Danske bank: DFDS – 18% freight volume growth in Novembe

DFDS (MW) has started to report monthly volume reports (no pricing info). IN November total freight volumes were up 18% y/y (adj for the closed Paldiski-Hanko route). Volume growth for routes calling the UK was up 25% y/y – supported by stockbuilding ahead of Brexit. The number of ferry passengers declined by 80% y/y – impacted by travel restrictions. Overall points to a strong Q4 due to strong freight volumes. However could be mitigaed by weak Q1 volumes post Brexit as Q4 supported by stock building.