2026年夏季全球运输物流与供应链行业并购策略与市场趋势报告-英文版

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INDUSTRYREPORTSummer|2026

CREATINGM&ASTRATEGIES

FORBUSINESSOWNERS

SINCE1956

Transport,

LogisticsandSupplyChain

CORPORATEFINANCEASSOCIATESTransportation,LogisticsandSupplyChainIndustryNews|Summer2026|Page1

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TableofContents

MarketObservations 3

TransactionHighlights 10

PublicCompanies 13

CFAOverview 23

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MarketObservations

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MarketSummary

TransportationMarket

TheglobaltransportationandlogisticsmarketremainedoperationallystrainedinQ22026asgeopoliticaldisruption,weakertradegrowthandelevatedcostsreducedneartermmomentum.Thegloballogisticsmarketisestimatedat$4.3trillionin2026andisprojectedtoreach$8.5trillionby2033,representinga10.1%compoundannualgrowthrate.Growthisbeingsupportedbyexpandingecommerce,complexcrossbordersupplychains,greaterlogisticsoutsourcingandwideradoptionofautomation,realtimetrackinganddataanalytics.However,theglobaltransportationandlogisticsoutputforecastfor2026wasreducedfrom3.4%to2.5%asslowereconomicactivityweakenedfreightandpassengerdemand.Airtransportfacedthesharpestdowngrade,withits2026growthforecastcutfrom4.3%to1.4%.TheUSlogisticsmarketisestimatedat$497.3billionin2026andisexpectedtoreach$943.1billionby2033,growing9.6%annually.Neartermoperatingconditionsareexpectedtoremainsubdued,withsectoroutputforecasttoincreaseby1.3%in2026andlandtransportbyonly0.8%.Portthroughputgrowthisexpectedtoremainflatastariffrelatedfrontloadingunwinds,whileaneffectivetariffratenear10%weighstranspacificimportdemand.ChinatoUSecommerceaircargovolumeshavealsodeclinedbymorethan50%.Lookingahead,infrastructureinvestment,reshoringandspecializedlogisticsshouldsupportexpansion.However,globaljetfuelpricesriseofmorethan95%andUSfuelpricesincreaseofabout50%byMayareintensifyingcostpressure,makingpricingdisciplineandnetworkproductivitycritical.

PublicCompanyValuation

TheCFAWSelecttransportationindexincreasedinthesecondquarterby9.1%,andthe12-monthreturnontheindexincreasedby20.2%.TheSelectedAirTransportationIndexrecordedthehighestincreaseof21.2%amongalltheindicesinthe3-monthreturn,andSelectedTruckTransportationIndexrecordedthehighestincreaseof53.8%amongalltheindicesinthe12-monthreturn.TheSelectedTruckTransportationIndexhadthehighestEBITDAmultipleof16.6x.TheSelectedRailTransportationIndexhadthehighestRevenuemultipleof7.1x.TheSelectedAirTransportationIndexhadthelowestEBITDAandrevenuemultiplesof5.2xand0.7x,respectively.TheSelectedRailTransportationIndex,WaterTransportationIndex,TransitandGroundPassengerTransportationIndex,CouriersandMessengersIndex,WarehousingandStorageIndex,SupportActivitiesforTransportationIndexhadmedianEBITDAmultiplesof15.5x,9.1x,9.9x,9.5x,10.2x,and9.4x,respectively.TheSelectedWaterTransportationIndex,TruckTransportationIndex,TransitandGroundPassengerTransportationIndex,CouriersandMessengersIndex,WarehousingandStorageIndex,andSupportActivitiesforTransportationIndexhadrevenuemultiplesof1.2x,1.7x,1.4x,1.1x,1.6x,and0.8x,respectively.

Thepublic

transportation

sectorincreasedinthesecondquarterof2026...

MergerandAcquisition

TransportationandlogisticsmergerandacquisitionactivityremainedselectiveinQ22026,withbuyersconcentratingcapitalondefensiblecapabilitiesratherthancapacityexpansion.Thesectorrecorded101transactionsinthetwelvemonthsendingQ22026,comparedwith113intheprecedingperiod,whilestrategicbuyersrepresented79.2%ofcompleteddeals.Averagetransactionvalueamongglobaldealsabove$50millionreached$1.4billionduringJanuarythroughMay2026,reflectingcontinuedconcentrationinlarger,higher-qualitytransactions.Valuationsalsostrengthened,withmediantravel,transportationandlogisticsdealmultiplesincreasingfrom9.5xEBITDAin2025to10.2xinearly2026.Confidenceremainedconstructive,with59%ofinfrastructureandtransportCEOsexpectingM&Atohaveamoderateorganizationalimpactin2026.

