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)

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

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.

Many companies that had previously been big investors in Chinese manufacturing plants are now considering their options. An increasing number argue that the ASEAN countries have a lot to offer, particularly with the removal of tariff barriers.

Many companies that had previously been big investors in Chinese manufacturing plants are now considering their options. An increasing number argue that the ASEAN countries have a lot to offer, particularly with the removal of tariff barriers.

Research and consultancy, Tabbush Report

Daniel Tabbush

Research and consultancy

Tabbush Report

We provide research and consultancy on Asian banks. Our focus is on what we call “Asian bank research, without the noise.” We are interested in the most critical swing-factors for banks, the NPL and credit cycle, and where we believe there is a gap between perception and reality. We often focus on the less studied components of bank financial statements.  Our research is highly thematic, sometimes examining unlisted banks and companies as a window on mainstream banks. 

Being independent allows us to look at smaller banks, often overlooked by others. Analysis of BIS bank guidelines in the context of Asia, is also a focal point, while we also analyze global banks operating in the region. We use what we believe is the most comprehensive, reliable financials database, SNL Financial. S&P Capital IQ augments our database, with corporate data and CEIC, with economics. 

Asian bank research, without the noise.

We all intuitively understand the concept of economic growth and keeping current with debt. But where so many commentators continue to proclaim China’s growth as being relatively strong, we feel compelled to disagree. It is not relatively strong compared with debt. The mirror image of the boon in credit for banks in China over the past several years is a high level of liabilities at the corporate level. If these same companies are not seeing higher growth, there is no way to keep pace with…

We all intuitively understand the concept of economic growth and keeping current with debt. But where so many commentators continue to proclaim China’s growth as being relatively strong, we feel compelled to disagree. It is not relatively strong compared with debt. The mirror image of the boon in credit for banks in China over the past several years is a high level of liabilities at the corporate level. If these same companies are not seeing higher growth, there is no way to keep pace with…

China - Growth Must Be Fantastic to Support Loan Payments

In order to advance, Chinese industry needs to become innovative. The track record to date is poor, with few examples of genuine innovation and rather too many instances of attempts to deceive and straightforward fraud.

In order to advance, Chinese industry needs to become innovative. The track record to date is poor, with few examples of genuine innovation and rather too many instances of attempts to deceive and straightforward fraud. 

China Macroeconomics & Academia

Christopher Balding

Macroeconomics

With what we see as the stabilization of the Chinese real economy, though credit driven as noted, and growth in steel production among other products, it is naturally anticipated that the inventory level may have increased. This would be due to a lack of real demand absorbing the additional production.Nearly all important metal ore inventories have declined. A look at the important metal ore inventories like nickel, chromium and manganese have experienced a steady decline since December 2015…

 With what we see as the stabilization of the Chinese real economy, though credit driven as noted, and growth in steel production among other products, it is naturally anticipated that the inventory level may have increased. This would be due to a lack of real demand absorbing the additional production.Nearly all important metal ore inventories have declined. A look at the important metal ore inventories like nickel, chromium and manganese have experienced a steady decline since December 2015…

Is Increased Chinese Output Leading to Higher Inventories?

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)

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

China or ASEAN? - You Choose

Many companies that had previously been big investors in Chinese manufacturing plants are now considering their options. An increasing number argue...

Bixmoor

China - Growth Must Be Fantastic to Support Loan Payments

We all intuitively understand the concept of economic growth and keeping current with debt. But where so many commentators continue to proclaim...

Daniel Tabbush

Innovation - A Sorry Tale in China

In order to advance, Chinese industry needs to become innovative. The track record to date is poor, with few examples of genuine innovation and...

Bixmoor

Is Increased Chinese Output Leading to Higher Inventories?

With what we see as the stabilization of the Chinese real economy, though credit driven as noted, and growth in steel production among other...

Christopher Balding

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