Bulk or Containers? 4Q11 Results Should Show the Way. While it is difficult to provide a unified forecast for the sector due to its strong variability in terms of cycle exposure and growth stage, we expect growth to continue in 2012, despite the unstable capital market situation. In our view, 4Q11 results will be a strong indicator for the sector's performance next year: consumption-oriented container forwarders are starting to prepare for the New Year consumer buying spree, while bulk-focused companies are trying to tranship as much cargo as possible before the long Russian holidays.
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