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IndustryTrends

IntermodalFreightGainsStrategicRelevanceAcrossMediumDistanceLanes

Intermodalfreightisbecomingastrategicnetworkoptimizationsolutionasrisingtruckingcosts,tighteningtruckloadcapacity,andsustainedimprovementsinrailservicereliabilitymakeintegratedrail-trucktransportationincreasinglycost-effective.Demandisstrongestacross550-1,500-milelanes,wherefreightthatshiftedtotruckloadduringthemarketdownturnisgraduallyreturningtointermodalnetworks.USrailintermodalvolumescontinuedtostrengthenthroughMay2026,supportedbysteadyfreightdemandandimprovingrailnetworkperformance.Nationalon-highwaydieselpricesaveragedapproximately$5.5pergallonduringApriltoMay2026,increasingtherelativecostadvantageofrailtransportation.Meanwhile,railfreightpricingisexpectedtoincreaseonlyinthelowsingle-digitpercentagerangeduring2026,comparedwithstrongerinflationintruckloadrates,furtherenhancingintermodal'scostcompetitiveness.Stabletrainvelocities,lowerterminaldwelltimes,andavailablenetworkcapacityarealsoimprovingschedulereliability.Asaresult,shippersareincreasinglyadoptingintermodalnotonlyasalower-costalternativetotruckingbutalsoasaplannedcapacitysolutionforpredictablemedium-andlong-haulfreight.

ReverseLogisticsBecomesCoreInfrastructureforModernRetailNetworks

Reverselogisticsismovingfromasecondaryreturnsprocessintoacorenetworkcapabilitythatinfluences

customerretention,inventoryrecovery,resalespeedandworkingcapitalefficiency.USretailreturns

reachednearly$850billionin2025,equaltoanaveragereturnrateof15.8%acrossretailand17.9%for

onlinesales,creatingsufficientscaleforretailersand3PLproviderstobuilddedicatedreturnnetworks.In

Q22026,54%ofUSconsumersidentifiedstoredropoffastheirpreferredreturnmethod,including61%of

Boomers,53%ofGenerationZand49%ofMillennials.Only19%selectedthecheapestavailablemethod,

showingthatimmediateconfirmation,refundspeedandprocesssimplicitymattermorethanpricefor

mostshoppers.Refundspeedisequallyimportant,with68%statingthatafastrefundmakesthemmorelikelytopurchasefromtheretaileragain.Thesepreferencesarepromptingretailerstomakestoresandpartnerlocationsprimaryreturnintakepoints,connectreturnconfirmationdirectlytorefundinitiation,androuteproductsfastertorestocking,refurbishment,resaleorliquidationbasedonconditionanddemand.Reverselogisticsisthereforebecomingamarginrecoveryandcustomerretentionsystemratherthanastandalonecostcentre.

BatteryElectricCargoShipsReachCommercialContainerScale

BatteryelectriccargoshippingmovedtocommercialscaleinApril2026withthelaunchofChina’sNingyuanDiankun,anall-electriccontainervesseldesignedforcoastaloperations.Theshipcancarry742TEU(TwentyFootEquivalentUnits)andusestenbatterycontainersproviding20,000kilowatthoursofstorage.Itsmodularpowersystemcombineshighvoltageshorechargingwithbatterycontainerswapping,reducingdependenceonlengthychargingwindowsandimprovingflexibilityonshort,predictableroutes.Thevesselisexpectedtoavoid1,462tonnesofcarbondioxideemissionsannuallywhileeliminatingoperationalemissionsofsulphuroxides,nitrogenoxides,andfineparticles.Thisdevelopmentshowsthatelectrificationisextendingbeyondferriesandharbourcraftintocommerciallyrelevantfreightcapacity.Wideradoptionwilldependonportchargingaccess,gridcapacity,batteryreplacementlogistics,vesselutilization,androutelength.Morethan1,300vesselsareelectrifiedworldwide,although81%usehybridsystemsandabout70%operateinEurope.Batteryelectriccontainershippingisthereforelikelytoexpandfirstacrosscoastalandinlandcorridorswherefrequentportcalls,repeatableschedules,andshortersailingdistancessupportenergyplanning.

