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)

Counter cyclical investment strategy to run its course, Downgrade to Neutral on multiple headwinds<figure class="editor-figure mceNonEditable"><img src="https://static-prod.smartkarma.com/images/media/000/009/137/original/t3.JPG?1465611344" class="editor-image img-responsive" data-smartkarma-image-id="9137"></figure> • Demand for tankers to grow, albeit at a slower pace: The sharp decline in crude prices in 2014-15 on account of supply glut in the crude oil market has turned the fortune of tanker operators. Demand for oil tankers picked up as crude demand surged on account of increased crude consumption and greater stockpiling activity for building Strategic Petroleum Reserves (SPRs) by China and India, as their…

Counter cyclical investment strategy to run its course, Downgrade to Neutral on multiple headwinds • Demand for tankers to grow, albeit at a slower pace: The sharp decline in crude prices in 2014-15 on account of supply glut in the crude oil market has turned the fortune of tanker operators. Demand for oil tankers picked up as crude demand surged on account of increased crude consumption and greater stockpiling activity for building Strategic Petroleum Reserves (SPRs) by China and India, as their…

Tanker Shipping Cycle - Counter Cyclical Investment Strategy to Run Its Course, Downgrade to Neutral

Underperformance continues as markets look past near-term earnings<figure class="editor-figure mceNonEditable"><img src="https://static-prod.smartkarma.com/images/media/000/009/135/original/t1.JPG?1465610335" class="editor-image img-responsive" data-smartkarma-image-id="9135"></figure> • The surge in the seaborne crude trade – a result of continued supply glut and low crude prices boosted the fortunes of tanker shipping companies in 2015; tanker operators reported a sharp growth in topline and registered multi-fold increase in earnings and profitability. The year gone by was one of the best for the industry since the GFC in 2008-09 as freight rates remained firm throughout the year; with occasional seasonal…

Underperformance continues as markets look past near-term earnings • The surge in the seaborne crude trade – a result of continued supply glut and low crude prices boosted the fortunes of tanker shipping companies in 2015; tanker operators reported a sharp growth in topline and registered multi-fold increase in earnings and profitability. The year gone by was one of the best for the industry since the GFC in 2008-09 as freight rates remained firm throughout the year; with occasional seasonal…

The rebound in crude oil and gas prices brought some solace to shareholders of gas shipping companies as stocks of LNG and LPG operators started trending up. Nonetheless, investors have been discreet while backing a company. Since the start of the year, Gaslog in the LNG shipping and StealthGas among the LPG ship operators have yielded handsome returns. We believe attractive valuation was one of the driving factor, which led investors to bottom fishing.<ul><li>LPG shipping – US ethylene plants to aid handysize vessels</li><li>LPG shipping – downside capped in coaster segment</li><li>LNG shipping remains subdued, but will improve from 2018</li><li>Chinese effect – gaining prominence in gas shipping, </li><li>China natural gas demand to show steady rise</li><li>China needs additional LNG to meet its growing natural gas demand</li><li>Chinese effect – New shipping capacity required for growing imports</li><li>Chinese LPG consumption is also expected to increase</li></ul>

The rebound in crude oil and gas prices brought some solace to shareholders of gas shipping companies as stocks of LNG and LPG operators started trending up. Nonetheless, investors have been discreet while backing a company. Since the start of the year, Gaslog in the LNG shipping and StealthGas among the LPG ship operators have yielded handsome returns. We believe attractive valuation was one of the driving factor, which led investors to bottom fishing.LPG shipping – US ethylene plants to aid handysize vesselsLPG shipping – downside capped in coaster segmentLNG shipping remains subdued, but will improve from 2018Chinese effect – gaining prominence in gas shipping, China natural gas demand to show steady riseChina needs additional LNG to meet its growing natural gas demandChinese effect – New shipping capacity required for growing importsChinese LPG consumption is also expected to increase

Gas Shipping - Gaining Traction Amid Recovery in Oil Prices

Information Technology Consultant

Ishita Jain

A few months ago, I wrote a piece titled "Investing in the Internet of Things" and I made a case for the bright future of IoT and its myriad applications. At that time, I had noted that one of the top users of IoT was the agriculture sector and today it continues to surge ahead in its use of smart devices. This article serves to explore the innovative ways in which the agriculture industry is exploiting IoT and also serves to bolster the case for investing in IoT.

