0720 GMT - Increased tariffs are a hindrance to global trade and therefore a headwind overall to demand fundamentals for the freight sector, JPMorgan analysts write. The bank thinks the container shipping lines are most exposed. They have an asset-intensive business model and high operating leverage to freight rates, which are influenced by the demand-supply balance. European listed transport companies are 15%-20% exposed to U.S. trades, except for ZIM, which is most exposed with over 50% of its capacity on North America-linked trade lanes. Maersk and Hapag-Lloyd have 20% exposure. Freight forwarders are also exposed, but more on an asset light basis with around 20% exposure, the bank says. DSV has 17% exposure, Kuehne+Nagel 20%, and DHL Group 10%-15%. (dominic.chopping@wsj.com)
(END) Dow Jones Newswires
April 04, 2025 03:20 ET (07:20 GMT)
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