Transport Operators
Transport Operators Guides
NAV builds, TCE benchmarks, RASM/CASM unit economics, fuel exposure, charter-cycle strategy and the operating ratio for listed shipowners, airlines and railroads.
21 free guides · 17 company profiles · 3 primers, each with an Excel model
Shipping
Broker fleet NAV, mid-cycle TCE and the scrap floor
7 guides · 6 profiles
Guides 7
Shipping NAV and Vessel Values
Broker fair-market-value NAV builds, why vessel book value is not NAV, and how P/NAV is read through the shipping cycle.
Orderbook to Fleet Ratio by Shipping Segment
Orderbook as a share of the fleet for tankers, dry bulk and containers, from BIMCO and Clarksons, each with its measure and date, and what the ratio misses.
Time-Charter Equivalent (TCE) Explained
The Frontline-filed TCE definition, FY2025 achieved rates by segment, Baltic benchmarks vs company TCE, and why liner $/TEU is not TCE.
Shipping Cash Breakevens and Operating Leverage
Disclosed cash breakeven TCE by owner, the Frontline vs Scorpio definition gap, margin maths at mid-cycle rates, and why spike earnings mislead dividend tests.
Scrap Value: the Shipping Floor
Demolition value as LDT times scrap price, base-case vs spot marks, Taylor Maritime accounting policy, and where scrap binds under broker NAV.
Spot vs Time Charter: Locking the Cycle
When a shipowner takes spot rates and when it locks in a time charter: the trade-off through the freight cycle, and what each choice does to earnings and value.
Containership Lessors vs Liner Operators
A containership lessor charters ships out on fixed multi-year hire; a liner charters them in and sells box freight. Risk, filings and valuation compared.
Company research 6
Airlines
RASM/CASM spreads, load factor and EBITDAR leverage
7 guides · 6 profiles
Guides 7
RASM and CASM: Airline Unit Economics
TRASM, PRASM, RASM and CASM-ex defined from carrier filings; the FY2025 US unit-margin comparison; matching revenue to cost; why European metrics differ.
Airline CASM by Carrier: Unit Cost Compared
FY2025 CASM and CASM ex-fuel for six US and European airlines, each on its own definition, unit and year end, and what makes unit cost differ.
Airline Fuel Costs and Hedging
A mid-cycle jet fuel price vs EIA spot; Delta Monroe refinery as operational hedge; Southwest hedge exit; European rolling books.
Load Factor: Reading Airline Density
Load factor as RPM ÷ ASM vs IATA's RPK ÷ ASK; FY2025 IATA regional benchmarks; why a full plane is not a profitable one; capacity growth vs density.
EBITDAR and Airline Leverage
Why EBITDAR replaces EBITDA for lease-heavy airlines; adjusted net debt including operating leases; FY2025 leverage anchors for DAL, UAL and AAL.
EBITDA vs EBITDAR: Why Airlines Add Back Rent
EBITDAR adds aircraft rent back to EBITDA so owned and leased fleets compare. Which debt pairs with each, and how IFRS 16 and ASC 842 change the figures.
Airline Free Cash Flow and the Capex Cycle
Non-GAAP vs computed FCF for DAL, UAL, AAL and LUV; FY2025 FCF compared; capex cycle and deleveraging targets; why the label on FCF matters as much as the sign.
Company research 6
Railroads
The operating ratio scoreboard, RPU mix and ROIC against WACC
7 guides · 5 profiles
Guides 7
Operating Ratio: the Railroad Efficiency Metric
Operating ratio defined from Class I filings: why lower is better, reported versus adjusted, CSX's margin-derived figure, and turning the ratio into income.
Class I Railroad Operating Ratios Compared
FY2025 operating ratios for the five listed Class I railroads, reported and adjusted, with the basis for each row and why the two lines and railroads differ.
Revenue per Unit and the Mix Effect
Railroad revenue per unit defined by each filer's basis, why intermodal pulls the headline average down, and how to separate mix from price.
Intermodal Share by Railroad: Volume and Revenue
FY2025 intermodal share of volume and revenue for the five listed Class I railroads, what each counts as a unit, and why mix pulls revenue per unit down.
PSR: What Precision Scheduled Railroading Did
Precision scheduled railroading defined from Union Pacific and CSX filings, what it changes in a network, and how FY2025 operating ratios compare on one basis.
Railroad ROIC and Capital Discipline
Return on invested capital for Class I railroads: which companies file it, the 8% hurdle CSX discloses, how to set ROIC against the cost of capital.
Intermodal vs Trucking Economics
How much Class I rail traffic is intermodal, why its revenue share is lower than its unit share, and how trucks cap what railroads can charge for it.
Company research 5
The Transport Operators library: all three primers with their Excel models, £159 (£210 bought separately). Compare the Transport Operators primers