This report does not constitute a rating action. Overview Key strengths Key risks Largest intra-Asia container shipping operator, with a 20% market share and comprehensive regional port coverage. Profitability and cash flow are susceptible to chronic oversupply, intense competition, cyclical swings in container shipping market, and fluctuating bunker fuel costs. Intra-Asia's relatively balanced supply and demand condition is likely to support more resilient operating performance. Continuous capital expenditure (capex) for self-owned fleet expansion and decarbonization in 2025 and the following years. Able to maintain a net cash position over the next two years, underpinned by its high cash balance. Increasing exposure to competitive long-haul routes could invite volatility in profitability and higher leverage through business cycles. In our view, the
