Industry Report Card: High Fuel Costs And Overcapacity Could Dampen Profits For Europe's Transport Companies Jul 11
Standard & Poors, July 2011
Abstract
The global economic recovery and the resulting rise in trade volumes are supporting profits for many European transportation companies, in Standard & Poor's Ratings Services view. Nevertheless, our outlook for the shipping industry is still subdued because an oversupply of ships is outstripping demand. Capacity could also outpace demand among airlines and logistics firms. Furthermore, high oil prices and resulting higher fuel costs are starting to erode profit gains for transport firms this year, and could become a bigger problem if high prices persist into 2012, especially for airlines and logistics firms. (Watch the related CreditMatters TV segment titled, "How Overcapacity And High Fuel Costs Could Dampen European Transport Firms- Profits," dated July 18, 2011.) We've taken several rating actions...
Standard and Poors RatingsXpress Credit Research provides in-depth coverage of international corporates, financial institutions, insurance companies, utilities, sovereigns and structured finance programs. RatingsXpress Credit Research lets users determine the credit rating of holdings and identify key factors underlying an issuer's creditworthiness, distinguishes the different risk exposures for new and existing deals, and provides an understanding of how their analysts interpret key regulatory, political and environmental events and their economic impact.
Research Type: Commentary
Criteria articles describe the thought process and methodology Standard & Poor's analysts use in determining ratings. These commentary pieces discuss both the quantitative (economic and financial) and qualitative (business analysis and caliber of management) aspects of the analysis, as well as legal issues.
- Deutsche Lufthansa AG
- British Airways PLC
- PostNL N.V.
- Excel Maritime Carriers Ltd.
- Stagecoach Group PLC
- Nobina AB
- FirstGroup PLC
- Deutsche Post AG
- CMA CGM S.A.
- Ship Finance International Ltd.
- Logwin AG
- AO Sovcomflot
- CEVA Group PLC
- Navios Maritime Holdings Inc.
- Travelport Holdings Ltd.
- SAS AB
- The Go-Ahead Group PLC
- Avincis Mission Critical Services Holdings, S.L.U.
- Hapag-Lloyd Holding AG
- Navios Maritime Acquisition Corp.
- TNT Express N.V.
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