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)

We have earlier argued that the current M&amp;A in the container shipping industry is about "Survival" and not "Growth". This morning from Japan, <blockquote>Kawasaki Kisen Kaisha, Ltd., Mitsui O.S.K. Lines Ltd., and Nippon Yusen Kabushiki Kaisha have agreed, after the resolution by the board of directors of each company held today, and subject to regulatory approval from the authorities, to establish a new joint-venture company to integrate the container shipping businesses (including worldwide terminal…</blockquote>

We have earlier argued that the current M&amp;A in the container shipping industry is about "Survival" and not "Growth". This morning from Japan, Kawasaki Kisen Kaisha, Ltd., Mitsui O.S.K. Lines Ltd., and Nippon Yusen Kabushiki Kaisha have agreed, after the resolution by the board of directors of each company held today, and subject to regulatory approval from the authorities, to establish a new joint-venture company to integrate the container shipping businesses (including worldwide terminal…

Container Shipping - "Survival" M&A In Full Swing, Japanese Big 3 Merge Container Operations

China Macroeconomics & Academia

Christopher Balding

Macroeconomics

While recent economic data releases of China are not promising, there are some positive prospects of the economy. While the RMB has been slumping, basic commodity prices like steel, iron ore, and coal have been soaring.  Given the ongoing slowdown, this seems puzzling but it may owe more to fundamental sources, albeit credit driven, than understood.While many Chinese industries suffered this year due to slow economic downturn, it looks like coal is recuperating due to increased consumption in…

While recent economic data releases of China are not promising, there are some positive prospects of the economy. While the RMB has been slumping, basic commodity prices like steel, iron ore, and coal have been soaring.  Given the ongoing slowdown, this seems puzzling but it may owe more to fundamental sources, albeit credit driven, than understood.While many Chinese industries suffered this year due to slow economic downturn, it looks like coal is recuperating due to increased consumption in…

What's Driving Changes to Chinese Coal and Steel Prices?

After being upgraded as a middle income level country, the middle kingdom seems to be slowing down economically and it can be vividly observed in the latest data releases. During the third quarter official Chinese GDP remained at 6.7% driven primarily by real estate and the opaquel name “other” industries. As we noted yesterday in our note about the discrepancy between headline GDP and underlying data, a look at monthly output from important sectors fails to match broader output in the Chinese…

After being upgraded as a middle income level country, the middle kingdom seems to be slowing down economically and it can be vividly observed in the latest data releases. During the third quarter official Chinese GDP remained at 6.7% driven primarily by real estate and the opaquel name “other” industries. As we noted yesterday in our note about the discrepancy between headline GDP and underlying data, a look at monthly output from important sectors fails to match broader output in the Chinese…

What Does Output Tell Us About the Chinese Economy?

China released GDP figures yesterday and it is difficult to find anyone who takes them as anything other nonsensical ramblings and definitely not any good faith representative data on the world’s second largest economy.  It is simply difficult to believe that an economy would grow at 6.7% for three consecutive quarters.  At the very least we would expect statistical noise.However, even light of the statistically dubious GDP data, we do believe there are insights that can be gleaned from the…

China released GDP figures yesterday and it is difficult to find anyone who takes them as anything other nonsensical ramblings and definitely not any good faith representative data on the world’s second largest economy.  It is simply difficult to believe that an economy would grow at 6.7% for three consecutive quarters.  At the very least we would expect statistical noise.However, even light of the statistically dubious GDP data, we do believe there are insights that can be gleaned from the…

Asian Equities Analyst, Logistics & Transport, Tracking Traffic

Daniel Hellberg

Asian Equities Analyst, Logistics & Transport

Equity Bottom-Up

International Traffic Remained Strong in September: For all three state-owned carriers, international travel demand remained strong in September, as measured by RPKs. <a href="https://www.smartkarma.com/entities/8239" target="_blank" data-smartkarma-citation="entities:8239:1">Air China Ltd (H) (753 HK)</a> reported a 17.1% Y/Y increase in international RPKs in September, and for <a href="https://www.smartkarma.com/entities/1078" target="_blank" data-smartkarma-citation="entities:1078:1">China Southern Airlines Co Ltd (1055 HK)</a> and <a href="https://www.smartkarma.com/entities/1079" target="_blank" data-smartkarma-citation="entities:1079:1">China Eastern Airlines Co (H) (670 HK)</a> international traffic grew by 15.6% and 28.6%, respectively. As we argued recently in <a href="https://www.smartkarma.com/insights/chinese-transportation-in-a-sea-of-decline-express-int-l-air-travel-are-islands-of-growth" target="_blank" data-smartkarma-citation="insights:5932">Chinese Transportation: In A Sea Of Decline, Express &amp; Int’l</a>…

International Traffic Remained Strong in September: For all three state-owned carriers, international travel demand remained strong in September, as measured by RPKs. Air China Ltd (H) (753 HK) reported a 17.1% Y/Y increase in international RPKs in September, and for China Southern Airlines Co Ltd (1055 HK) and China Eastern Airlines Co (H) (670 HK) international traffic grew by 15.6% and 28.6%, respectively. As we argued recently in Chinese Transportation: In A Sea Of Decline, Express &amp; Int’l…

Int'l Air Travel Demand Remained Strong in China in September

China

China Southern Airlines Company Limited provides commercial airline services throughout China, Southeast Asia and other parts of the world.  The Company also provides other airline related services including aircraft maintenance and air catering.

