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)

2015: LNG/LPG shipping stocks fall prey to low oil prices<img src="https://static-prod.smartkarma.com/images/media/000/005/094/original/Gas%20Perf.JPG?1453257539" class="editor-image img-responsive" data-smartkarma-image-id="5094"> Source: Bloomberg, DMER• The downward trend in share prices that started in 4Q14 intensified in 2015 as the rout in oil prices marred investor sentiment. The broad-based selloff in gas shipping stocks wiped out USD 5.7bn of cumulative market capitalisation of our coverage universe, translating into a 49% loss in 2015. • Underwhelmed by the downward spiralling stock prices, some market participants resorted to buying back shares to underpin…

2015: LNG/LPG shipping stocks fall prey to low oil prices Source: Bloomberg, DMER• The downward trend in share prices that started in 4Q14 intensified in 2015 as the rout in oil prices marred investor sentiment. The broad-based selloff in gas shipping stocks wiped out USD 5.7bn of cumulative market capitalisation of our coverage universe, translating into a 49% loss in 2015. • Underwhelmed by the downward spiralling stock prices, some market participants resorted to buying back shares to underpin…

Gas Shipping 2016 - Is Capitulation over for Gas Shipping Stocks?

Transport Sector, China and Asia-focused Research

Charles De Trenck

My father, an old school broker, banker and adviser for over 40 years, used to tell me as a child that one of the most important relationships to follow was the triangular relationship between the dollar, gold and oil. I always kept the lesson close to heart, and it has been my go to for market reality tests again and again. Over the years I have added equities to the relationship. Perhaps also because they mean a little more today. I don’t know. It was this constant triangulation of price and value that got me into the EUR around 2000 and out again a few years back. And for better or worse, that has kept my equity exposure low in recent years. In 2010-11, however the triangulation led to some insights on gold versus equities which panned out clearly enough. But the analysis now shows something just as volatile if not more.I mapped out some of the relationships in two easy charts going back to the 1960s in order to view the big swings. ... Added at the end are some quick updates on credit watch names making their way into equities. TK Group companies just got a high profile lashing from Morgan Stanley (despite an embarrassing target price change!)

My father, an old school broker, banker and adviser for over 40 years, used to tell me as a child that one of the most important relationships to follow was the triangular relationship between the dollar, gold and oil. I always kept the lesson close to heart, and it has been my go to for market reality tests again and again. Over the years I have added equities to the relationship. Perhaps also because they mean a little more today. I don’t know. It was this constant triangulation of price and value that got me into the EUR around 2000 and out again a few years back. And for better or worse, that has kept my equity exposure low in recent years. In 2010-11, however the triangulation led to some insights on gold versus equities which panned out clearly enough. But the analysis now shows something just as volatile if not more.I mapped out some of the relationships in two easy charts going back to the 1960s in order to view the big swings. ... Added at the end are some quick updates on credit watch names making their way into equities. TK Group companies just got a high profile lashing from Morgan Stanley (despite an embarrassing target price change!)

Triangulating Oil Back to 60s (And Shipping Credit Watch Updates...)

<figure class="editor-figure">Moderation likely but it ain't over yet<img src="https://static-prod.smartkarma.com/images/media/000/005/034/original/Tank%20Price%20Performance.JPG?1453075386" class="editor-image img-responsive" data-smartkarma-image-id="5034"></figure> Source: Bloomberg, DMER<ul>
<li>The uptrend in share prices that started in the tail end of FY14 continued in 2015 mainly on prospects of improved profitability of companies in a demand-driven market. The market capitalisation of DMER’s tanker shipping index moved up by ~USD 1.8bn because of the upsurge in stock prices and generated a return of ~27% during the year.</li>
<li>
Nordic American Tanker enjoyed the benefits of full exposure to the spot market as day rates remained…</li>
</ul>

Moderation likely but it ain't over yet Source: Bloomberg, DMER
The uptrend in share prices that started in the tail end of FY14 continued in 2015 mainly on prospects of improved profitability of companies in a demand-driven market. The market capitalisation of DMER’s tanker shipping index moved up by ~USD 1.8bn because of the upsurge in stock prices and generated a return of ~27% during the year.

