Asian Equities Analyst, Logistics & Transport, Tracking Traffic

Daniel Hellberg

Asian Equities Analyst, Logistics & Transport

Thematic (Sector/Industry)

<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?

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.

Equity Bottom-Up

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

On Tuesday morning we spoke to Mr. S.S. Teo, Managing Director of Pacific International Lines (PIL). PIL is a private, family-owned container carrier currently ranked number thirteen world-wide in terms of fleet carrying capacity (about 376,000 TEUs according to Alphaliner). PIL has a strong presence in trades between East Asia and India, the Middle East, and Africa, and a much smaller presence in the larger trades connecting Asia, North America, and Europe; it mainly serves these latter markets…

On Tuesday morning we spoke to Mr. S.S. Teo, Managing Director of Pacific International Lines (PIL). PIL is a private, family-owned container carrier currently ranked number thirteen world-wide in terms of fleet carrying capacity (about 376,000 TEUs according to Alphaliner). PIL has a strong presence in trades between East Asia and India, the Middle East, and Africa, and a much smaller presence in the larger trades connecting Asia, North America, and Europe; it mainly serves these latter markets…

Pacific International Lines' MD Discusses Container Sector Consolidation: 'Fewer Weddings' in 2017

Asia Pac IPO & Placement Research, China biotech, Aequitas Research

Ke Yan, CFA, FRM

Asia Pac IPO & Placement Research, China biotech

Smartkarma

Smartkarma unites the fragmented investment industry, connecting institutional investors, independent research providers, and corporates within a single network.

Research Reinvented

Singamas Container Holdings / Equity Bottom-Up

We recently had a call with management from <a href="https://www.smartkarma.com/entities/13602" target="_blank" data-smartkarma-citation="entities:13602:1">Singamas Container Hldgs (716 HK)</a>, the second largest container manufacturer in the world after <a href="https://www.smartkarma.com/entities/11752" target="_blank" data-smartkarma-citation="entities:11752:1">China International Marine Cntnrs Gp Ltd (2039 HK; "CIMC")</a>, to understand the latest trends in the container manufacturing industry. 2016 saw a weak market for container manufacturers, and Singamas made a loss of US$59m. Singamas' share price has been weak until recently. We look at this name because: 1) the shipping industry has come off lows in 2016, 2)…

We recently had a call with management from Singamas Container Hldgs (716 HK), the second largest container manufacturer in the world after China International Marine Cntnrs Gp Ltd (2039 HK; "CIMC"), to understand the latest trends in the container manufacturing industry. 2016 saw a weak market for container manufacturers, and Singamas made a loss of US$59m. Singamas' share price has been weak until recently. We look at this name because: 1) the shipping industry has come off lows in 2016, 2)…

Call with Singamas: Tales of Hanjin, Water Based Paints, and New Reefer Plant

Container Shipping - Asia Import Drive Will Boost Asia-Europe-Asia Box Profits for CarriersBackground - Space shortage has disrupted the Europe-Asia container trade in February and March and European exporters face highly unusual space crunch. This is highly unusual for a ‘back-haul’ route where ship utilization rarely reaches 70%. Carriers charged an ‘emergency minimum rate’ to accept bookings and some of them have put a stop to bookings until mid-April. Boxes already on the quay are getting…

Container Shipping - Asia Import Drive Will Boost Asia-Europe-Asia Box Profits for CarriersBackground - Space shortage has disrupted the Europe-Asia container trade in February and March and European exporters face highly unusual space crunch. This is highly unusual for a ‘back-haul’ route where ship utilization rarely reaches 70%. Carriers charged an ‘emergency minimum rate’ to accept bookings and some of them have put a stop to bookings until mid-April. Boxes already on the quay are getting…

Container Shipping - Asia Import Drive Will Boost Asia-Europe-Asia Box Profits for Carriers

Denmark

A.P. Moller - Maersk A/S operates as an integrated transport and logistics company. The Company offers container vessels, supply ships, special vessels, terminals, tug boat activities and reefer container box manufacturing. A.P. Moller-Maersk serves clients worldwide.

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AP Moller - Maersk A/S (MAERSKA DC)

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

Pacific International Lines' MD Discusses Container Sector Consolidation: 'Fewer Weddings' in 2017

On Tuesday morning we spoke to Mr. S.S. Teo, Managing Director of Pacific International Lines (PIL). PIL is a private, family-owned container...

Daniel Hellberg

Call with Singamas: Tales of Hanjin, Water Based Paints, and New Reefer Plant

We recently had a call with management from Singamas Container Hldgs (716 HK), the second largest container manufacturer in the world after China...

Ke Yan, CFA, FRM

Container Shipping - Asia Import Drive Will Boost Asia-Europe-Asia Box Profits for Carriers

Container Shipping - Asia Import Drive Will Boost Asia-Europe-Asia Box Profits for CarriersBackground - Space shortage has disrupted the...

Drewry Maritime Financial Research

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