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

Cost considerations drive Hutchison Port and Cosco Ports to Merge Hong Kong OperationsIn our last update on HK, we had said "Throughput recovery gains traction, but headwinds persist", please see <a href="https://www.smartkarma.com/insights/dmer-chinese-port-operators-2-0-pearl-river-delta-yangtze-river-delta-and-bohai-rim-hk-update" target="_blank">https://www.smartkarma.com/insights/dmer-chinese-port-operators-2-0-pearl-river-delta-yangtze-river-delta-and-bohai-rim-hk-update</a>. We also reiterated Cosco Ports as our top pick amongst the chinese port operators. <a href="https://www.smartkarma.com/insights/dmer-chinese-port-operators-3-0-cosco-shipping-ports-our-top-pick-dalian-port-least-favoured" target="_blank">https://www.smartkarma.com/insights/dmer-chinese-port-operators-3-0-cosco-shipping-ports-o</a>…

Cost considerations drive Hutchison Port and Cosco Ports to Merge Hong Kong OperationsIn our last update on HK, we had said "Throughput recovery gains traction, but headwinds persist", please see https://www.smartkarma.com/insights/dmer-chinese-port-operators-2-0-pearl-river-delta-yangtze-river-delta-and-bohai-rim-hk-update. We also reiterated Cosco Ports as our top pick amongst the chinese port operators. https://www.smartkarma.com/insights/dmer-chinese-port-operators-3-0-cosco-shipping-ports-o…

Cost Considerations Drive Hutchison Port and Cosco Ports to Merge Hong Kong Operations

Asian Equities Analyst, Logistics & Transport, Tracking Traffic

Daniel Hellberg

Asian Equities Analyst, Logistics & Transport

Orient Overseas International / Equity Bottom-Up

In our comments on the global container shipping segment, we have until recently argued that players on the supply side -- liner operators and other container ship owners -- have not taken the painful steps needed to bring excess supply in line with weakened demand in the near-term, and that the benefits of consolidation weren't likely to be seen for at least another year or two. In the last few weeks, however, we have seen evidence that ship owners are finally biting the bullet and reducing…

In our comments on the global container shipping segment, we have until recently argued that players on the supply side -- liner operators and other container ship owners -- have not taken the painful steps needed to bring excess supply in line with weakened demand in the near-term, and that the benefits of consolidation weren't likely to be seen for at least another year or two. In the last few weeks, however, we have seen evidence that ship owners are finally biting the bullet and reducing…

Container Shipping: Demand Weak, But Supply Side Taking Needed Steps; Hanjin Sold; Focus On OOIL

<ul><li>
Trump stuns with a comfortable win: Last night Donald Trump won the US presidency, edging out Hillary Clinton in several swing states to secure at least 279 electoral college votes to Clinton's 218 (270 votes are needed to win; results of a few close contests are still being tallied this morning, but they won't change the outcome). Clinton actually won the popular vote by a small margin (estimated 47.6% vs Trump's 47.5% as of Wednesday morning in the US) but badly underperformed expectations in…</li></ul>


Trump stuns with a comfortable win: Last night Donald Trump won the US presidency, edging out Hillary Clinton in several swing states to secure at least 279 electoral college votes to Clinton's 218 (270 votes are needed to win; results of a few close contests are still being tallied this morning, but they won't change the outcome). Clinton actually won the popular vote by a small margin (estimated 47.6% vs Trump's 47.5% as of Wednesday morning in the US) but badly underperformed expectations in…

Trump's Victory, The Danger of Certainty, and an Actionable Idea: Get Short US Int'l Trade Flows

In line with September's macro numbers (see <a href="https://www.smartkarma.com/insights/china-exports-fall-but-reforms-apace" target="_blank" data-smartkarma-citation="insights:6500">China: Exports Fall but Reforms Apace</a> and <a href="https://www.smartkarma.com/insights/chinese-trade-data-recap-it-isn-t-pretty" target="_blank" data-smartkarma-citation="insights:6443">Chinese Trade Data Recap: It Isn’t Pretty</a>), organic growth reported by the two largest Chinese port operators remained weak last month. In this note we quickly review September throughput numbers for both <a href="https://www.smartkarma.com/entities/15155" target="_blank" data-smartkarma-citation="entities:15155:1">China Merchants Port Holdings Company Ltd. (144 HK)</a> and <a href="https://www.smartkarma.com/entities/360" target="_blank" data-smartkarma-citation="entities:360:1">COSCO Pacific Ltd (1199 HK)</a>. We point out that while organic growth at Chinese ports remains weak, the alternative to growing organically (ie, growth via…