A few months ago, I wrote a piece titled "Investing in the Internet of Things" and I made a case for the bright future of IoT and its myriad applications. At that time, I had noted that one of the top users of IoT was the agriculture sector and today it continues to surge ahead in its use of smart devices. This article serves to explore the innovative ways in which the agriculture industry is exploiting IoT and also serves to bolster the case for investing in IoT.

Head of Research, IPOs & Placements, Aequitas Research

Sumeet Singh

Head of Research, IPOs & Placements

Smartkarma

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

Research Reinvented

Equity Capital Markets

BOC Aviation (BOCA) plans to raise US$1.1bn through its fixed price HK IPO. We covered the fundamental aspects of the deal in earlier insight, <a href="https://www.smartkarma.com/insights/boc-aviation-lower-for-longer-on-rates-and-oil-couldn-t-pick-a-better-time-to-list" target="_blank" data-smartkarma-citation="insights:3318">BOC Aviation Pre-IPO-Review - Great Track Record but Needs a Few Clarifications</a>, and subsequently compared it to peers in <a href="https://www.smartkarma.com/insights/boc-aviation-ipo-not-much-to-set-it-apart-from-competition" target="_blank" data-smartkarma-citation="insights:3782">BOC Aviation IPO - Not Much to Set It Apart from Competition</a>.In this insight we look to:<ul><li>analyse some of the factors that have been plaguing the industry, resulting in peers trading below book</li><li>analyse some additional factors that could impact the deal</li><li>clarify on some of the issues that we raised earlier, and</li><li>run the deal through our framework</li></ul>

BOC Aviation (BOCA) plans to raise US$1.1bn through its fixed price HK IPO. We covered the fundamental aspects of the deal in earlier insight, BOC Aviation Pre-IPO-Review - Great Track Record but Needs a Few Clarifications, and subsequently compared it to peers in BOC Aviation IPO - Not Much to Set It Apart from Competition.In this insight we look to:analyse some of the factors that have been plaguing the industry, resulting in peers trading below bookanalyse some additional factors that could impact the dealclarify on some of the issues that we raised earlier, andrun the deal through our framework

United States

The Boeing Company, together with its subsidiaries, develops, produces, and markets commercial jet aircraft, as well as provides related support services to the commercial airline industry worldwide.  The Company also researches, develops, produces, modifies, and supports information, space, and defense systems, including military aircraft, helicopters and space and missile systems.

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Boeing Co (BA US)

Tanker Shipping Cycle - Counter Cyclical Investment Strategy to Run Its Course, Downgrade to Neutral

Counter cyclical investment strategy to run its course, Downgrade to Neutral on multiple headwinds • Demand for tankers to grow, albeit at a slower...

Drewry Maritime Financial Research

Tanker Shipping - Stocks Going Nowhere?

Underperformance continues as markets look past near-term earnings • The surge in the seaborne crude trade – a result of continued supply glut and...

Drewry Maritime Financial Research

Gas Shipping - Gaining Traction Amid Recovery in Oil Prices

The rebound in crude oil and gas prices brought some solace to shareholders of gas shipping companies as stocks of LNG and LPG operators started...

Drewry Maritime Financial Research

Internet of Things in Agriculture

A few months ago, I wrote a piece titled "Investing in the Internet of Things" and I made a case for the bright future of IoT and its myriad...

Ishita Jain

BOC Aviation IPO - Running Low on Fuel

BOC Aviation (BOCA) plans to raise US$1.1bn through its fixed price HK IPO. We covered the fundamental aspects of the deal in earlier insight, BOC...

Sumeet Singh

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