Asian Equities Analyst, Logistics & Transport, Tracking Traffic

Daniel Hellberg

Asian Equities Analyst, Logistics & Transport

Equity Bottom-Up

<p>Last week we noted that, after several quarters of improving profitability, container shipping earnings could begin to stagnate as the industry faces new headwinds and tougher Y/Y comparisons (see <a href="https://www.smartkarma.com/insights/you-are-here-taiwanese-japanese-container-carriers-recovery-valuations-since-hanjin-s-demise" target="_blank" data-smartkarma-citation="insights:14725">You Are Here--&gt; Taiwanese &amp; Japanese Container Carriers’ Recovery &amp; Valuations Since Hanjin’s Demise</a>). Q2FY17 results from Japan's three largest shipping companies, released during the midday break on October 31st, suggest those headwinds may indeed be gaining strength, and that further upside from the…</p>

Last week we noted that, after several quarters of improving profitability, container shipping earnings could begin to stagnate as the industry faces new headwinds and tougher Y/Y comparisons (see You Are Here--&gt; Taiwanese &amp; Japanese Container Carriers’ Recovery &amp; Valuations Since Hanjin’s Demise). Q2FY17 results from Japan's three largest shipping companies, released during the midday break on October 31st, suggest those headwinds may indeed be gaining strength, and that further upside from the…

Container Shipping Cyclical Gains Waning; Japan's K-Line Cuts 3/18 OP Target on Rising Competition

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)

<p><strong>Supply-demand balance still delicate, but better than last two years.</strong> 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…</p>

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

<h2>Overview</h2><p>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…</p>

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?

<p>This is the 11<sup>th</sup> issue of 'The Week that Was in Greater China@Smartkarma' which features a selection of last week's insights on China, Macau, Hong Kong and Taiwan. This is a collaborative report compiled by <a href="https://www.smartkarma.com/profiles/820" target="_blank">Scott Laprise/ 乐天虎</a>, <a href="https://www.smartkarma.com/profiles/803" target="_blank">Valerie Law, CFA</a>, <a href="https://www.smartkarma.com/profiles/9" target="_blank">Ke Yan, CFA, FRM</a>, and <a href="https://www.smartkarma.com/profiles/605" target="_blank" data-smartkarma-citation="accounts:605">Daniel Hellberg</a> on a rotating basis. Please let us know if you would like to be included in this collaborative effort.</p><h2>Sector, Company, and Thematic Notes</h2><p>In <a href="https://www.smartkarma.com/insights/jd-com-rich-valuations-on-razor-thin-margins-negative-roic" target="_blank" data-smartkarma-citation="insights:12359">JD.com: Rich Valuations on Razor-Thin Margins &amp; Negative ROIC</a>, Insight…</p>

This is the 11th issue of 'The Week that Was in Greater China@Smartkarma' which features a selection of last week's insights on China, Macau, Hong Kong and Taiwan. This is a collaborative report compiled by Scott Laprise/ 乐天虎, Valerie Law, CFA, Ke Yan, CFA, FRM, and Daniel Hellberg on a rotating basis. Please let us know if you would like to be included in this collaborative effort.Sector, Company, and Thematic NotesIn JD.com: Rich Valuations on Razor-Thin Margins &amp; Negative ROIC, Insight…

The Week that Was in Greater China @Smartkarma: JD.com Doubts, One Belt One Road, Fishy Wanda

Transport Sector, China and Asia-focused Research

Charles De Trenck

Event-Driven

<p>COSCO is adding two more OOs to its name.  This was an open secret for years, given 1) repeated un-announced <a href="https://www.smartkarma.com/entities/286" target="_blank" data-smartkarma-citation="entities:286:1">COSCO SHIPPING Holdings Co., Ltd (H) (1919 HK)</a> approaches, and 2) its strong support for OOHL (Orient Overseas (Holdings) Ltd) back in the late ‘80s during the Group’s financial rescue. In fact, the late-80s rescue was not COSCO per se but the Ministry of Communications.</p><p>And despite all the “reforms” in China, COSCO’s bottomless pit access to funding and good money after bad for its…</p>

COSCO is adding two more OOs to its name.  This was an open secret for years, given 1) repeated un-announced COSCO SHIPPING Holdings Co., Ltd (H) (1919 HK) approaches, and 2) its strong support for OOHL (Orient Overseas (Holdings) Ltd) back in the late ‘80s during the Group’s financial rescue. In fact, the late-80s rescue was not COSCO per se but the Ministry of Communications.And despite all the “reforms” in China, COSCO’s bottomless pit access to funding and good money after bad for its…

COSCO – OO: A Done Deal Many, Many Years Ago …Only Price Was Debatable…On to CMA-CGM  & Hapag

China

COSCO SHIPPING Holdings Co., Ltd offers marine freight transportation services.  The Company offers container shipping, dry bulk shipping, logistics services, freight forwarding, and terminal and container leasing services internationally.  COSCO SHIPPING Holdings Co., Ltd operates container ships and terminals, and manufactures shipping containers.

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COSCO Shipping Holdings (1919 HK)

Container Shipping Cyclical Gains Waning; Japan's K-Line Cuts 3/18 OP Target on Rising Competition

Last week we noted that, after several quarters of improving profitability, container shipping earnings could begin to stagnate as the industry...

Daniel Hellberg

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

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

The Week that Was in Greater China @Smartkarma: JD.com Doubts, One Belt One Road, Fishy Wanda

This is the 11th issue of 'The Week that Was in Greater China@Smartkarma' which features a selection of last week's insights on China, Macau, Hong...

Daniel Hellberg

COSCO – OO: A Done Deal Many, Many Years Ago …Only Price Was Debatable…On to CMA-CGM & Hapag

COSCO is adding two more OOs to its name. This was an open secret for years, given 1) repeated un-announced COSCO SHIPPING Holdings Co., Ltd (H)...

Charles De Trenck

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