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)

Intensifying concerns about China as it registered its slowest growth since 1990 set the tone for a roller-coaster ride in 2016. The largest emerging country expanded 6.9%y/y in 2015, prompting the IMF to slash its global growth forecast for the third time in less than a year. Drewry Port Index fell 14% in the first three weeks of trading. The divergence between MSCI World and Drewry Port Index is the greatest since January 2015, pointing to a value buy for the port index compared with a year ago.

Intensifying concerns about China as it registered its slowest growth since 1990 set the tone for a roller-coaster ride in 2016. The largest emerging country expanded 6.9%y/y in 2015, prompting the IMF to slash its global growth forecast for the third time in less than a year. Drewry Port Index fell 14% in the first three weeks of trading. The divergence between MSCI World and Drewry Port Index is the greatest since January 2015, pointing to a value buy for the port index compared with a year ago.

Port Operators 2016 - Sieve Out Value Companies Amid Slowing Trade Growth

Ominous start to the year for container shipping with Drewry forecasting container shipping profitability to deteriorate in 2016. Ocean freight rates for cargo moving under contracts on the major East-West trade routes witnessing another reduction in the last quarter of 2015, according to Drewry’s Benchmarking Club, a closed user group of multinational retailers and manufacturers who closely monitor their contract freight rates. The Drewry Benchmarking Club Contract Rate Index, based on Trans…

Ominous start to the year for container shipping with Drewry forecasting container shipping profitability to deteriorate in 2016. Ocean freight rates for cargo moving under contracts on the major East-West trade routes witnessing another reduction in the last quarter of 2015, according to Drewry’s Benchmarking Club, a closed user group of multinational retailers and manufacturers who closely monitor their contract freight rates. The Drewry Benchmarking Club Contract Rate Index, based on Trans…

2016 - Washout Year for Container Shipping

Transport Sector, China and Asia-focused Research

Charles De Trenck

Equity Bottom-Up

Cosco Shipping Development / Equity Bottom-Up

Most of the feedback that came in was in reaction to the downside in China Shipping Container Lines (2866 HK). Some people are pissed. &nbsp;We saw the complaints feed through yesterday as COSCO (1919 HK) and CSCL tanked. What follows are a couple of accounts and complaints on the redesign of the listed vehicles.

Most of the feedback that came in was in reaction to the downside in China Shipping Container Lines (2866 HK). Some people are pissed. &nbsp;We saw the complaints feed through yesterday as COSCO (1919 HK) and CSCL tanked. What follows are a couple of accounts and complaints on the redesign of the listed vehicles.

China Shipping Container Lines ... RIP; and Other Reports on the COSCO Mess

A first look at COSCO and China Shipping restructuring, with a focus on containers reveals reorganization is generally along the lines expected from the COSCO side. Nonetheless, the actual details are at once complicated given how many companies we are dealing with, and, at the same time, somewhat light on disclosure of certain financial data I would prefer to have disclosed.I walked through COSCO Pacific in greater detail and COSCO overall to arrive at my initial thoughts on the COSCO-China Shipping reorganization. As I had mentioned, the bulk side of the business should be a straightforward valuation exercise &ndash; would only shareholders be given proper summary information.Below are some first conclusions on COSCO Group. The drop dead date appears to be end 2016 for these transactions to occur. The earlier completion would come 30 days after conditions precedent being met.

A first look at COSCO and China Shipping restructuring, with a focus on containers reveals reorganization is generally along the lines expected from the COSCO side. Nonetheless, the actual details are at once complicated given how many companies we are dealing with, and, at the same time, somewhat light on disclosure of certain financial data I would prefer to have disclosed.I walked through COSCO Pacific in greater detail and COSCO overall to arrive at my initial thoughts on the COSCO-China Shipping reorganization. As I had mentioned, the bulk side of the business should be a straightforward valuation exercise &ndash; would only shareholders be given proper summary information.Below are some first conclusions on COSCO Group. The drop dead date appears to be end 2016 for these transactions to occur. The earlier completion would come 30 days after conditions precedent being met.

COSCO Emerges with a Plan and Purer Container Plays (Yet More Disclosures Needed)

Founder

Kemp Dolliver, CFA

Cherrystone Hill Research

Walgreens Boots Alliance (WBA: US) has named Executive Vice Chairman and interim CEO Stefano Pessina as CEO, a move that has been expected. Mr. Pessina had built up Alliance Boots into a leading European and Asian health &amp; beauty retail chain. We expect the company to resume its acquisition program, but the US market looks like the top priority at the moment. WBA will increase its presence in Asia: the only question is timing.

Walgreens Boots Alliance (WBA: US) has named Executive Vice Chairman and interim CEO Stefano Pessina as CEO, a move that has been expected. Mr. Pessina had built up Alliance Boots into a leading European and Asian health &amp; beauty retail chain. We expect the company to resume its acquisition program, but the US market looks like the top priority at the moment. WBA will increase its presence in Asia: the only question is timing.

Walgreens Boots Alliance Names Permanent CEO: Global Expansion to Continue

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.

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Cosco Shipping Ports (1199 HK)

Port Operators 2016 - Sieve Out Value Companies Amid Slowing Trade Growth

Intensifying concerns about China as it registered its slowest growth since 1990 set the tone for a roller-coaster ride in 2016. The largest...

Drewry Maritime Financial Research

2016 - Washout Year for Container Shipping

Ominous start to the year for container shipping with Drewry forecasting container shipping profitability to deteriorate in 2016. Ocean freight...

Drewry Maritime Financial Research

China Shipping Container Lines ... RIP; and Other Reports on the COSCO Mess

Most of the feedback that came in was in reaction to the downside in China Shipping Container Lines (2866 HK). Some people are pissed. We saw the...

Charles De Trenck

COSCO Emerges with a Plan and Purer Container Plays (Yet More Disclosures Needed)

A first look at COSCO and China Shipping restructuring, with a focus on containers reveals reorganization is generally along the lines expected...

Charles De Trenck

Walgreens Boots Alliance Names Permanent CEO: Global Expansion to Continue

Walgreens Boots Alliance (WBA: US) has named Executive Vice Chairman and interim CEO Stefano Pessina as CEO, a move that has been expected. Mr....

Kemp Dolliver, CFA

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