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SignificantNews

WhattheAirFreightMarketLooksLikeRightNow—andWhereIt'sHeading

Xeneta,June18,2026

“Globalaircargospotratesjumped41%yearonyearinMay2026.”

ReadMore>

AutoTransportIndustrySeesSurgeinLong-HaulShipments,FasterPayments,RisingFraud,NewReportFinds

PRNewswire,June09,2026

“SuperDispatch,theindustry-leadingautomotivetransportationmanagementplatform,todayreleaseditssecondannualSuperMoves:StateofAutoTransportReport,offeringanin-depthlookatthetrendsreshapingtheautotransportindustry.”

ReadMore>

OilendsflatastankercrossingsthroughStraitofHormuztempersupplyfears

Reuters,May14,2026

“OilpricesendedlittlechangedonThursdayafterIran'sstatemediasaidabout30vesselshadcrossedtheStraitofHormuz,thoughattacksononeshipandtheseizureofanotherkeptstokingconcernsovertheflowofenergysuppliesduringtheIranwar.”

ReadMore>

FreightlogisticssectorstrugglesasGulfwardisruptstrade

GenevaSolutions,April01,2026

“AstheIranwarbringsoneoftheworld’sbusiestshippinglanestoanearstandstillandcutsoffkeyairroutes,containerspileupinunintendedports.”

ReadMore>

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M&AMetrics

TransportandLogisticsIndustry

M&Aactivityinthetransportandlogisticsindustrydecreasedinthesecondquarterof2026.ThenumberofM&Atransactionsdecreasedfrom179inQ12026to135inQ22026.Thenumberofsub-$50milliontransactionsdecreasedfrom154inQ12026to120inQ22026.Thenumberoftransactionsabove$100milliondecreasedfrom17inQ12026to13inQ22026.ThetotalnumberofM&Atransactionsdecreasedby22.9%from175inQ22025to135inQ22026.

M&ADealSummaryTable|CountbyDealSizeoverTime

Source:FactSet

IndustryMetrics

IndustryFinancialDataandRatios

NAICs4811-ScheduledAirTransportation

FinancialMetric

Last12Mo

2025

2024

CurrentRatio

4.05

4.15

2.99

GrossProfitMargin

77.89%

71.40%

70.40%

NetProfitMargin

17.99%

11.75%

0.86%

AccountsReceivableDays

74.29

36.25

37.42

AccountsPayableDays

53.23

46.89

43.23

Debt-to-EquityRatio

0.6

3

3.17

ReturnonEquity

47.49%

33.58%

16.37%

SalesperEmployee

--

--

--

ProfitperEmployee

--

--

--

SalesGrowth

--

--

15.19%

ProfitGrowth

--

--

36.62%

FinancialMetric

Last12Mo

2025

2024

CurrentRatio

--

5.78

4.28

GrossProfitMargin

--

88.41%

79.97%

NetProfitMargin

--

21.79%

20.57%

AccountsReceivableDays

--

56.67

54.41

AccountsPayableDays

--

466.24

71.47

Debt-to-EquityRatio

--

0.43

0.78

ReturnonEquity

--

3.89%

9.14%

SalesperEmployee

--

--

--

ProfitperEmployee

--

--

--

SalesGrowth

--

--

-10.44%

ProfitGrowth

--

--

-0.45%

NAICs4931–Warehousing&Storage

FinancialMetric

Last12Mo

2025

2024

CurrentRatio

3.04

2.56

3.86

GrossProfitMargin

72.57%

75.00%

77.18%

NetProfitMargin

14.10%

9.56%

7.68%

AccountsReceivableDays

37.68

49.93

43.8

AccountsPayableDays

22.58

42.36

54.15

Debt-to-EquityRatio

3.15

2.95

2.93

ReturnonEquity

30.41%

31.97%

30.00%

SalesperEmployee

--

--

$175,314

ProfitperEmployee

--

--

$9,623

SalesGrowth

-5.30%

-0.42%

7.21%

ProfitGrowth

-39.94%

-39.94%

14.15%

Source:ProfitCents

NAICs4921-CouriersandExpressDeliveryServices

FinancialMetric

Last12Mo

2025

2024

CurrentRatio

4.83

5.84

4.08

GrossProfitMargin

79.51%

75.57%

72.31%

NetProfitMargin

8.02%

7.59%

5.87%

AccountsReceivableDays

11.77

32.11

23.59

AccountsPayableDays

0.11

5.97

5.07

Debt-to-EquityRatio

6.16

2.22

3.14

ReturnonEquity

92.47%

47.81%

41.47%

SalesperEmployee

--

--

$350,818

ProfitperEmployee

--

--

$2,173

SalesGrowth

--

1.23%

3.94%

ProfitGrowth

--

3.44%

38.16%

NAICs4821-RailTransportation

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IndustryMetrics

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IndustryFinancialDataandRatiosNAICs541614–SupportActivities

