In light of the stock price development since our last update (total return of 17%), combined with today’s announcement of MAERSK returning to the Suez Canal, we opt to downgrade the equity from Hold to Sell with an unchanged TP of DKK 11,900. While the market reacted to the news by sending the equity down 5%, we believe there is further downside and expect the container segment to suffer from what is shaping up to be particularly sour market sentiment.