Overview Key strengths Key risks Largest intra-Asia container shipping service operator, with a 20% market share and comprehensive port coverage in the region. Profitability and cash flow are susceptible to chronic oversupply, intense competition, and cyclical swings in container shipping market, as well as fluctuation in bunker fuel costs. Intra-Asia's relatively balanced supply and demand condition is likely to support more resilient operating performance. High albeit declining capital expenditure (capex) for self-owned fleet expansion in 2024-2025. Able to maintain a net cash position over the next two years, underpinned by high cash balance and moderating capex. Increasing exposure to competitive long-haul routes could invite volatility in profitability and higher leverage through business cycles. Containership supply has tightened following the divergence
