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🚒 Shipping Index Rises 65%. $45M+ VC Funding.

Impact Capital Markets #106 looks at our Shipping Stock Index, major impact deals, M&A, and upcoming economic releases.

Kamusta 🏝️

πŸ“ˆ Today's Global Economic Update: India's GDP data released last Friday revealed a 7.8% increase for the quarter ending March 2024, surpassing the forecasted 6.7% and confirming its status as the world’s fastest-growing major economy.

πŸ€– Deal of the Day: Valar Labs, a California-based histology AI company, raised a $22M Series A to expand operations and R&D efforts.

What's New?

🚒 Shipping. Shipping index rises 65%
πŸ’° Funding. Payment solutions and histology AI
πŸ’Ό M&A. Delivery management and SAP consulting
πŸ“… Economics. US employment data, Euro Area Interest rate + more

🚒 Shipping Index Rises 65%

HolonIQ’s shipping index has experienced a 21% increase over the past three months, with Year-on-Year returns exceeding 65%. Militant attacks in the Red Sea have forced ships to reroute to longer routes, driving up freight rates substantially and increasing the value of shipping stocks. The resolution of supply chain issues following COVID-19, technological advancements, and port industry improvements have also positively impacted stocks in the index. Hapag-Lloyd ($34B MCap) increased 29% over the past three months. COSCO Shipping ($31B MCap) and Evergreen Marine ($14B MCap) have also seen quarterly earnings rise by 29%, 41%, and 18%, respectively.

The return to normality as conditions of the war wane adds an element of uncertainty to stocks in the index, especially with earning results for some stocks being less than reported. Compared to last year's quarter, Hapag-Lloyd's group EBIT and group profit decreased in 1Q 2024. However, Evergreen Marine has seen Q1 2024 net profit triple that of a year ago. Looking ahead, the global economic outlook, along with geopolitics, will have a significant impact on the performance of the index.

πŸ’° Funding

πŸ€– Valar Labs, a California-based histology AI company, raised a $22M Series A from DCVC and Andreessen Horowitz to expand operations and its R&D efforts.

πŸ’³ Forward, a Texas-based payment solutions provider, raised a $16M Seed from Commerce Ventures, Elefund, and Fiserv to meet the demands of software partners.

πŸ’Ό M&A

πŸ“¦ Scurri, an Irish delivery management platform, acquired HelloDone, a UK-based AI provider to retailers and brands.

πŸš€ Applexus Technologies, a Washington-based SAP consulting provider, acquired Absoft, a UK-based SAP implementation company.

πŸ“… Economic Calendar

US Employment Data, Euro Area Interest Rate, Balance of Trade + More

Monday, June 03rd 2024

πŸ‡ΊπŸ‡Έ US ISM Manufacturing PMI, May

Tuesday, June 4th 2024

πŸ‡ΊπŸ‡Έ US JOLTs Job Openings, April
πŸ‡¦πŸ‡Ί Australia GDP Growth Data, Q1

Wednesday, June 5th 2024

πŸ‡¨πŸ‡¦ Canada BoC Interest Rate Decision
πŸ‡ΊπŸ‡Έ US ISM Services PMI, May
πŸ‡¦πŸ‡Ί Australia Balance of Trade Data, April

Thursday, June 6th 2024

πŸ‡ͺπŸ‡¦ Euro Area Deposit Facility Data
πŸ‡ͺπŸ‡¦ Euro Area ECB Interest Rate Decision
πŸ‡ͺπŸ‡¦ Euro Area ECB Press Conference
πŸ‡¨πŸ‡¦ Canada Ivey PMI s.a, May
πŸ‡¨πŸ‡³ China Balance of Trade Data, May

Friday, June 7th 2024

πŸ‡©πŸ‡ͺ Germany Balance of Trade Data, April
πŸ‡¨πŸ‡¦ Canada Balance of Trade Data, April
πŸ‡¨πŸ‡¦ Canada Employment Data, May
πŸ‡ΊπŸ‡Έ US Employment Data, May

Monday, June 10th 2024

πŸ‡¦πŸ‡Ί NAB Business Confidence, May

Tuesday, June 11th 2024

πŸ‡¬πŸ‡§ UK Employment Data, April
πŸ‡¨πŸ‡³ China Inflation Data, May

Wednesday, June 12th 2024

πŸ‡¬πŸ‡§ UK GDP, April
πŸ‡ΊπŸ‡Έ US Core Inflation Data, May
πŸ‡ΊπŸ‡Έ US Inflation Data, May
πŸ‡ΊπŸ‡Έ US Fed Interest Rate Decision
πŸ‡ΊπŸ‡Έ US FOMC Economic Projections
πŸ‡ΊπŸ‡Έ US Fed Press Conference
πŸ‡¦πŸ‡Ί Australia Westpac Consumer Confidence Change, June

Thursday, June 13th 2024

πŸ‡ΊπŸ‡Έ US PPI, May

Friday, June 14th 2024

πŸ‡―πŸ‡΅ Japan BoJ Interest Rate Decision
πŸ‡ΊπŸ‡Έ Michigan Consumer Sentiment (Preliminary), June


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