Equity analyst - Containers, Drewry Maritime Financial Research

Nilesh Tiwary

Equity analyst - Containers

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)

SummaryThe major indicators of container shipping in 2017 remained more firm than in 2016. The y/y comparisons for many data sets depict robust improvement. However, the outlook for 2018 is mixed. The supply-demand balance will improve slightly, demand growth will continue to be strong, and freight rates and the profits of carriers will strengthen at lower-than-expected rates as several temporary factors create a bump on the road to recovery. The creation of bigger alliances, and the escalation of…

SummaryThe major indicators of container shipping in 2017 remained more firm than in 2016. The y/y comparisons for many data sets depict robust improvement. However, the outlook for 2018 is mixed.  The supply-demand balance will improve slightly, demand growth will continue to be strong, and freight rates and the profits of carriers will strengthen at lower-than-expected rates as several temporary factors create a bump on the road to recovery.  The creation of bigger alliances, and the escalation of…

Container Shipping 2018 - Demand Buoyancy Drives Positive Outlook

Asian Equities Analyst, Logistics & Transport, Tracking Traffic

Daniel Hellberg

Asian Equities Analyst, Logistics & Transport

Equity Bottom-Up

Last week we noted that, after several quarters of improving profitability, container shipping earnings could begin to stagnate as the industry faces new headwinds and tougher Y/Y comparisons (see <a href="https://www.smartkarma.com/insights/you-are-here-taiwanese-japanese-container-carriers-recovery-valuations-since-hanjin-s-demise" target="_blank" data-smartkarma-citation="insights:14725">You Are Here--&gt; Taiwanese &amp; Japanese Container Carriers’ Recovery &amp; Valuations Since Hanjin’s Demise</a>). Q2FY17 results from Japan's three largest shipping companies, released during the midday break on October 31st, suggest those headwinds may indeed be gaining strength, and that further upside from the…

Last week we noted that, after several quarters of improving profitability, container shipping earnings could begin to stagnate as the industry faces new headwinds and tougher Y/Y comparisons (see You Are Here--&gt; Taiwanese &amp; Japanese Container Carriers’ Recovery &amp; Valuations Since Hanjin’s Demise). Q2FY17 results from Japan's three largest shipping companies, released during the midday break on October 31st, suggest those headwinds may indeed be gaining strength, and that further upside from the…

Container Shipping Cyclical Gains Waning; Japan's K-Line Cuts 3/18 OP Target on Rising Competition

Transport Sector, China and Asia-focused Research

Charles De Trenck

There came to light this week complaints from a Korean politician on how <a href="https://www.smartkarma.com/entities/18689" target="_blank" data-smartkarma-citation="entities:18689:1">Hanjin Shipping Co Ltd (117930 KS)</a> was allowed to go bankrupt. But the behind scenes disclosures get even worse, and reflect badly on a couple of large container lines. The implications are that <a href="https://www.smartkarma.com/entities/13494" target="_blank" data-smartkarma-citation="entities:13494:1">Hyundai Merchant Marine (011200 KS)</a> and Korea Inc were played by leading competitors.The main news and allegation was reported in shipping press (LL):<blockquote>
Hanjin Shipping was left to collapse by South Korea’s former government as it did…
</blockquote>

There came to light this week complaints from a Korean politician on how Hanjin Shipping Co Ltd (117930 KS) was allowed to go bankrupt. But the behind scenes disclosures get even worse, and reflect badly on a couple of large container lines. The implications are that Hyundai Merchant Marine (011200 KS) and Korea Inc were played by leading competitors.The main news and allegation was reported in shipping press (LL):
Hanjin Shipping was left to collapse by South Korea’s former government as it did…


In this note we aim to show investors how far the Taiwanese long-haul container carriers and their Japanese rivals have come since <a href="https://www.smartkarma.com/entities/18689" target="_blank" data-smartkarma-citation="entities:18689:1">Hanjin Shipping Co Ltd (117930 KS)</a> declared bankruptcy at the end of August 2016. Most of the five carriers we look at in this note have seen their container operations return to Operating profitability, and most of the companies have also seen a re-rating of their shares since Hanjin exited the sector at the end of 2016. But the numbers from <a href="https://www.smartkarma.com/entities/15428" target="_blank" data-smartkarma-citation="entities:15428:1">Evergreen Marine Corp</a>…

In this note we aim to show investors how far the Taiwanese long-haul container carriers and their Japanese rivals have come since Hanjin Shipping Co Ltd (117930 KS) declared bankruptcy at the end of August 2016. Most of the five carriers we look at in this note have seen their container operations return to Operating profitability, and most of the companies have also seen a re-rating of their shares since Hanjin exited the sector at the end of 2016. But the numbers from Evergreen Marine Corp…

You Are Here--> Taiwanese & Japanese Container Carriers' Recovery & Valuations Since Hanjin's Demise

<h2>Overview</h2>Since <a href="https://www.smartkarma.com/entities/18689" target="_blank" data-smartkarma-citation="entities:18689:1">Hanjin Shipping Co Ltd (117930 KS)</a> declared bankruptcy at the end of August 2016, market conditions in long-haul container shipping have improved substantially. The removal of Hanjin's capacity (and it's aggressive pricing tactics) combined with a modest improvement in demand led to a strong improvement in freight rates in most long-haul markets since the end of Q3 last year. In addition, a series of recent mergers and acquisitions in the sector, plus new carrier alliances that…

OverviewSince Hanjin Shipping Co Ltd (117930 KS) declared bankruptcy at the end of August 2016, market conditions in long-haul container shipping have improved substantially. The removal of Hanjin's capacity (and it's aggressive pricing tactics) combined with a modest improvement in demand led to a strong improvement in freight rates in most long-haul markets since the end of Q3 last year. In addition, a series of recent mergers and acquisitions in the sector, plus new carrier alliances that…

Evergreen, Yang Ming Q217 Results Show Sharp Recovery Since Hanjin Bankruptcy in Q316; Now What?

South Korea

Hanjin Shipping Co., Ltd. provides marine transportation service.  The Company commands different types of vessels including container vessels, liquefied natural gas (LNG) carriers, bulk carriers, and oil tankers.  In addition, Hanjin Shipping leases ships, and commercial buildings.

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Hanjin Shipping (117930 KS)

Container Shipping 2018 - Demand Buoyancy Drives Positive Outlook

SummaryThe major indicators of container shipping in 2017 remained more firm than in 2016. The y/y comparisons for many data sets depict robust...

Drewry Maritime Financial Research

Container Shipping Cyclical Gains Waning; Japan's K-Line Cuts 3/18 OP Target on Rising Competition

Last week we noted that, after several quarters of improving profitability, container shipping earnings could begin to stagnate as the industry...

Daniel Hellberg

The Hanjin Fallout Re-Examined

There came to light this week complaints from a Korean politician on how Hanjin Shipping Co Ltd (117930 KS) was allowed to go bankrupt. But the...

Charles De Trenck

You Are Here--> Taiwanese & Japanese Container Carriers' Recovery & Valuations Since Hanjin's Demise

In this note we aim to show investors how far the Taiwanese long-haul container carriers and their Japanese rivals have come since Hanjin Shipping...

Daniel Hellberg

Evergreen, Yang Ming Q217 Results Show Sharp Recovery Since Hanjin Bankruptcy in Q316; Now What?

OverviewSince Hanjin Shipping Co Ltd (117930 KS) declared bankruptcy at the end of August 2016, market conditions in long-haul container shipping...

Daniel Hellberg

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