China Eastern Airlines Corporation Limited, together with its subsidiaries, operates in the civil aviation industry. It offers passenger, cargo, mail delivery, ground, cargo handling, and other extended transportation services.

Air China Limited provides passenger, cargo, and airline-related services in China.  The Company is primarily based in Beijing and a major hub for domestic and international air transportation.  Air China's airline-related services include aircraft maintenance, repair, overhaul service, ground services, and in-flight catering services.

Hainan Airlines Co., Ltd. provides passenger and freight air transportation. The Company also provides charter flight services. 

Spring Airlines Co., Ltd. offers air transportation services. The Company provides domestic air transportation, international air transportation, cargo transportation, and other services. Spring Airlines also offers ticket home delivery, insurance transaction, and other services.

Juneyao Airlines Co. Ltd. supplies air transportation services. The Company provides domestic and international routes for passengers and cargoes. Juneyao Airlines also offers ticket home delivery and electronic ticketing services.

China Express Airlines Co., Ltd. provides air transportation services. The Company offers passenger and freight air transportation, aviation equipment maintenance and aircraft leasing, ticket and hotel booking, consulting, and other services. China Express Airlines serves customers worldwide.

China Express Airlines Co Ltd (002928 CH)

COSCO SHIPPING Holdings Co., Ltd offers marine freight transportation services.  The Company offers container shipping, dry bulk shipping, logistics services, freight forwarding, and terminal and container leasing services internationally.  COSCO SHIPPING Holdings Co., Ltd operates container ships and terminals, and manufactures shipping containers.

S.F. Holding Co., Ltd operates as a holding company. The Company, through its subsidiaries, provides logistics, order tracking, supply chain management, and warehousing services. S.F. Holding operates worldwide.

Daqin Railway Co., Ltd. mainly provides coal transportation service in Northern China. It also operates passenger transportation business.

Singapore Airlines Limited provides air transportation, engineering, pilot training, air charter, and tour wholesaling services. The Company's airline operation covers Asia, Europe, the Americas, South West Pacific, and Africa.

ANA Holdings Inc provides a variety of air transportation-related services. The Company offers scheduled & unscheduled air passenger services and air courier services. ANA sells aircraft parts and provides travel arrangement & reservation services as well.

United Airlines Holdings Inc is an airline holding company.  The Company owns and operates airlines that transports persons, property and mail throughout the United States and abroad.

Southwest Airlines Co. is a domestic airline that provides primarily short-haul, high-frequency, point-to-point service.  The Company offers flights throughout the United States.

International Consolidated Airlines Group S.A. provides transportation services. The Company offers international and domestic air passenger and cargo transportation services. International Consolidated Airlines Group serves customers worldwide.

International Consolidated Airlines Group (IAG LN)

International Consolidated Airlines Group

LATAM Airlines Group S.A. is an airline that provides both domestic and international flight services.  The Company provides passenger and cargo services to destinations in Chile, South America, the Caribbean, Europe, North America, and the Pacific.  LATAM Airlines operates passenger aircraft and cargo freighters.

InterGlobe Aviation Limited provides passenger airlines services. The Company offers ground management, air transportation, terminal maintenance, and other services. InterGlobe Aviation conducts its business globally.

Turk Hava Yollari Anonim Ortakligi (THY), also known as Turkish Airlines, provides passenger and cargo air transportation services. The Company serves all domestic destinations as well as the Middle East, North America, Europe, Asia, North Africa and South Africa.

Cathay Pacific Airways Limited operates scheduled airline services. The Company also provides related services, including airline catering, aircraft handling, and engineering.

Qantas Airways Limited provides transportation of passengers through two airlines including Qantas (full service carrier) and Jetstar (low cost carrier), operating international, domestic and regional services. The Company also includes Qantas Frequent Flyer and Qantas Freight which generates diverse revenue streams and adds value for customers and investors.

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Air China Ltd (A) (601111 CH)

Container Shipping - "Survival" M&A In Full Swing, Japanese Big 3 Merge Container Operations

We have earlier argued that the current M&A in the container shipping industry is about "Survival" and not "Growth". This morning from...

Drewry Maritime Financial Research

What's Driving Changes to Chinese Coal and Steel Prices?

While recent economic data releases of China are not promising, there are some positive prospects of the economy. While the RMB has been slumping,...

Christopher Balding

What Does Output Tell Us About the Chinese Economy?

After being upgraded as a middle income level country, the middle kingdom seems to be slowing down economically and it can be vividly observed in...

Christopher Balding

Chinese GDP Insight

China released GDP figures yesterday and it is difficult to find anyone who takes them as anything other nonsensical ramblings and definitely not...

Christopher Balding

Int'l Air Travel Demand Remained Strong in China in September

International Traffic Remained Strong in September: For all three state-owned carriers, international travel demand remained strong in September,...

Daniel Hellberg

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