ESL Shipping segment was a positive surprise compared to our estimates in Q4, one reason being coal shipments during the quarter. However, demand and price levels have decreased in sea transportation markets. A strike in Finland in February could also be visible in shipping volumes in Q1 2023. Because the dry bulk market is facing increasing headwinds in 2023 we forecast market consensus for 2023 clean EBIT to be downgraded by 8%. Reported net sales in a group level will most likely decline in 2023 y/y also due to lower prices and divestments in Telko segment.
Dividend proposal is EUR 0.46 (consensus EUR 0.46).
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