Lowering Hapag-Lloyds Fair Value Estimate as Global Carriers Return to Suez Canal

Hapag-Lloyd boosted spending across its business over the past three years. In liner services, the firm's dominant segment by far, with 99% of revenue, aims to grow capacity slightly faster than the market. The company is also investing outside of its core business to provide non-ocean solutions to customers, including terminal services at ports and inland services once docked.