FinancialMetric

Last12Mo

2025

2024

CurrentRatio

3.77

2.69

2.69

GrossProfitMargin

58.80%

50.90%

43.06%

NetProfitMargin

14.56%

6.11%

3.42%

AccountsReceivableDays

80.15

77.86

58.75

AccountsPayableDays

47.51

50.3

43.47

Debt-to-EquityRatio

0.69

3.05

3.14

ReturnonEquity

41.09%

32.54%

25.46%

SalesperEmployee

$209,822

$209,822

$141,193

ProfitperEmployee

$4,780

$4,780

($2,020)

SalesGrowth

--

26.57%

9.35%

ProfitGrowth

--

-3.86%

38.10%

NAICs4859-OtherTransitandGroundPassengerTransportation

FinancialMetric

Last12Mo

2025

2024

CurrentRatio

3.72

4.35

4.08

GrossProfitMargin

70.00%

72.78%

78.33%

NetProfitMargin

10.43%

10.68%

9.39%

AccountsReceivableDays

34.52

54

37.42

AccountsPayableDays

15.38

13.96

17.5

Debt-to-EquityRatio

3.57

2.92

2.35

ReturnonEquity

43.63%

26.73%

27.93%

SalesperEmployee

$113,453

$113,453

$134,903

ProfitperEmployee

$13,820

$13,820

$36,361

SalesGrowth

15.88%

13.51%

9.23%

ProfitGrowth

-25.56%

-40.64%

17.05%

Source:ProfitCents

CORPORATEFNANCEAssociATES

NAICs4831-DeepSea,Coastal,andGreatLakesWaterTransportation

FinancialMetric

Last12Mo

2025

2024

CurrentRatio

--

6.3

4.21

GrossProfitMargin

--

74.37%

66.80%

NetProfitMargin

--

20.71%

6.77%

AccountsReceivableDays

--

45.79

43.01

AccountsPayableDays

--

35.89

37.33

Debt-to-EquityRatio

--

1.49

1.67

ReturnonEquity

--

16.94%

24.65%

SalesperEmployee

--

--

--

ProfitperEmployee

--

--

--

SalesGrowth

--

--

13.10%

ProfitGrowth

--

--

36.24%

NAICs4841–TruckingTransportation

FinancialMetric

Last12Mo

2025

2024

CurrentRatio

3.36

3.39

3.41

GrossProfitMargin

65.32%

62.45%

68.01%

NetProfitMargin

7.80%

7.17%

5.86%

AccountsReceivableDays

33.06

33.78

31.48

AccountsPayableDays

26.5

21.46

27.4

Debt-to-EquityRatio

2.29

2.61

2.93

ReturnonEquity

37.36%

37.32%

34.44%

SalesperEmployee

--

--

--

ProfitperEmployee

--

--

--

SalesGrowth

5.20%

2.41%

3.05%

ProfitGrowth

55.31%

52.61%

9.73%

Transportation,LogisticsandSupplyChainIndustryNews|Summer2026|Page9

TransactionHighlights

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NotableTransactions

InJune2026,MaxwellStreetCapitalPartnersacquiredMasterpieceInternationalLtd.foranundisclosedamountandcombineditwithBoxart.Thetransactioncreatesanendtoendfineartlogisticsplatformspanninginternational

freightforwarding,customsbrokerage,finalmiledelivery,crating,storageandinstallation.ItalsorestoresMasterpieceasanindependentspecialistandprovidescapitaltoexpandservicesformuseums,galleries,auctionhousesandprivatecollectors.

InJune2026,C.H.RobinsonWorldwide,Inc.acquiredDeSpirLogisticsLLCfor$75.0millionincash.Theacquisitionaddssecuretransportation,cargoescortandrealtimemonitoringcapabilitiesforhighvalueandregulatedfreightacrosshealthcare,lifesciences,datacenters,aerospaceandretail.CombiningDeSpir’svettedcarriernetworkandhighsecurityplatformwithC.H.Robinson’sscaleandLeanAIcapabilitiesenablesbroadercoverageandtightercontrolofsensitiveshipments.

