Equity Research Analyst, Maritime sector, Drewry Maritime Financial Research

Ankush Kathuria CFA, FRM

Equity Research Analyst, Maritime sector

Maritime Sector, Equity & Credit Research

Drewry Maritime Financial Research

With no ties to other players in the shipping, finance or banking world, we provide a uniquely impartial view of the markets and companies we cover. Our parent organization, Drewry is a leading independent provider of research services to the maritime and shipping industry, employing over 100 professionals across an international network of offices in London, Delhi, Singapore and Shanghai. Combining our market-leading resources with seasoned sector expertise DFRS offers a highly differentiated and comprehensive range of investment and financial research services to lenders and prospective investors in publicly listed maritime and shipping companies. The full service of reports, supporting resources and sector orientated webinars provides our clients with the most complete picture of the organisations under coverage as is possible. We have been charting and analysing the world’s maritime markets for more than 40 years. This unrivalled intelligence and understanding provides the foundation of our research service. Our analysts have access to one of the most up-to-date, comprehensive and reliable sources of market insight and research data available today. We look at globally listed companies within the following sectors: Port Operators, Container Shipping, Container Manufacturing & Leasing, LNG Shipping, Dry Bulk Shipping and Tanker Shipping. Combine in-depth sector expertise with financial analysis focusing on over 50 stocks globally.

Thematic (Sector/Industry)

Seven years after the start of the global financial crisis in 2008, the supply-demand balance of the container shipping industry remains precarious. We expect this to continue in 2016 where imbalances at the trade route level and insufficient measures to reduce ship capacity will further accelerate freight rate reductions and industry losses. We expect 2016 to be dominated by continued weak global trade growth, sustained erosion in freight rates and weakened balance sheets – each unfavourable to a major recovery in share prices, in our view”

Seven years after the start of the global financial crisis in 2008, the supply-demand balance of the container shipping industry remains precarious. We expect this to continue in 2016 where imbalances at the trade route level and insufficient measures to reduce ship capacity will further accelerate freight rate reductions and industry losses. We expect 2016 to be dominated by continued weak global trade growth, sustained erosion in freight rates and weakened balance sheets – each unfavourable to a major recovery in share prices, in our view”

Container Shipping 2016 – Operators Facing Prisoner's Dilemma; Industry Could Lose USD 5bn in 2016

Stocks down on gloomy industry outlook<figure class="editor-figure"><img src="https://static-prod.smartkarma.com/images/media/000/005/164/original/Leasing%20Perf.JPG?1453688159" class="editor-image img-responsive" data-smartkarma-image-id="5164"></figure> Source: Bloomberg, DMER<ul>
<li>Investors suffered massive wealth erosion in 2015, as share prices of container leasing companies tumbled through the year with stocks extending declines until the beginning of the new year. While the stocks of the three companies under our coverage – Textainer, TAL and CAI – more than halved, the two indices of S&amp;P 500 and Dow Jones Transportation contracted by just 1% and 18%, respectively.</li>
<li>
Container shipping and leasing companies…</li>
</ul>

 Stocks down on gloomy industry outlook Source: Bloomberg, DMER
Investors suffered massive wealth erosion in 2015, as share prices of container leasing companies tumbled through the year with stocks extending declines until the beginning of the new year. While the stocks of the three companies under our coverage – Textainer, TAL and CAI – more than halved, the two indices of S&amp;P 500 and Dow Jones Transportation contracted by just 1% and 18%, respectively.

Container shipping and leasing companies…


Container Leasing 2016 - Outlook Remains Placid

<figure class="editor-figure">Moderation likely but it ain't over yet<img src="https://static-prod.smartkarma.com/images/media/000/005/034/original/Tank%20Price%20Performance.JPG?1453075386" class="editor-image img-responsive" data-smartkarma-image-id="5034"></figure> Source: Bloomberg, DMER<ul>
<li>The uptrend in share prices that started in the tail end of FY14 continued in 2015 mainly on prospects of improved profitability of companies in a demand-driven market. The market capitalisation of DMER’s tanker shipping index moved up by ~USD 1.8bn because of the upsurge in stock prices and generated a return of ~27% during the year.</li>
<li>
Nordic American Tanker enjoyed the benefits of full exposure to the spot market as day rates remained…</li>
</ul>

Moderation likely but it ain't over yet Source: Bloomberg, DMER
The uptrend in share prices that started in the tail end of FY14 continued in 2015 mainly on prospects of improved profitability of companies in a demand-driven market. The market capitalisation of DMER’s tanker shipping index moved up by ~USD 1.8bn because of the upsurge in stock prices and generated a return of ~27% during the year.

