CEO, CIO, ClearMacro

Mike Simcock

CEO, CIO

Strategic & Tactical Asset Allocation Global Macro

ClearMacro

CIO, & CEO ClearMacro Ltd
An institutional investor with over 25 years experience, laterly having spent 10 years at GIC Singapore SWF. Managng Director, managing Global Macro, FIxed Income (Europe) and Global Credit businesses.
Passionate about utilising technology to enhance portfolio idea generation across global, multi-asset classes and optimisation of the investment process.

Macroeconomics

We're awash in concerns over inflation - the Economist last week, and multiple speakers at the 2nd Independent Research Conference where we moderated a panel on asset allocation. Ignore them.  Our analysis suggests a low near term probability of sustained inflationary concerns in core markets. However, if you disagree, steer clear of linkers and commodity futures as your inflation hedge. You'll likely lose money. We recommend equities for this role, which are currently pricing in cyclical inflation lows.  In EM, we see the trend moving in the opposite direction, as inflationary pressures top out on the back of recovery in real exchange rates.  Longer term, the outlook for inflation in core economies will move up as policy makers are forced to ease more aggressively to drive it into a 2-4% range.  Not necessarily a bad thing for risk assets.

We're awash in concerns over inflation - the Economist last week, and multiple speakers at the 2nd Independent Research Conference where we moderated a panel on asset allocation. Ignore them.  Our analysis suggests a low near term probability of sustained inflationary concerns in core markets. However, if you disagree, steer clear of linkers and commodity futures as your inflation hedge. You'll likely lose money. We recommend equities for this role, which are currently pricing in cyclical inflation lows.  In EM, we see the trend moving in the opposite direction, as inflationary pressures top out on the back of recovery in real exchange rates.  Longer term, the outlook for inflation in core economies will move up as policy makers are forced to ease more aggressively to drive it into a 2-4% range.  Not necessarily a bad thing for risk assets.

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)

Consolidation in the Liner Industry Container shipping companies confront the enormous challenges facing the industry today. One of the options available to lines is consolidation; this is essential for the industry but fraught with difficulty for the lines involved. We at Drewry have prepared a thought leadership paper which looks at the industry context, historical M&amp;A activity, and the benefits and risks to participants and proposes some must dos for successful liner consolidation.

Consolidation in the Liner Industry Container shipping companies confront the enormous challenges facing the industry today. One of the options available to lines is consolidation; this is essential for the industry but fraught with difficulty for the lines involved. We at Drewry have prepared a thought leadership paper which looks at the industry context, historical M&amp;A activity, and the benefits and risks to participants and proposes some must dos for successful liner consolidation. 

Oil tanker market has been pretty strong past couple of days with rates on benchmark AG-Japan trade crossing $80,000 per day. Higher number if cargoes have supported the demand with West African chartering activity rising the to highest level since January. There has been some notable spike in Chinese demand as well. We would like to highlight another key factor which could be underpinning the market in short term, the return of floating storage. After a brief period of profitable window in…

Oil tanker market has been pretty strong past couple of days with rates on benchmark AG-Japan trade crossing $80,000 per day. Higher number if cargoes have supported the demand with West African chartering activity rising the to highest level since January. There has been some notable spike in Chinese demand as well.  We would like to highlight another key factor which could be underpinning the market in short term, the return of floating storage. After a brief period of profitable window in…

Brimming Onshore Storage Forcing Traders Towards Oil Tankers

<table class="table table-striped"><tbody><tr><td><h2>Valemaxes May Have Delivered the Knock-Out Punch to the Capesize Market</h2></td></tr></tbody></table>It was a pleasure reading <a href="https://www.smartkarma.com/insights/china-s-ship-subsidies-from-hell" target="_blank">https://www.smartkarma.com/insights/china-s-ship-subsidies-from-hell</a> by <a href="https://www.smartkarma.com/profiles/36" target="_blank" data-smartkarma-citation="accounts:36">Charles De Trenck</a>  this morning. Great insight into how wrong policy mistakes can lead to a lost decade for the industry.We belive the Capesize market outlook worsens further as three Chinese companies, Cosco Group, China Merchants Group and ICBC Financial Leasing have ordered 30 Valemaxes of 400,000 dwt each. Through these…

Valemaxes May Have Delivered the Knock-Out Punch to the Capesize MarketIt was a pleasure reading https://www.smartkarma.com/insights/china-s-ship-subsidies-from-hell by Charles De Trenck  this morning. Great insight into how wrong policy mistakes can lead to a lost decade for the industry.We belive the Capesize market outlook worsens further as three Chinese companies, Cosco Group, China Merchants Group and ICBC Financial Leasing have ordered 30 Valemaxes of 400,000 dwt each. Through these…

Valemaxes May Have Delivered the Knock-Out Punch to the Capesize Market

• Global macroeconomics: The economists surveyed by Bloomberg expect the US Fed to postpone the next interest rate hike (anticipated to happen in March 2016) because of the global economic turmoil and massive sell-off in emerging markets. Bank of Japan also adopted an aggressive monetary policy as it lowered interest rates to negative 0.1% on excess funds that banks keep with the central bank in an attempt to fight deflation. Meanwhile, the Chinese government has set a lower GDP growth rate of…

• Global macroeconomics: The economists surveyed by Bloomberg expect the US Fed to postpone the next interest rate hike (anticipated to happen in March 2016) because of the global economic turmoil and massive sell-off in emerging markets. Bank of Japan also adopted an aggressive monetary policy as it lowered interest rates to negative 0.1% on excess funds that banks keep with the central bank in an attempt to fight deflation. Meanwhile, the Chinese government has set a lower GDP growth rate of…

Drewry Maritime Equity Research Monthly Insight - Feb 2016

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)

Inflation - Really?

We're awash in concerns over inflation - the Economist last week, and multiple speakers at the 2nd Independent Research Conference where...

ClearMacro

Consolidation in the Liner Industry

Consolidation in the Liner Industry Container shipping companies confront the enormous challenges facing the industry today. One of the options...

Drewry Maritime Financial Research

Brimming Onshore Storage Forcing Traders Towards Oil Tankers

Oil tanker market has been pretty strong past couple of days with rates on benchmark AG-Japan trade crossing $80,000 per day. Higher number if...

Drewry Maritime Financial Research

Valemaxes May Have Delivered the Knock-Out Punch to the Capesize Market

It was a pleasure reading https://www.smartkarma.com/insights/china-s-ship-subsidies-from-hell by Charles De Trenck this morning. Great insight...

Drewry Maritime Financial Research

Drewry Maritime Equity Research Monthly Insight - Feb 2016

• Global macroeconomics: The economists surveyed by Bloomberg expect the US Fed to postpone the next interest rate hike (anticipated to happen in...

Drewry Maritime Financial Research

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52-week Range

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