InMay2026,SavinoDelBeneacquiredthreeMurciabasedlogisticscompaniesfromGrupoMarítimaSuresteforanundisclosedamount.TheacquisitionexpandsGrupoMarítimaSurestefreightforwarding,containertrucking,raillogistics,andwarehousingcapabilitiesthroughmorethan68,000squaremetresoflogisticsfacilitiesacrossMurcia,Cheste,Nonduermas,Almería,andAlgeciras.ThetransactionstrengthensSavinoDelBene'sdoor-to-doorandintermodaltransportationservicesalongtheMurcia–Almería–Algecirascorridorwhileenhancingrail-basedlogisticsasamoreefficientalternativetoroadtransport.

InApril2026,H.I.G.CapitalacquiredGlobalEliteGroupfromSecuritasABforanundisclosedamount.TheacquisitionaddsthelargestpureplayproviderofunarmedaviationsecurityservicesintheUS,operatingacross19ofthecountry’s20largestairportswithapproximately1,800employees.H.I.G.planstosupportthecarveoutandinvestinGlobalElite’sworkforceandcapabilitiestoaccelerategrowthacrossairports,airlinesandcargooperators.

Thelogosshownonthispagearepropertyoftherespectiveowners

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SelectM&ATransactions

Date

TargetName

AcquirerName

EnterpriseValue(MM)

Revenue

-Target(LTM)(MM)

EBITDA

-Target(LTM)(MM)

29-Jun-2026

VirginiaPassengerRailAuthority/SeminaryYard/

VirginiaRailwayExpress

35.8

-

-

25-Jun-2026

Inter-FacilityTransport,Inc.

TransdevCanada,Inc.;RethmannSE&CoKG

-

-

-

25-Jun-2026

MasterpieceInternationalLtd.

MaxwellStreetCapitalPartnersLP

-

-

-

22-Jun-2026

DespirLogisticsLLC

C.H.RobinsonWorldwide,Inc.

75.0

-

-

11-Jun-2026

LeadingEdgeAviationServices,Inc.

EquivuCapitalLLC

-

-

-

08-Jun-2026

Locked&LoadedDeliveries,Inc.

TSGConsumerPartnersLP;CadoganTateGroupLtd.

-

-

-

03-Jun-2026

TransportationMarketingServices,Inc.

MercuryBusinessServicesLLC

-

2.9

0.3

01-Jun-2026

WorldwideExpressLLC

Auctane,Inc.;ThomaBravoLP

5,000.0

-

-

01-Jun-2026

ParodiForwardingSRL

GastonSchul

-

10.8

0.8

27-May-2026

SCLColdChainLLC

RealColdManagerLLC

-

2.1

0.2

20-May-2026

RamuddenGlobalAB

ISquaredCapital

2,924.0

1,138.8

100.1

12-May-2026

PlainsMidstreamCanadaULC

KeyeraCorp.

3,908.4

-

486.9

07-May-2026

CrossBorderXpressLLC

GrupoAeroportuariodelPacíficoSABdeCV

1,994.0

-

-

05-May-2026

PrecisionAviationGroup,Inc.

VSECorp.

2,150.0

-

-

05-May-2026

GrupoMaritimaSureste/3SubCompanies/

SavinodelBeneTrasportiInternazionaliAgenziaMarittimaSpA

-

-

-

28-Apr-2026

AmericanRoadsLLC

JohnLaingGroupLtd.

-

0.2

0.0

23-Apr-2026

BrwTrucking&Logistics/WarehouseAssets/

MetroSupplyChain,Inc.

-

-

-

16-Apr-2026

Omnitrans,Inc.

Fastfrate,Inc.

-

-

-

15-Apr-2026

A&ICoachesLtd.

TBCorp.Ltd.(UnitedKingdom)

-

-

-

15-Apr-2026

MaineAviationCorp.

BlackForestVenturesLLC

-

18.6

3.5

01-Apr-2026

GlobalEliteGroup,Inc.

