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

Scorpio Bulkers (SALT US, Attractive, USD 11) - Earnings Recovery Gains Momentum<ul><li>
Better-than-expected quarterly earnings; revise fair value to USD 11: SALT reported TCE revenue of USD 34m in 1Q17 which was up 29% quarter on quarter and slightly higher than our estimate of USD 31m. Higher revenue resulted from the improved vessel earnings of USD 8,608pd in 1Q17, up from USD 7,303pd in 4Q16. Revenue days also increased from 3,672 days in 4Q16 to 4,021 days 1Q17 as five newbuilds were delivered in…</li></ul>

Scorpio Bulkers (SALT US, Attractive, USD 11) - Earnings Recovery Gains Momentum
Better-than-expected quarterly earnings; revise fair value to USD 11: SALT reported TCE revenue of USD 34m in 1Q17 which was up 29% quarter on quarter and slightly higher than our estimate of USD 31m. Higher revenue resulted from the improved vessel earnings of USD 8,608pd in 1Q17, up from USD 7,303pd in 4Q16. Revenue days also increased from 3,672 days in 4Q16 to 4,021 days 1Q17 as five newbuilds were delivered in…

Scorpio Bulkers (SALT US, Attractive, USD 11) - Earnings Recovery Gains Momentum

Pacific Basin Shipping / Equity Bottom-Up

Dry Bulk Shipping - The Overweight on Dry Bulk Is Paying off HandsomelyWe have earlier advocated that “ the normalisation process will lead to great opportunities even with incremental gains in the underlying markets as discount to Net Asset Values narrow. With the market bottoming out, we place our bets on the dry bulk names with high operating leverage and considerable exposure to the spot market. We expect the uptrend in freight rates to mirror in asset prices, which in turn, will have an…

Dry Bulk Shipping - The Overweight on Dry Bulk Is Paying off HandsomelyWe have earlier advocated that “ the normalisation process will lead to great opportunities even with incremental gains in the underlying markets as discount to Net Asset Values narrow. With the market bottoming out, we place our bets on the dry bulk names with high operating leverage and considerable exposure to the spot market. We expect the uptrend in freight rates to mirror in asset prices, which in turn, will have an…

DMER-Dry Bulk Shipping - The Overweight on Dry Bulk Is Paying off Handsomely

Scorpio Bulkers (SALT US) -  3Q16 Results in Line with Our Estimates<ul><li>
Topline expands on higher operating days: Scorpio Bulkers (SALT) reported TCE earnings of USD 23.8m in 3Q16, broadly in line with our estimate of USD 21.7m. The TCE earnings increased 57% y/y in 3Q16 on the back of higher operating days as new vessels joined the fleet. Freight rates improved sequentially during the third quarter although they were lower than the rates during the same period last year. Meanwhile, vessel operating…</li></ul>

Scorpio Bulkers (SALT US) -  3Q16 Results in Line with Our Estimates
Topline expands on higher operating days: Scorpio Bulkers (SALT) reported TCE earnings of USD 23.8m in 3Q16, broadly in line with our estimate of USD 21.7m. The TCE earnings increased 57% y/y in 3Q16 on the back of higher operating days as new vessels joined the fleet. Freight rates improved sequentially during the third quarter although they were lower than the rates during the same period last year. Meanwhile, vessel operating…

Scorpio Bulkers (SALT US) -  Freight Rates Improved Sequentially, Results in Line with Our Estimates

<blockquote>Investor sentiment has a larger effect on the stocks of companies that are difficult to value and arbitrage than on those that are not. Subsequent returns are determined by the level of sentiment at the start of the period. </blockquote><div>
Malcolm Baker, Johnathan Wang, and Jeffrey Wurgler, Journal of Investment Management, Vol. 6, No. 2 (Second Quarter 2008)
It is indeed very difficult to value a dry bulk company in the current environment, mean-reversion models to long term charter rates are broken, cost of…
</div>

Investor sentiment has a larger effect on the stocks of companies that are difficult to value and arbitrage than on those that are not. Subsequent returns are determined by the level of sentiment at the start of the period. 
Malcolm Baker, Johnathan Wang, and Jeffrey Wurgler, Journal of Investment Management, Vol. 6, No. 2 (Second Quarter 2008)
It is indeed very difficult to value a dry bulk company in the current environment, mean-reversion models to long term charter rates are broken, cost of…


DMER-Dry Bulk Shipping - Under-Owned, Normalization, Leading to Investor Sentiment Turning Bullish ?

Scorpio Bulkers (SALT US) - 2Q16 Better than Expected, but Cash Burn Continues<ul><li>
Fleet expansion boosts the topline; NAV lowered to factor in equity issuance: Scorpio Bulkers (SALT) reported TCE earnings of USD 17.4m in 2Q16, higher than our estimates of USD 14.2m, as rates recovered during the second quarter but were still lower than those during the same period last year. TCE earnings increased by 36% y/y in 2Q16 on the back of higher operating days following the addition of new vessels in the…</li></ul>

Scorpio Bulkers (SALT US) - 2Q16 Better than Expected, but Cash Burn Continues
Fleet expansion boosts the topline; NAV lowered to factor in equity issuance: Scorpio Bulkers (SALT) reported TCE earnings of USD 17.4m in 2Q16, higher than our estimates of USD 14.2m, as rates recovered during the second quarter but were still lower than those during the same period last year. TCE earnings increased by 36% y/y in 2Q16 on the back of higher operating days following the addition of new vessels in the…

Scorpio Bulkers (SALT US) - 2Q16 Better than Expected, but Cash Burn Continues

United States

Eneti Inc. is a renewable energy company. The Company focuses on the construction of offshore wind farms on the US continental shelf and around the world. Eneti has ordered the next generation of wind turbine installation vessels (WTIVs) which it will own and operate. Eneti serves offshore wind farm developers and integrated energy companies.

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Eneti (NETI US)

Scorpio Bulkers (SALT US, Attractive, USD 11) - Earnings Recovery Gains Momentum

Scorpio Bulkers (SALT US, Attractive, USD 11) - Earnings Recovery Gains Momentum Better-than-expected quarterly earnings; revise fair value to USD...

Drewry Maritime Financial Research

DMER-Dry Bulk Shipping - The Overweight on Dry Bulk Is Paying off Handsomely

Dry Bulk Shipping - The Overweight on Dry Bulk Is Paying off HandsomelyWe have earlier advocated that “ the normalisation process will lead to...

Drewry Maritime Financial Research

Scorpio Bulkers (SALT US) - Freight Rates Improved Sequentially, Results in Line with Our Estimates

Scorpio Bulkers (SALT US) - 3Q16 Results in Line with Our EstimatesTopline expands on higher operating days: Scorpio Bulkers (SALT) reported TCE...

Drewry Maritime Financial Research

DMER-Dry Bulk Shipping - Under-Owned, Normalization, Leading to Investor Sentiment Turning Bullish ?

Investor sentiment has a larger effect on the stocks of companies that are difficult to value and arbitrage than on those that are not. Subsequent...

Drewry Maritime Financial Research

Scorpio Bulkers (SALT US) - 2Q16 Better than Expected, but Cash Burn Continues

Scorpio Bulkers (SALT US) - 2Q16 Better than Expected, but Cash Burn Continues Fleet expansion boosts the topline; NAV lowered to factor in equity...

Drewry Maritime Financial Research

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