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MarketScreener Homepage  >  Equities  >  Nasdaq  >  Amazon.com, Inc.    AMZN

AMAZON.COM, INC.

(AMZN)
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Container lines expect U.S. import binge to lose steam

10/26/2020 | 02:34pm EST
FILE PHOTO: Outbreak of the coronavirus disease (COVID-19) in Los Angeles, California

LONDON/LOS ANGELES (Reuters) - Surging shipments into the United States are fueling record high freight costs and logjams at seaports, but transportation executives say the rally will lose steam with a second wave of COVID-19 restrictions on the cards.

Container shipping companies, which move goods for customers including Amazon.com and Walmart, got stung late last year and early this year when COVID-19 halted trade around the world, and they question whether the U.S. import boom can be sustained.

"Let's not get carried away," Rolf Habben Jansen, chief executive of Germany's Hapag Lloyd, told reporters. "This is just a spike that no one has foreseen in an unusual period. There will be a correction to that."

U.S. consumer confidence ticked up in September, when retail sales accelerated. Still, consumers are eating through savings, layoffs are mounting and the country just set a record for new COVID-19 infections.

"Everything depends on the demand and how the second wave of COVID affects the world economy," Aristides Pittas, CEO of shipping company Euroseas, said at a Capital Link virtual event.

In recent weeks, the cost of transporting goods from Asia to the United States - one of the world's biggest retail markets - topped $4,500 per 40-foot container unit (FEU), the highest recorded level, data from S&P Global Platts Containers showed.

"We are sold out. The ships are 100% full. The containers are 100% full. You can't get a container," Jeremy Nixon, CEO of Japanese container group Ocean Network Express (ONE), said at a recent International Chamber of Shipping virtual event.

Total imports to the 10 largest U.S. seaports increased 9.2% in August and 12.4% in September, trade data from Descartes Systems showed.

U.S. business inventories rebounded in August, as retailers and other companies raced to restock depleted warehouses and distribution centers.

"Inventories are still quite low and there's a significant need to replenish them," said LeAnne Coulter, vice president of freight management at Penske Logistics.

Data suggests that record volume at the Port of Los Angeles, the busiest U.S. ocean trade hub, could stretch through November. Meanwhile, it is causing backups that could ripple through the supply chain.

"This will probably taper off in the first or second week of December," Port of Los Angeles Executive Director Gene Seroka said of the import rush.

(Reporting by Lisa Baertlein in Los Angeles and Jonathan Saul in London; Editing by Marguerita Choy)

By Jonathan Saul and Lisa Baertlein


© Reuters 2020
Stocks mentioned in the article
ChangeLast1st jan.
AMAZON.COM, INC. 2.15% 3185.07 Delayed Quote.72.37%
EUROSEAS LTD. -7.72% 3.11 Delayed Quote.-23.51%
HAPAG-LLOYD AKTIENGESELLSCHAFT 1.90% 64.2 Delayed Quote.-17.65%
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Financials (USD)
Sales 2020 380 B - -
Net income 2020 18 068 M - -
Net cash 2020 44 305 M - -
P/E ratio 2020 91,8x
Yield 2020 -
Capitalization 1 598 B 1 598 B -
EV / Sales 2020 4,09x
EV / Sales 2021 3,41x
Nbr of Employees 798 000
Free-Float 81,7%
Chart AMAZON.COM, INC.
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Technical analysis trends AMAZON.COM, INC.
Short TermMid-TermLong Term
TrendsNeutralNeutralBullish
Income Statement Evolution
Consensus
Sell
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Mean consensus BUY
Number of Analysts 52
Average target price 3 821,74 $
Last Close Price 3 185,07 $
Spread / Highest target 41,3%
Spread / Average Target 20,0%
Spread / Lowest Target 9,89%
EPS Revisions
Managers
NameTitle
Jeffrey P. Bezos Chairman, President & Chief Executive Officer
Dave Clark Senior Vice President-Worldwide Operations
Brian T. Olsavsky Chief Financial Officer & Senior Vice President
Patricia Q. Stonesifer Independent Director
Thomas O. Ryder Independent Director
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