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

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

<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 ?

As I write this Baltic Dry index is within a kissing distance of its yearly highs and freight rates have recovered meaningfully since lows seen early this year. Capesize rates have surged in the recent weeks and now stand closer to USD 15,000/day. Capesize spot rates were quoted up 9.1% today, more than doubling in the past few days and are at levels not seen since last October. True to its nature, the volatility in the Capesize segment is back and should provide opportunities for trading gains.…

As I write this Baltic Dry index is within a kissing distance of its yearly highs and freight rates have recovered meaningfully since lows seen early this year. Capesize rates have surged in the recent weeks and now stand closer to USD 15,000/day. Capesize spot rates were quoted up 9.1% today, more than doubling in the past few days and are at levels not seen since last October. True to its nature, the volatility in the Capesize segment is back and should provide opportunities for trading gains.…

Dry Bulk Shipping – Tactical BUYs Are GOGL US and SBLK US, to Gain from the Current Capesize Rally

Golden Ocean (GOGL US) - Focus on Cash Conservation Continues; Deliveries Deferred<ul><li>
Higher vessel days rev up topline: Golden Ocean (GOGL) reported TCE revenue of USD 39.3m in 2Q16 which was higher by 40% y/y because of an increase in vessel days even though rates were lower than in the same quarter last year. On q/q basis, GOGL’s TCE revenue increased 69%, which is reflective of the high spot exposure as most of its vessels fetched better rates than those in 1Q16. The earnings were slightly…</li></ul>

Golden Ocean (GOGL US) - Focus on Cash Conservation Continues; Deliveries Deferred
Higher vessel days rev up topline: Golden Ocean (GOGL) reported TCE revenue of USD 39.3m in 2Q16 which was higher by 40% y/y because of an increase in vessel days even though rates were lower than in the same quarter last year. On q/q basis, GOGL’s TCE revenue increased 69%, which is reflective of the high spot exposure as most of its vessels fetched better rates than those in 1Q16. The earnings were slightly…

Golden Ocean Group Ltd (GOGL US) - Focus on Cash Conservation Continues; Deliveries Deferred

We rate GOGL as Unattractive with an NAV-based fair value of USD 1.3 per share after applying a 20% discount to the current asset prices. We have assigned the higher discount compared with other companies because GOGL’s large fleet operating below break-even will grind down the cash until freight rates recover. The key risks are falling asset prices triggering covenant breaches and capital crunch compelling value dilutive equity issuances.

We rate GOGL as Unattractive with an NAV-based fair value of USD 1.3 per share after applying a 20% discount to the current asset prices. We have assigned the higher discount compared with other companies because GOGL’s large fleet operating below break-even will grind down the cash until freight rates recover. The key risks are falling asset prices triggering covenant breaches and capital crunch compelling value dilutive equity issuances. 

Golden Ocean (GOGL US) - Right Sizing the Balance Sheet – a Prerequisite in the Challenging Market

Bermuda

Golden Ocean Group Limited operates as an international dry bulk shipping company based in Bermuda. The Company mainly operates in the Capesize and Panamax market segments. Golden Ocean Group's fleet is managed by Golden Ocean Group Management (Bermuda) Limited.

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

Golden Ocean (GOGL US)

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

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

Dry Bulk Shipping – Tactical BUYs Are GOGL US and SBLK US, to Gain from the Current Capesize Rally

As I write this Baltic Dry index is within a kissing distance of its yearly highs and freight rates have recovered meaningfully since lows seen...

Drewry Maritime Financial Research

Golden Ocean Group Ltd (GOGL US) - Focus on Cash Conservation Continues; Deliveries Deferred

Golden Ocean (GOGL US) - Focus on Cash Conservation Continues; Deliveries Deferred Higher vessel days rev up topline: Golden Ocean (GOGL) reported...

Drewry Maritime Financial Research

Golden Ocean (GOGL US) - Right Sizing the Balance Sheet – a Prerequisite in the Challenging Market

We rate GOGL as Unattractive with an NAV-based fair value of USD 1.3 per share after applying a 20% discount to the current asset prices. We have...

Drewry Maritime Financial Research

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)