EquityResearch

EUROPE|TransportLogisticsMay20,2025

TrackingTransportTrends|AprilDataFLASHNOTE

AirSeafreightrateswerefallinginApril(-9%-23%YoY)buthaveDHL

stabilised(air)orreversed(sea)inMay.Inair,utilizationwasstrongerRATINGBUY

acrossallregions(Eur+90bps).YoYvolumetrendsimprovedacrossPRICE€39.00^

modes(seaair)regions(EUR,APAC,NthAm)inMarvsFeb.FuelPRICETARGET|%TOPT€60.00|+54%

pricescontinuetobeatailwindwithJetfuel-20%YoY.Forwardersmay52WHIGH-LOW€44.27-€30.96

seeincreasedprofitabilitywithdemandsohighlinerscanonlyserveshippersFLOAT(%)|ADVMM(USD)79.5%|129.99

onlong-termcontracts.MARKETCAP