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)

<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

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

TransUnion operates as a credit reporting agency. The Company offers consumer reports, risk scores, analytical services, and decisioning capabilities to businesses. TransUnion provides risk and information solutions to businesses and consumers.

Equifax Inc. brings buyers and sellers together through its information management, transaction processing, direct marketing, and customer relationship management businesses. The company serves the financial services, retail, credit card, telecommunications/utilities, transportation, information technology and healthcare industries and government.

Exponent, Inc. is a science and engineering consulting firm that provides solutions and information to complex problems. The Company performs scientific research and analysis, or evaluations, to solve complicated issues facing a range of industries and governments.

FTI Consulting, Inc. provides corporate finance and restructuring, economic, forensic and litigation, strategic communications, and technology consulting services.  The Company offers restructuring, bankruptcy and performance improvement; antitrust, business valuation and intellectual property; forensic accounting; corporate communications; and computer forensics services.

TriNet Group, Inc. provides human resource and consultancy services. The Company offers payroll, tax administration, risk protection, performance management, compensation consulting, and employee benefit plans. TriNet Group serves technology, advertising, banking, and government sectors in the United States.

Robert Half International, Inc. provides temporary and permanent staffing services.  The Company supplies temporary, full-time and project accounting and finance professionals; temporary administrative support personnel; information technology professionals; temporary, project and full-time lawyers, paralegals and support personnel; and advertising, marketing, and web design professionals.

Ceridian HCM Holding Inc. operates as a holding company. The Company, through its subsidiaries, develops human capital management software. Ceridian HCM Holding provides recruiting, staff monitoring, payroll processing, employee engagement, and human capital management technology services. Ceridian HCM Holding serves customers worldwide.

CBIZ, Inc. provides professional business services to companies throughout the United States.  The Company provides accounting and tax, employee benefits, wealth management, property and casualty insurance, payroll, and HR consulting services.  CBIZ also provides internal audit, litigation advisory, healthcare consulting, medical practice management, and other services.

Dun & Bradstreet Holdings, Inc. provides data and analytics solutions. The Company delivers workflows to inform commercial credit decisions and other related services. Dun & Bradstreet Holdings serves customers worldwide.

Manpowergroup Inc. provides non-governmental employment services through offices located around the world. The Company's principal operations include temporary staffing services, contract services, and training and testing of temporary and permanent workers. Manpower provides employment services to a wide variety of customers.

Randstad Holding nv provides temporary employees.  The Company places workers for temporary assignments in educational, secretarial and banking, information technology, engineering, and finance positions.  The Company operates primarily in the Benelux countries, Germany, Canada, Denmark, France, Italy, Portugal, Spain, the United Kingdom, Switzerland, and the United States.

Bureau Veritas SA provides a range of consulting services, including global inspection  and audit, tests and certification applied to quality, hygiene and health.

Intertek Group plc offers product inspection services.  The Company tests textiles, toys, petroleum products, chemicals, electronic products, building materials, and agricultural products.  Intertek inspects and certifies products for safety to governments, exporters and importers, and certifies that import duties are declared and paid.

SGS SA provides industrial inspection, analysis, testing, and verification services. The Company inspects, samples, analyzes, and monitors raw materials, petroleum, food, crops, chemicals, consumer goods, and production machinery for compliance with industrial standards and local regulatory requirements, including tax and duty. SGS serves business worldwide.

Stantec Inc. is an engineering, architecture, and related professional services enterprise.  The Company provides a broad range of consulting, project delivery, design build, and technology capabilities to private and public sector clients, across North America and internationally.

Seek Limited operates an Internet website.  The Company offers online employment advertisements and online training in Australia and New Zealand, and offers online employment advertisements in the United Kingdom targeted at Australian and New Zealand job seekers.

DKSH Holding AG offers international market expansion services with a focus in Asia. The Company provides an integrated portfolio of services, including sourcing, marketing, sales, distribution and after-sales services related to the Consumer Goods, Healthcare, Performance Materials and Technology markets.

Adecco SA is a personnel and temporary employment company.  The Company supplies personnel and temporary help, and offers permanent placement services for professionals and specialists in a range of occupations.  Adecco conducts its placement services internationally.

Adecco Group AG is a personnel and temporary employment company. The Company supplies personnel and temporary help, and offers permanent placement services for professionals and specialists in a range of occupations. Adecco Group conducts its placement services internationally.

Persol Holdings Co., Ltd. provides human resource solutions to a wide variety of customers worldwide. The Company's main operations include temporary staffing services, contract services, and employment services. Temp Holdings also provides outsourcing services and employment support services for job seekers.

Jacobs Solutions Inc. provides technical professional services. The Company offers engineering and construction services, as well as scientific and specialty consulting for a broad range of clients including companies, organizations, and government agencies. Jacobs Solutions serves customers worldwide.

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Jacobs Solutions (J US)

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

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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