Train of Thought: European Transportation Credit Update: Apollo takeover offer for EZJLN supersedes Castlelake bid; HPLGR raises guidance as Maersk steps up Red Sea routings

Research evidence excerpt

Train of Thought: European Transportation Credit Update: Apollo takeover offer for EZJLN supersedes Castlelake bid; HPLGR raises guidance as Maersk steps up Red Sea routings

J P M O R G A N Europe Credit Research

14 July 2026

Train of Thought: European

Transportation Credit Update

Apollo takeover offer for EZJLN supersedes Castlelake

bid; HPLGR raises guidance as Maersk steps up Red

Sea routings

Europe Corporate Credit -

Healthcare, Transportation and

Sustainable Investing

Danielle Ward, CFA AC

(44-20) 7742-7344

danielle.x.ward@jpmorgan.com

Over the past week, Castlelake’s takeover bid for easyJet has been superseded by a

Erik Wolf

higher proposed offer from Apollo, while in the Container Shipping sector Hapag-

(44 20) 3493-4385

Lloyd raised its FY guidance and Maersk announced further steps in its gradual erik.x.wolf@jpmorgan.com

return to the Red Sea. We also take a look at the latest European airport traffic updates Adeline Z Kwok, CFA

and commentary from the leisure space ahead of Q2 earnings season ramping up from (44 20) 7134 0302

next week onwards. Our earnings calendar is available on page 6. adeline.zinhe.kwok@jpmorgan.com

J.P. Morgan Securities plc

Hapag-Lloyd followed Maersk in raising its FY26 guidance while Maersk

reinstated trans-Suez crossings on further services:

• HPLGR (UW) upgraded its FY26 earnings outlook (13-Jul) citing strong

recent demand patterns and higher freight rates. Hapag now expects FY26

EBITDA of €2.3-3.2bn (previously: €0.9-2.6bn) and positive EBIT of €0.1-

1.0bn (previously: -€1.3bn to €0.4bn). The revision came as little surprise

following the recent surge in spot freight rates (the SSE SCFI saw ten weeks

of gains through 3-July before softening -4% W/W on 10-Jul; the index is

currently c. +92% higher YTD).