Credit ratings have improved for six of the eight tracked container companies since the start of 2021, with non-operating owners (NOOs) now reaping the benefits of improved balance sheets. The transformation has opened up the possibility of more companies joining Maersk in the investment-grade space.
Since Alphaliner’s last survey in April 2021, three companies have received upgrades from Moody’s, including CMA CGM from B1 to Ba3 (three notches off investment grade) together with NOOs Global Ship Lease (GSL) and Danaos from B2 to B1.
Last month Hapag-Lloyd was upgraded from BB to BB+ by S&P, one notch below investment grade, while S&P initiated coverage of Seaspan in July at BB-, three levels below investment grade.
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