China Macroeconomics & Academia

Christopher Balding

Thematic (Sector/Industry)

Heavy capital investment in previous years and government support helped the Chinese economy in previous years to grow, while this year seems to be difficult for the economy in general. Listed companies however, seemingly in line with other underlying trends, demonstrated moderate growth but with significant divergence across industries.Cumulative operating income of major industrial sectors inched up but with wide industrial variation. Heavy industry is experiencing generally flat to…

Heavy capital investment in previous years and government support helped the Chinese economy in previous years to grow, while this year seems to be difficult for the economy in general. Listed companies however, seemingly in line with other underlying trends, demonstrated moderate growth but with significant divergence across industries.Cumulative operating income of major industrial sectors inched up but with wide industrial variation. Heavy industry is experiencing generally flat to…

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.

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

Bespoke Research on China and neighbouring regions, Bixmoor

Bixmoor

Bespoke Research on China and neighbouring regions

Bixmoor specialises in providing bespoke research to business, governments and the financial community on China and neighbouring regions. We seek to build long-term relationships with our clients, based on our expertise, our reliability and our determination to find the right solution.

There is a problem with official statistics in China. Put simply, they cannot be relied upon. From coal consumption, steel or iron ore production, the quality of groundwater, or even the figures for GDP, the official statistics rarely tell the full story. Officials have been found faking the figures and often selling inside information to the highest bidder. Although general trends can sometimes be right, good policies depend on accurate information.

There is a problem with official statistics in China. Put simply, they cannot be relied upon. From coal consumption, steel or iron ore production, the quality of groundwater, or even the figures for GDP, the official statistics rarely tell the full story. Officials have been found faking the figures and often selling inside information to the highest bidder. Although general trends can sometimes be right, good policies depend on accurate information.

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…

Macroeconomics

China’s road to recovery does not seem to have gained any real momentum independent of credit fueled stimulus. The trade data of China is uneven and reveals a lot about the economic health and consumption. The debt support may have helped the economy for a while but shows its limits.A look at the country’s import and exports by volume reveals crucial information. Base commodity imports are shown in Figure 1 have been growing since the first of the year, even when the price impacts do not pass…

China’s road to recovery does not seem to have gained any real momentum independent of credit fueled stimulus. The trade data of China is uneven and reveals a lot about the economic health and consumption. The debt support may have helped the economy for a while but shows its limits.A look at the country’s import and exports by volume reveals crucial information. Base commodity imports are shown in Figure 1 have been growing since the first of the year, even when the price impacts do not pass…

China

Hainan Strait Shipping Co., Ltd. offers domestic coastal passenger and cargo marine transportation services.

Cosco Shipping Specialised Carriers Co. provides marine and coastal freight transportation services.  The Company also operates in wholesale and retail trading, acts as a shipping agency, as well as provides loading and unloading, storage, and labor services.

Cosco Shipping Specialised Carriers  (600428 CH)

Bohai Ferry Company Limited is a passenger liner transportation enterprise. The Company mainly operates passenger vessel transport for the Yantai-Dalian and Penglai-Dalian sea routes.

Ningbo Marine Co., Ltd. provides freight transportation on the inland waters, as well as between the ports of Ningbo and Southeast Asian countries and Japan. The Company also invests in the transportation facility construction business and processes steel product.

Tianjin Tianhai Investment Co., Ltd. provides marine transportation services in China and internationally. The company operates container transportation and related business. Its principal routes include international container regular freight transportation lines to South Korea and Southeast Asia with Tianjin, Qingdao, Quanzhou, and Shantou as the base ports, as well as domestic freight transportation lines to Yingkou, Qingdao, Rizhao, and Longkou with Quanzhou and Shantou as the base ports. The company was formerly known as Tianjin Marine Shipping Co., Ltd. and changed its name to Tianjin Tianhai Investment Co., Ltd. in July 2015. Tianjin Tianhai Investment Co., Ltd. is based in Tianjin, China.

Lanhai Medical Investment Co., Ltd. provides domestic and international water transportation for bulk cargos.  The Company also trades petrochemical products and provides storage service.

Lanhai Medical Investment Co.,  (600896 CH)

Tianjin Port Co., Ltd. operates the Tianjin Port and provides related services including loading and unloading, storage, and transportation services.  The Company also acts as a freight transportation agency.

Qinhuangdao Port Company Limited loads, stores, transports port cargo. The Company's main products include liquid chemicals, iron ore and coal, oil and other cargo, containers and other products.

Jiangxi Ganyue Expressway Co., Ltd. maintains, operates, and manages toll expressways, bridges, and other transportation facilities.  The Company manages the Changjiu Expressway, the Changzhang Expressway, the Changfu Expressway, and the Yinsanjiao Overpass.

Jiangxi Ganyue Expressway Co., (600269 CH)

Anhui Expressway Co. Ltd. principally holds, operates and develops toll expressways and highways in Anhui province in China.

Pacific Basin Shipping Limited, through its subsidiaries, provides marine transportation services and logistical support to its customers through the commercial operation of a large, modern, and uniformly-sized fleet of shallow-draft Handysize dry bulk carriers.

Shipping Corporation of India Limited owns, operates and manages a fleet of bulk carriers, international container service, liquid/dry bulk service, tankers, passenger vessels and offshore supply vessels. The Company's fleet transports primarily crude oil.

Pan Ocean Co., Ltd. is a Korean shipping company that engages in marine transportation business. The Company provides bulk cargo carrier, pure car and truck carrier, container and tanker services.

Wisdom Marine Lines Company Ltd. transports freight by ship.  The Company operates bulk carriers, loggers, tweendeckers, multipurpose ships, roll-on and roll-offs, and container ships.

Clarkson PLC provides integrated shipping services, The Company provides shipbroking, ship management, financial services, fund management and property services.  Clarkson operates throughout the world.

Wilh. Wilhelmsen Holding ASA provides shipping services.  The Company offers global car and ro-ro customers sea transportation and integrated logistic solutions from factory to dealer through its operating companies.

DFDS A/S provides passenger and freight shipping services, and offers shipping related logistics solutions.  The Company focuses on two business divisions: DFDS Tor Line operates roro liner traffic in the North Sea, and DFDS Seaways runs overnight cruise ferries between cities in Northern Europe.  DFDS sells to customers with large shipping requirements and to car traveling tourists.

Danaos Corporation owns a fleet of containerships.  The Company charters these vessels to liner companies.

Costamare Inc. is a holding company, engages in the provision of containerships chartering. It owns vessels such as new build containerships and second hand vessel. It was founded on April 21, 2008 and is headquartered in Athens, Greece.

U-Ming Marine Transport Corporation operates in the tramp shipping business. The Company mainly ships bulk raw materials such as iron ore, coal, grains, and cement.

Cosco Shipping Development Co., Ltd is a container shipping company based in China.  The Company owns, charters, and operates container vessels for the provision of international and domestic container marine transportation services.

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Cosco Shipping Development (2866 HK)

China Listed Firms Q1 Summary

Heavy capital investment in previous years and government support helped the Chinese economy in previous years to grow, while this year seems to be...

Christopher Balding

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

Getting the Detail Right in China

There is a problem with official statistics in China. Put simply, they cannot be relied upon. From coal consumption, steel or iron ore production,...

Bixmoor

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

Inside China's May 2016 Trade Data

China’s road to recovery does not seem to have gained any real momentum independent of credit fueled stimulus. The trade data of China is uneven...

Christopher Balding

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