In line with September's macro numbers (see China: Exports Fall but Reforms Apace and Chinese Trade Data Recap: It Isn’t Pretty), organic growth reported by the two largest Chinese port operators remained weak last month. In this note we quickly review September throughput numbers for both China Merchants Port Holdings Company Ltd. (144 HK) and COSCO Pacific Ltd (1199 HK). We point out that while organic growth at Chinese ports remains weak, the alternative to growing organically (ie, growth via…

Organic Growth at China Merchants Port, Cosco Shipping Ports Remains Weak. Acquisitions? Expensive!

In our earlier updates we looked at the macros of the Chinese port operators and key regional developments, <a href="https://www.smartkarma.com/insights/dmer-chinese-port-operators-avoid-bottom-fishing-in-troubled-waters" target="_blank">https://www.smartkarma.com/insights/dmer-chinese-port-operators-avoid-bottom-fishing-in-troubled-waters</a>, <a href="https://www.smartkarma.com/insights/dmer-chinese-port-operators-2-0-pearl-river-delta-yangtze-river-delta-and-bohai-rim-hk-update" target="_blank">https://www.smartkarma.com/insights/dmer-chinese-port-operators-2-0-pearl-river-delta-yangtze-river-delta-and-bohai-rim-hk-update</a>. In this last update we look at the individual listed operators. <ul><li>Current valuations of Chinese operators are slow to reflect weak earnings, while the market has downshifted valuations of non-Chinese peers. Chinese operators stand to weaken further when deteriorating earnings momentum becomes apparent in upcoming results.</li><li>Chinese operators have improved their net gearing profiles in the past six months, adopting a more cautious approach to the balance sheet leveraging. With parental support and connection with strong affiliates, none of the Chinese operators falls under the High investment risk category. </li></ul>

In our earlier updates we looked at the macros of the Chinese port operators and key regional developments, https://www.smartkarma.com/insights/dmer-chinese-port-operators-avoid-bottom-fishing-in-troubled-waters, https://www.smartkarma.com/insights/dmer-chinese-port-operators-2-0-pearl-river-delta-yangtze-river-delta-and-bohai-rim-hk-update. In this last update we look at the individual listed operators. Current valuations of Chinese operators are slow to reflect weak earnings, while the market has downshifted valuations of non-Chinese peers. Chinese operators stand to weaken further when deteriorating earnings momentum becomes apparent in upcoming results.Chinese operators have improved their net gearing profiles in the past six months, adopting a more cautious approach to the balance sheet leveraging. With parental support and connection with strong affiliates, none of the Chinese operators falls under the High investment risk category. 

DMER - Chinese Port Operators 3.0 -Cosco Shipping Ports Our Top Pick, Dalian Port Least Favoured

Hong Kong

COSCO Shipping Ports Limited, through its subsidiaries, provides shipping container leasing services worldwide.  The Company also operates container terminals and provides container handling, storage, transportation and management services, as well as depot handling and stevedoring services.

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

Cosco Shipping Ports (1199 HK)

Cost Considerations Drive Hutchison Port and Cosco Ports to Merge Hong Kong Operations

Cost considerations drive Hutchison Port and Cosco Ports to Merge Hong Kong OperationsIn our last update on HK, we had said "Throughput recovery...

Drewry Maritime Financial Research

Container Shipping: Demand Weak, But Supply Side Taking Needed Steps; Hanjin Sold; Focus On OOIL

In our comments on the global container shipping segment, we have until recently argued that players on the supply side -- liner operators and...

Daniel Hellberg

Trump's Victory, The Danger of Certainty, and an Actionable Idea: Get Short US Int'l Trade Flows

Trump stuns with a comfortable win: Last night Donald Trump won the US presidency, edging out Hillary Clinton in several swing states to secure...

Daniel Hellberg

Organic Growth at China Merchants Port, Cosco Shipping Ports Remains Weak. Acquisitions? Expensive!

In line with September's macro numbers (see China: Exports Fall but Reforms Apace and Chinese Trade Data Recap: It Isn’t Pretty), organic growth...

Daniel Hellberg

DMER - Chinese Port Operators 3.0 -Cosco Shipping Ports Our Top Pick, Dalian Port Least Favoured

In our earlier updates we looked at the macros of the Chinese port operators and key regional developments,...

Drewry Maritime Financial Research

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)