Ocean50 - November 7, 2023
Japanese seafood higher. Perhaps China ban not as painful as anticipated.
Seafood companies led the way in the Ocean50 with fishing giants Maruha Nichiro and Daisui reporting earnings.
Perhaps the fallout of Chana’s ban on Japanese seafood imports was not as bad as expected.
Daisui led the Ocean50 gainers today. Although if anyone can translate this earnings release for me, let me know!
Maruha Nichiro gave positive guidance, revising future revenue estimates higher.
Marine equipment and construction company Hitachi Zosen also reported and revised higher, posting the following bullets at the front of their earnings release:
Following the return to profitability of operating income in the 2Q of FY22 (The first time in 10 periods), ordinary income and profit turned profitable in the 2Q (The first time in 11 years)
Revised up the full-year forecast for net sales, operating income, ordinary income and profit
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Top 5 Performers (%)
7538.T Daisui Co.,Ltd. 329.00 +23.00 +7.52%
U96.SI Sembcorp Industries Ltd 5.23 +0.31 +6.30%
7004.T Hitachi Zosen Corporation 858.00 +35.00 +4.25%
1333.T Maruha Nichiro Corporation 2,700.50 +104.50 +4.03%
RCL Royal Caribbean Cruises Ltd. 92.96 +2.52 +2.79%
Bottom 5 Performers (%)
OII Oceaneering International, Inc. 20.73 -1.55 -6.96%
011200.KS HMM Co.,Ltd 15,790.00 -960.00 -5.73%
7014.T Namura Shipbuilding Co., Ltd. 815.00 -37.00 -4.34%
FTI TechnipFMC plc 21.10 -0.89 -4.05%
AKSO.OL Aker Solutions ASA 42.30 -1.70 -3.86%
Ocean50 Earnings Season
Q3 2023 earnings season is in full tilt.
Ocean50 companies reporting later this week include:
Nov 9 - COSCO Shipping; Hapag-Lloyd
Nov 13 - Wan Hai Lines
Nov 15 - Austevoll Seafood
Ocean Economy News
Japan’s seafood producers feeling economic fallout of China ban
Norway seafood exports hit record
Venture capital cools on supply chain tech startups
Portfolio News
Maruha Nichiro, Saudi Arabia’s NOEM invest in cell-based seafood