Lead Analyst, Credit Research, Drewry Maritime Financial Research

Konstantinos Oikonomopoulos

Lead Analyst, Credit Research

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.

Credit

Profitability shot up in 2Q17, thanks to a better freight market and benefits from NOL acquisition: CMA CGM posted higher revenues by 57% y/y at the end of the second quarter at USD 5.5bn, which translates into USD 19bn annualised (USD  15.9bn at end FY16). The group benefitted from a 33% surge y/y (4.7 mteu) in transported volumes  (NOL's contribution, along with launch of Ocean Alliance) and improved freight rates. CMA CGM achieved a price of USD 1,134 per teu (container shipping revenues only…

Profitability shot up in 2Q17, thanks to a better freight market and benefits from NOL acquisition: CMA CGM posted higher revenues by 57% y/y at the end of the second quarter at USD 5.5bn, which translates into USD 19bn annualised (USD  15.9bn at end FY16). The group benefitted from a 33% surge y/y (4.7 mteu) in transported volumes  (NOL's contribution, along with launch of Ocean Alliance) and improved freight rates. CMA CGM achieved a price of USD 1,134 per teu (container shipping revenues only…

CMA CGM Credit Research 2Q17 Results Update - Credit Outlook Stable - Bond Valuation Neutral

Equity Research Analyst, Maritime sector, Drewry Maritime Financial Research

Ankush Kathuria CFA, FRM

Equity Research Analyst, Maritime sector

Thematic (Sector/Industry)

Supply-demand balance still delicate, but better than last two years. The balance between supply and demand is still wafer-thin, which has had its impact, despite the peak season being underway. Our latest numbers suggest that the peak season freight rate growth is expected to be moderate this year. On the Asia-Europe trade, the late summer lull in shipments was a headwind, while the Transpacific still suffers the overhang of excess supply. In addition, massive factory closure in China…

Supply-demand balance still delicate, but better than last two years. The balance between supply and demand is still wafer-thin, which has had its impact, despite the peak season being underway. Our latest numbers suggest that the peak season freight rate growth is expected to be moderate this year. On the Asia-Europe trade, the late summer lull in shipments was a headwind, while the Transpacific still suffers the overhang of excess supply. In addition, massive factory closure in China…

Container Shipping - A Rising Tide Floats All Boats

Equity Bottom-Up

AP Moeller - Maersk A/S / Equity Bottom-Up

Impairments hold back group’s result, but Maersk Line turns profitable. Maersk Line returned back to the black with a profit of USD 339m in 2Q17 from a loss of USD 151m in 2Q16. The company’s turnaround was achieved mainly on account of a 22% increase in the freight rates. Unit costs though proved to be a slight dampener which rose 7% on the back of higher bunker fuel prices (+61% y/y to USD 313 / tonne). The turnaround of Maersk Line is largely in line with DMFR’s estimate and we believe this…

Impairments hold back group’s result, but Maersk Line turns profitable. Maersk Line returned back to the black with a profit of USD 339m in 2Q17 from a loss of USD 151m in 2Q16. The company’s turnaround was achieved mainly on account of a 22% increase in the freight rates. Unit costs though proved to be a slight dampener which rose 7% on the back of higher bunker fuel prices (+61% y/y to USD 313 / tonne). The turnaround of Maersk Line is largely in line with DMFR’s estimate and we believe this…

Underlying Thesis Intact; Maersk Line Returns to Profitability

Asian Equities Analyst, Logistics & Transport, Tracking Traffic

Daniel Hellberg

Asian Equities Analyst, Logistics & Transport

<h2>Overview</h2>Since <a href="https://www.smartkarma.com/entities/18689" target="_blank" data-smartkarma-citation="entities:18689:1">Hanjin Shipping Co Ltd (117930 KS)</a> declared bankruptcy at the end of August 2016, market conditions in long-haul container shipping have improved substantially. The removal of Hanjin's capacity (and it's aggressive pricing tactics) combined with a modest improvement in demand led to a strong improvement in freight rates in most long-haul markets since the end of Q3 last year. In addition, a series of recent mergers and acquisitions in the sector, plus new carrier alliances that…

OverviewSince Hanjin Shipping Co Ltd (117930 KS) declared bankruptcy at the end of August 2016, market conditions in long-haul container shipping have improved substantially. The removal of Hanjin's capacity (and it's aggressive pricing tactics) combined with a modest improvement in demand led to a strong improvement in freight rates in most long-haul markets since the end of Q3 last year. In addition, a series of recent mergers and acquisitions in the sector, plus new carrier alliances that…

Evergreen, Yang Ming Q217 Results Show Sharp Recovery Since Hanjin Bankruptcy in Q316; Now What?

Results in line: Westports Holdings Bhd reported its 2Q17 results, which are in line with our expectations. On the back of throughput weakness and a change in accounting standards, the revenue slipped 6.3% y/y to MYR 421.0m (USD 98.4m). The Malaysian-listed terminal operator handled 2.23m teu in the quarter, representing a contraction of 10.8% over the same period last year.Dual-hubbing strategy hurts: Had it not been for a record quarterly gateway throughput, the net earnings could have been…

Results in line: Westports Holdings Bhd reported its 2Q17 results, which are in line with our expectations. On the back of throughput weakness and a change in accounting standards, the revenue slipped 6.3% y/y to MYR 421.0m (USD 98.4m). The Malaysian-listed terminal operator handled 2.23m teu in the quarter, representing a contraction of 10.8% over the same period last year.Dual-hubbing strategy hurts: Had it not been for a record quarterly gateway throughput, the net earnings could have been…

Westports 2Q17 – Throughput Guidance Boosts Our Unattractive Call

Denmark

A.P. Moeller-Maersk A/S is a conglomerate with diversified holdings. The Company operates a fleet including container vessels, tankers, supply ships, special vessels, APM terminials, and oil drilling rigs.  A.P. Moeller-Maersk also operates industrial business and explores for and produces oil and gas. The Company is active worldwide.

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AP Moeller - Maersk A/S (MAERSKB DC)

CMA CGM Credit Research 2Q17 Results Update - Credit Outlook Stable - Bond Valuation Neutral

Profitability shot up in 2Q17, thanks to a better freight market and benefits from NOL acquisition: CMA CGM posted higher revenues by 57% y/y at...

Drewry Maritime Financial Research

Container Shipping - A Rising Tide Floats All Boats

Supply-demand balance still delicate, but better than last two years. The balance between supply and demand is still wafer-thin, which has had its...

Drewry Maritime Financial Research

Underlying Thesis Intact; Maersk Line Returns to Profitability

Impairments hold back group’s result, but Maersk Line turns profitable. Maersk Line returned back to the black with a profit of USD 339m in 2Q17...

Drewry Maritime Financial Research

Evergreen, Yang Ming Q217 Results Show Sharp Recovery Since Hanjin Bankruptcy in Q316; Now What?

OverviewSince Hanjin Shipping Co Ltd (117930 KS) declared bankruptcy at the end of August 2016, market conditions in long-haul container shipping...

Daniel Hellberg

Westports 2Q17 – Throughput Guidance Boosts Our Unattractive Call

Results in line: Westports Holdings Bhd reported its 2Q17 results, which are in line with our expectations. On the back of throughput weakness and...

Drewry Maritime Financial Research

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