Takeaways from expert seminar on container market: Bullish short-term outlook, but uncertainty remains for longer term

On September 17, we invited Mr. Lars Jensen, CEO of Vespucci Maritime, to hold an expert seminar on the outlook for container market conditions (co-hosted with our Hong Kong transportation and machinery analyst Karen Li). Before establishing Vespucci Maritime, a consulting firm specialized in the container shipping industry, Mr. Jensen held positions including Director of Market Intelligence and Analysis at Maersk. He expects bullish short-term conditions in the container market, which is in line with our view. The main points from his comments are as follows. Hormuz Strait to remain closed until end-2026: A small number of tankers are passing through the Strait of Hormuz, but it is effectively closed for container ships. Tankers and dry bulkers can resume operations on a voyage-by-voyage basis, but container vessels need to be reorganized on regular route networks, so even after the strait is opened, it will take time for containership conditions to normalize. Mr. Jensen's base scenar