Results out after market on 15 May. The fall in aernings and the mid-teen EBIT
margin are broadly in line with Asian liner peers already reported.
But what may have gone unnoticed in the market is that HMM has quietly took the
lead in having the lowest slot costs. HMM has been operating a fleet of larger
average vessel size since 2016. The dramatic development between 2018 and 2020
for HMM was due to its improvement in fuel efficiency (e.g. scrubber retrofit)
and reduction in dependence on cha