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

Gaslog  (GLOG US, Neutral, USD 16) – Earnings in Line with Estimates; Maintain Neutral View<ul><li>
Market to remain soft although higher vessel days aided 1Q17 earnings:Gaslog (GLOG) reported revenue of USD 128m in 1Q17, up by 23% y/y owing to an increase in operating days as four vessels namely Gaslog Greece, Gaslog Gibraltar, Gaslog Glasgow and Gaslog Geneva, were delivered after 1Q16. There were 2,070 operating days in 1Q17 compared to 1,643 days in 1Q16. The increase in revenue was also supported by…</li></ul>

Gaslog  (GLOG US, Neutral, USD 16) – Earnings in Line with Estimates; Maintain Neutral View
Market to remain soft although higher vessel days aided 1Q17 earnings:Gaslog (GLOG) reported revenue of USD 128m in 1Q17, up by 23% y/y owing to an increase in operating days as four vessels namely Gaslog Greece, Gaslog Gibraltar, Gaslog Glasgow and Gaslog Geneva, were delivered after 1Q16. There were 2,070 operating days in 1Q17 compared to 1,643 days in 1Q16. The increase in revenue was also supported by…

Gaslog  (GLOG US, Neutral, USD 16) – Earnings in Line with Estimates; Maintain Neutral View

Gaslog (GLOG US) - Double-Digit Growth in Quarterly Earnings; Maintain Attractive ViewEarnings driven by contribution from new vessels: Gaslog (GLOG) revenue increased 14% y/y to USD 121m in 3Q16 led by deliveries of the two newbuilds in the first half of 2016. The revenue was in line with our estimate of USD 121m. Adjusted EBITDA was up 23% y/y to USD 81m, assisted by higher revenue and no planned drydocking during 3Q16 compared to one drydocking during the same period last year. The operating…

Gaslog (GLOG US) - Double-Digit Growth in Quarterly Earnings; Maintain Attractive ViewEarnings driven by contribution from new vessels: Gaslog (GLOG) revenue increased 14% y/y to USD 121m in 3Q16 led by deliveries of the two newbuilds in the first half of 2016. The revenue was in line with our estimate of USD 121m. Adjusted EBITDA was up 23% y/y to USD 81m, assisted by higher revenue and no planned drydocking during 3Q16 compared to one drydocking during the same period last year. The operating…

Gaslog (GLOG US) - Double-Digit Growth in Quarterly Earnings; Maintain Attractive View

Gaslog has been one of our top picks in the LNG shipping space and the stock price perfomance has ben driven by easing debt concerns and resilient charter covergae, <a href="https://www.smartkarma.com/insights/gas-shipping-2016-is-capitulation-over-for-gas-shipping-stocks," target="_blank">https://www.smartkarma.com/insights/gas-shipping-2016-is-capitulation-over-for-gas-shipping-stocks, https://www.smartkarma.com/insights/gaslog-glog-us-concerns-over-debt-repayment-ease-charter-cover-provide-earnings-visibility</a>. <ul><li>
Gaslog 2Q16 results were better than expectations ans we have raised our fair value to USD 18 per share: …</li></ul>

Gaslog has been one of our top picks in the LNG shipping space and the stock price perfomance has ben driven by easing debt concerns and resilient charter covergae, https://www.smartkarma.com/insights/gas-shipping-2016-is-capitulation-over-for-gas-shipping-stocks, https://www.smartkarma.com/insights/gaslog-glog-us-concerns-over-debt-repayment-ease-charter-cover-provide-earnings-visibility. 
Gaslog 2Q16 results were better than expectations ans we have raised our fair value to USD 18 per share: …

Gaslog (GLOG US) - Revenue Growth Backed by Long-Term Charters; Reiterate Attractive View

Concerns over debt repayment ease; charter cover provide earnings visibility<figure class="editor-figure mceNonEditable"><img src="https://static-prod.smartkarma.com/images/media/000/009/105/original/gl1.JPG?1465519394" class="editor-image img-responsive" data-smartkarma-image-id="9105"></figure> • New liquefaction capacity and muted ordering to provide a floor: We believe vessel utilisation and hence freight rates will remain subdued over the next 12 months, but with no new orders in the year so far and increasing liquefaction capacity the situation is likely to improve, albeit gradually. For instance, from January to May, only one vessel was ordered (including FSRU), compared with 17 vessels ordered during the…

Concerns over debt repayment ease; charter cover provide earnings visibility • New liquefaction capacity and muted ordering to provide a floor: We believe vessel utilisation and hence freight rates will remain subdued over the next 12 months, but with no new orders in the year so far and increasing liquefaction capacity the situation is likely to improve, albeit gradually. For instance, from January to May, only one vessel was ordered (including FSRU), compared with 17 vessels ordered during the…

Gaslog (GLOG US) - Concerns over Debt Repayment Ease; Charter Cover Provide Earnings Visibility

We maintain our attractive view on GLOG and the fair value of USD 16 per share, as we believe that the company has high earnings visibility amid a subdued gas shipping sector, and it has also managed to put aside the debt repayment issue for the foreseeable future. Conversely, the key risk remains over dependence on a single customer - Shell, and the company resorts to dividend cut following its peers.

We maintain our attractive view on GLOG and the fair value of USD 16 per share, as we believe that the company has high earnings visibility amid a subdued gas shipping sector, and it has also managed to put aside the debt repayment issue for the foreseeable future. Conversely, the key risk remains over dependence on a single customer - Shell, and the company resorts to dividend cut following its peers.

Gaslog (GLOG US) - Getting Back on Investors' Radar

Greece

GasLog Ltd. is an international owner, operator and manager of liquefied natural gas ("LNG") carriers. The Company provides support to international energy companies as part of their LNG logistics chain.

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Gaslog Ltd (GLOG US)

Gaslog (GLOG US, Neutral, USD 16) – Earnings in Line with Estimates; Maintain Neutral View

Gaslog (GLOG US, Neutral, USD 16) – Earnings in Line with Estimates; Maintain Neutral View Market to remain soft although higher vessel days aided...

Drewry Maritime Financial Research

Gaslog (GLOG US) - Double-Digit Growth in Quarterly Earnings; Maintain Attractive View

Gaslog (GLOG US) - Double-Digit Growth in Quarterly Earnings; Maintain Attractive ViewEarnings driven by contribution from new vessels: Gaslog...

Drewry Maritime Financial Research

Gaslog (GLOG US) - Revenue Growth Backed by Long-Term Charters; Reiterate Attractive View

Gaslog has been one of our top picks in the LNG shipping space and the stock price perfomance has ben driven by easing debt concerns and resilient...

Drewry Maritime Financial Research

Gaslog (GLOG US) - Concerns over Debt Repayment Ease; Charter Cover Provide Earnings Visibility

Concerns over debt repayment ease; charter cover provide earnings visibility • New liquefaction capacity and muted ordering to provide a floor:...

Drewry Maritime Financial Research

Gaslog (GLOG US) - Getting Back on Investors' Radar

We maintain our attractive view on GLOG and the fair value of USD 16 per share, as we believe that the company has high earnings visibility amid a...

Drewry Maritime Financial Research

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