Nordic American Tanker enjoyed the benefits of full exposure to the spot market as day rates remained…


Tanker Shipping-2016 - Moderation Likely but It Ain't over Yet, The Preferred Investment In Shipping

2015: Investors catch a falling knife disguised as pocket of value<img src="https://static-prod.smartkarma.com/images/media/000/004/981/original/Price%20Performance.JPG?1452658223" class="editor-image img-responsive" data-smartkarma-image-id="4981"> Source: Bloomberg, DMER<ul>
<li>Investors suffered massive wealth erosion in 2015, as share prices of dry bulk companies kept tumbling during the year. DMER’s shipping index, which is based on the market cap of leading dry bulk companies, was down ~43% in 2015.</li>
<li>
Dry bulk owners were confronted with weak shipping demand because of the slowdown in Chinese economy, which resulted in huge losses. BDI touched record lows of 415 at the onset of…</li>
</ul>

2015: Investors catch a falling knife disguised as pocket of value Source: Bloomberg, DMER
Investors suffered massive wealth erosion in 2015, as share prices of dry bulk companies kept tumbling during the year. DMER’s shipping index, which is based on the market cap of leading dry bulk companies, was down ~43% in 2015.

Dry bulk owners were confronted with weak shipping demand because of the slowdown in Chinese economy, which resulted in huge losses. BDI touched record lows of 415 at the onset of…


Dry Bulk Shipping - 2016 - Falling Knife Disguised as Pocket of Value ?

Transport Sector, China and Asia-focused Research

Charles De Trenck

Our theme has been to expect some mergers in container equipment and transport equipment owners. NOL and Chinese carriers are also exploring options, as discussed in last few months. But today we have a live deal between Triton and TAL Int'l Group which will create the largest container lessor through a "merger of equals". Let's review a few more points and issues.

Our theme has been to expect some mergers in container equipment and transport equipment owners. NOL and Chinese carriers are also exploring options, as discussed in last few months. But today we have a live deal between Triton and TAL Int'l Group which will create the largest container lessor through a "merger of equals". Let's review a few more points and issues.

Container Equipment Mergers Here: TAL Int'l to Merge with Triton

United States

WABCO Holdings Inc., manufactures electronic braking, stability, suspension and transmission control systems commercial vehicles.

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Wabco Holdings (WBC US)

Container Shipping 2016 – Operators Facing Prisoner's Dilemma; Industry Could Lose USD 5bn in 2016

Seven years after the start of the global financial crisis in 2008, the supply-demand balance of the container shipping industry remains...

Drewry Maritime Financial Research

Container Leasing 2016 - Outlook Remains Placid

Stocks down on gloomy industry outlook Source: Bloomberg, DMER Investors suffered massive wealth erosion in 2015, as share prices of container...

Drewry Maritime Financial Research

Tanker Shipping-2016 - Moderation Likely but It Ain't over Yet, The Preferred Investment In Shipping

Moderation likely but it ain't over yet Source: Bloomberg, DMER The uptrend in share prices that started in the tail end of FY14 continued in 2015...

Drewry Maritime Financial Research

Dry Bulk Shipping - 2016 - Falling Knife Disguised as Pocket of Value ?

2015: Investors catch a falling knife disguised as pocket of value Source: Bloomberg, DMER Investors suffered massive wealth erosion in 2015, as...

Drewry Maritime Financial Research

Container Equipment Mergers Here: TAL Int'l to Merge with Triton

Our theme has been to expect some mergers in container equipment and transport equipment owners. NOL and Chinese carriers are also exploring...

Charles De Trenck

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