Nordic American Tanker enjoyed the benefits of full exposure to the spot market as day rates remained…


Tanker Shipping-2016 - Moderation Likely but It Ain't over Yet, The Preferred Investment In Shipping

2015: Investors catch a falling knife disguised as pocket of value<img src="https://static-prod.smartkarma.com/images/media/000/004/981/original/Price%20Performance.JPG?1452658223" class="editor-image img-responsive" data-smartkarma-image-id="4981"> Source: Bloomberg, DMER<ul>
<li>Investors suffered massive wealth erosion in 2015, as share prices of dry bulk companies kept tumbling during the year. DMER’s shipping index, which is based on the market cap of leading dry bulk companies, was down ~43% in 2015.</li>
<li>
Dry bulk owners were confronted with weak shipping demand because of the slowdown in Chinese economy, which resulted in huge losses. BDI touched record lows of 415 at the onset of…</li>
</ul>

2015: Investors catch a falling knife disguised as pocket of value Source: Bloomberg, DMER
Investors suffered massive wealth erosion in 2015, as share prices of dry bulk companies kept tumbling during the year. DMER’s shipping index, which is based on the market cap of leading dry bulk companies, was down ~43% in 2015.

Dry bulk owners were confronted with weak shipping demand because of the slowdown in Chinese economy, which resulted in huge losses. BDI touched record lows of 415 at the onset of…


Dry Bulk Shipping - 2016 - Falling Knife Disguised as Pocket of Value ?

Public Relations and Social Media Manager, Dechert LLP

Peggy Heffner

Public Relations and Social Media Manager

Dechert is a global specialist law firm

Dechert LLP

Dechert is a global specialist law firm.
Focused on sectors with the greatest complexities, legal intricacies and highest regulatory demands, we excel in delivering practical commercial judgment and deep legal expertise for high-stakes matters.

Our work is widely recognized. We have 20 standout practices noted by Chambers Global, including global-wide rankings for arbitration, corporate investigations, anti-corruption, investment funds and life sciences. Named Antitrust Team of the Year, Chambers USA commends our “accomplished group” as “routinely sought after to handle some of the most significant litigation and transactions in the antitrust world.” 

In an increasingly challenging environment, clients look to us to serve them in ways that are faster, sharper and leaner without compromising excellence. We developed a first-of-its kind legal project management department, which uses technology, people and processes to drive efficiency and deliver value for our clients.

We are innovators. Dechert ranked #7 in the Financial Times’ Top North American Innovative Law Firms. Financial Times also recognizes us among the Top European Innovative Law Firms and highly commends World Compass, our marketing compliance service, which offers investment firms advice in more than 100 jurisdictions.

Event-Driven

Significant antitrust merger investigations in the United States took an average of 9.6 months in 2015, more than a third longer than the average just two years ago, according to DAMITT, the Dechert Antitrust Merger Investigation Timing Tracker.Federal enforcement activity resulted in 37 significant merger investigations, seven of which generated complaints seeking to block proposed deals and 24 of which were resolved by consent orders. Each of these figures was a record for the five years during which DAMITT has been tracking antitrust merger investigations.Antitrust merger investigation activity is up, and investigations are taking longer than ever to complete.

Significant antitrust merger investigations in the United States took an average of 9.6 months in 2015, more than a third longer than the average just two years ago, according to DAMITT, the Dechert Antitrust Merger Investigation Timing Tracker.Federal enforcement activity resulted in 37 significant merger investigations, seven of which generated complaints seeking to block proposed deals and 24 of which were resolved by consent orders. Each of these figures was a record for the five years during which DAMITT has been tracking antitrust merger investigations.Antitrust merger investigation activity is up, and investigations are taking longer than ever to complete. 

Dechert Antitrust Merger Investigation Reports Record Duration of U.S. Merger Investigations in 2015

United States

General Electric Company is a globally diversified technology and financial services company. The Company's products and services include aircraft engines, power generation, water processing, and household appliances to medical imaging, business and consumer financing, and industrial products.

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General Electric (GE US)

Gas Shipping 2016 - Is Capitulation over for Gas Shipping Stocks?

2015: LNG/LPG shipping stocks fall prey to low oil prices Source: Bloomberg, DMER• The downward trend in share prices that started in 4Q14...

Drewry Maritime Financial Research

Triangulating Oil Back to 60s (And Shipping Credit Watch Updates...)

My father, an old school broker, banker and adviser for over 40 years, used to tell me as a child that one of the most important relationships to...

Charles De Trenck

Tanker Shipping-2016 - Moderation Likely but It Ain't over Yet, The Preferred Investment In Shipping

Moderation likely but it ain't over yet Source: Bloomberg, DMER The uptrend in share prices that started in the tail end of FY14 continued in 2015...

Drewry Maritime Financial Research

Dry Bulk Shipping - 2016 - Falling Knife Disguised as Pocket of Value ?

2015: Investors catch a falling knife disguised as pocket of value Source: Bloomberg, DMER Investors suffered massive wealth erosion in 2015, as...

Drewry Maritime Financial Research

Dechert Antitrust Merger Investigation Reports Record Duration of U.S. Merger Investigations in 2015

Significant antitrust merger investigations in the United States took an average of 9.6 months in 2015, more than a third longer than the average...

Dechert LLP

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