Frontier and emerging markets (Vietnam)

Dylan Waller

Nomadic Equity

Thematic (Sector/Industry)

Norway, Colombia, and Nigeria Amid Low Oil Prices The low oil price environment since late 2014 has put varying levels of strain on oil exporting countries and has also provided a benchmark of which countries have some of the most resilient oil producing companies.  As outlined in previous insights, I am bullish on several Vietnamese oil &amp; gas companies which have been able to fare well in this low oil price environment and could experience a strong rebound if oil prices rebound.  The World Bank…

Norway, Colombia, and Nigeria Amid Low Oil Prices  The low oil price environment since late 2014 has put varying levels of strain on oil exporting countries and has also provided a benchmark of which countries have some of the most resilient oil producing companies.  As outlined in previous insights, I am bullish on several Vietnamese oil &amp; gas companies which have been able to fare well in this low oil price environment and could experience a strong rebound if oil prices rebound.  The World Bank…

Overview of Opportunities in Asia, Africa, Latin America and Norway

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

Even though the market capitalisation of LPG shipping players has shrunk sharply, the valuations on forward basisare necessarily not cheap. With earnings expectations pared down, investors are unlikely to lap up the LPG shipping stocks, and hence, they will remain range-bound. We do not see investors willing to accord higher multiples, and we believe the share prices could trade within a range. Hence, we have trimmed our valuation forecasts and our base case is a Neutral stance on LPG shipping…

Even though the market capitalisation of LPG shipping players has shrunk sharply, the valuations on forward basisare necessarily not cheap. With earnings expectations pared down, investors are unlikely to lap up the LPG shipping stocks, and hence, they will remain range-bound. We do not see investors willing to accord higher multiples, and we believe the share prices could trade within a range. Hence, we have trimmed our valuation forecasts and our base case is a Neutral stance on LPG shipping…

DMER - LPG Shipping 2.0 - BW LPG, GASS US and NVGS US, Valuations Uncompelling Despite Correction

BW LPG (BWLPG NO) - VLGC Market to Remain Challenging, Dividend Payout Could Eventually Halt<ul><li>
Unexpected low rates result in disappointing earnings: At the start of the year, we cautioned about moderation in the VLGC rates and downgraded the stock to Neutral, but the extent of the fall (from USD 52,000pd in January to USD 14,000pd in June 2016) was unexpected, and VLGCs are burning cash at the current daily rates of about USD 12,000 on the AG-Japan route. The fall in rates has also led to a…</li></ul>

BW LPG (BWLPG NO) - VLGC Market to Remain Challenging, Dividend Payout Could Eventually Halt
Unexpected low rates result in disappointing earnings: At the start of the year, we cautioned about moderation in the VLGC rates and downgraded the stock to Neutral, but the extent of the fall (from USD 52,000pd in January to USD 14,000pd in June 2016) was unexpected, and VLGCs are burning cash at the current daily rates of about USD 12,000 on the AG-Japan route. The fall in rates has also led to a…

BW LPG (BWLPG NO) - VLGC Market to Remain Challenging, Dividend Payout Could Eventually Halt

Norway

BW LPG Limited provides safe, reliable and cost-efficient maritime transportation solutions to customers. The Company links areas of supply and demand globally with its fleet of LPG carriers, which is managed by experienced officers and crew. BW LPG is operating out of Singapore and its fleet operates on a combination of spot voyages, contracts of affreightment, and time charters.

Price Gauge
52-week Range	0.00 - 0.00
Market Cap (USDm)	0.00
P/E	0.00
Dividend (Yield)	0.00

BW LPG Ltd (BWLPG NO)

Overview of Opportunities in Asia, Africa, Latin America and Norway

Norway, Colombia, and Nigeria Amid Low Oil PricesThe low oil price environment since late 2014 has put varying levels of strain on oil exporting...

Nomadic Equity

DMER - LPG Shipping 2.0 - BW LPG, GASS US and NVGS US, Valuations Uncompelling Despite Correction

Even though the market capitalisation of LPG shipping players has shrunk sharply, the valuations on forward basisare necessarily not cheap. With...

Drewry Maritime Financial Research

BW LPG (BWLPG NO) - VLGC Market to Remain Challenging, Dividend Payout Could Eventually Halt

BW LPG (BWLPG NO) - VLGC Market to Remain Challenging, Dividend Payout Could Eventually HaltUnexpected low rates result in disappointing earnings:...

Drewry Maritime Financial Research

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)