H.I.G.CapitalLLC

-

100.0

-

($inmillions)Source:Factset

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PublicCompanies

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IndustryPerformance

CFAWSelectTransportationIndex

Source:FactSet

PublicComparables

AirTransportation

Company

Share

Shares

Market

Enterprise

Revenues

EBITDA

EnterpriseValue

$USDinMillions

Price

O/S

Cap

Value

(LTM)

(LTM)

RevenuesEBITDA

AirFrance-KLMSA$15.6$262.8$4,106.8$19,819.3$38,609.8$6,522.50.5x3.0x

AirNewZealandLimited$0.3$3,233.6$809.3$2,058.9$3,953.7$418.30.5x4.9x

AlaskaAirGroup,Inc.$52.2$111.4$5,816.6$10,689.6$14,402.0$1,271.00.7x8.4x

AmericanAirlinesGroupInc.$18.1$661.4$11,951.2$38,472.2$55,994.0$4,025.00.7x9.6x

ANAHoldingsInc.$18.3$524.3$9,574.5$8,425.6$16,850.5$2,577.80.5x3.3x

DeltaAirLines,Inc.$93.7$657.0$61,534.1$76,636.1$65,178.0$8,225.01.2x9.3x

DeutscheLufthansaAG$11.4$1,202.1$13,757.2$19,966.1$46,599.2$4,008.00.4x5.0x

DSVA/S$236.9$240.4$56,966.7$69,553.9$42,516.1$4,379.71.6x15.9x

HainanAirlinesHoldingCo.,Ltd.ClassB

$0.2$369.4$81.6$23,274.1$9,767.1-2.4x-

JapanAirlinesCo.,Ltd.$17.5$437.1$7,665.6$6,977.0$13,355.1$2,339.00.5x3.0x

SingaporeAirlinesLtd.$5.9$3,156.7$18,743.1$19,365.5$15,917.9$3,734.81.2x5.2x

UnitedAirlinesHoldings,Inc.$136.0$324.6$44,138.2$60,942.3$60,465.0$8,045.01.0x7.6x

Mean

$29,681.7

$31,967.4

$4,140.5

0.9x

6.8x

Median

$19,892.7

$27,730.1

$4,008.0

0.7x

5.2x

Source:FactSet

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PublicComparables

RailTransportation

Company

Share

Shares

Market

Enterprise

Revenues

EBITDA

EnterpriseValue/

$USDinMillions

Price

O/S

Cap

Value

(LTM)

(LTM)

Revenues

EBITDA

CanadianNationalRailwayCompany

$119.3

$606.6

$72,364.4

$88,078.7

$12,502.7

$6,117.5

7.0x

14.4x

CentralJapanRailwayCompany

$21.3

$1,001.2

$21,369.5

$43,373.3

$13,313.4

$6,875.6

3.3x

6.3x

CSXCorporation

$47.5

$1,858.1

$88,317.3

$1,06,551.4

$14,151.0

$6,623.0

7.5x

16.1x

NorfolkSouthernCorporation

$314.6

$224.6

$70,655.0

$86,415.0

$12,185.0

$5,334.0

7.1x

16.2x

UnionPacificCorporation

$272.0

$593.7

$1,61,490.0

$1,91,950.9

$24,700.0

$12,421.0

7.8x

15.5x

Mean

$1,03,273.9

$15,370.4

$7,474.2

6.5x

13.7x

Median

$88,078.7

$13,313.4

$6,623.0

7.1x

15.5x

Source:FactSet

cfa

CORPORATEFINANCEASSOCIATESTransportation,LogisticsandSupplyChainIndustryNews|Summer2026|Page17

WORLDWIDE

PublicComparables

WaterTransportation

Company

Share

Shares

Market

Enterprise

Revenues

EBITDA

EnterpriseValue/

$USDinMillions

Price

O/S

Cap

Value

(LTM)

(LTM)

Revenues

EBITDA

A.P.Moller-MaerskA/SClassB

$2,376.9

$5.1

$12,144.3

$34,277.4

$53,608.0

$8,274.8

0.6x

4.1x

CarnivalCorporationLtd.

$28.6

$1,369.6

$39,130.9

$63,141.0

$27,311.0

$7,230.0

2.3x

8.7x

EvergreenMarineCorp.(Taiwan)Ltd.

$5.8

$2,165.0

$12,539.1

$13,207.5

$11,522.2

$3,094.8

1.1x

4.3x

Hapag-LloydAG

$127.5

$175.8

$22,405.6

$26,349.5

$20,604.5

$2,957.4

1.3x

8.9x

KawasakiKisenKaisha,Ltd.

$15.3

$639.2

$9,772.9

$9,745.1