the house keeps at Sell (TP at $1.20 seems outdated?), doesn’t think that the data will significantly alter investors’ negative sentiment towards the sector as risk-averse investors look beyond traditional seasonality and focus on broader economic worries.
Stock trades at 0.7x P/B.