NOL's capacity still a worry in 2013

The 10% increase in capacity remains a daunting supply.

Here's more from Maybank Kim Eng:

2013 a stepping stone to potentially plump 2014
Capacity still a worry, but light in sight. Our negative outlook was previously premised on overcapacity and a neutral-negative demand outlook. With demand now potentially jumpstarted following the EU and US economic stimuli, the oversupply situation looks partially mitigated. 

This however, doesn’t mask the fact that a 10% increase in capacity in 2013 will remain a daunting supply situation especially when we remain skeptical of liner co-operation to boost freight.

2014 looks a much brighter prospect, with a more subdued 4% increase YoY in container vessel capacity, and we see this as a clear milestone for liners to look forward to profitability. It is this potential for plump profits that we’re urging investors to make an early entry rather than miss out on.