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)

Stocks down on gloomy industry outlook<figure class="editor-figure"><img src="https://static-prod.smartkarma.com/images/media/000/005/164/original/Leasing%20Perf.JPG?1453688159" class="editor-image img-responsive" data-smartkarma-image-id="5164"></figure> Source: Bloomberg, DMER<ul>
<li>Investors suffered massive wealth erosion in 2015, as share prices of container leasing companies tumbled through the year with stocks extending declines until the beginning of the new year. While the stocks of the three companies under our coverage – Textainer, TAL and CAI – more than halved, the two indices of S&amp;P 500 and Dow Jones Transportation contracted by just 1% and 18%, respectively.</li>
<li>
Container shipping and leasing companies…</li>
</ul>

 Stocks down on gloomy industry outlook Source: Bloomberg, DMER
Investors suffered massive wealth erosion in 2015, as share prices of container leasing companies tumbled through the year with stocks extending declines until the beginning of the new year. While the stocks of the three companies under our coverage – Textainer, TAL and CAI – more than halved, the two indices of S&amp;P 500 and Dow Jones Transportation contracted by just 1% and 18%, respectively.

Container shipping and leasing companies…


Container Leasing 2016 - Outlook Remains Placid

<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 ?

Transport Sector, China and Asia-focused Research

Charles De Trenck

As a response to my note yesterday on where we are in energy's long bottoming out process, we had a good long reply from a long time energy transport industry executive, who kindly shared his feedback and insight. Further detailed below.&nbsp;

As a response to my note yesterday on where we are in energy's long bottoming out process, we had a good long reply from a long time energy transport industry executive, who kindly shared his feedback and insight. Further detailed below.&nbsp;

Further Insight on History of Big Misses in Oil and Energy (Long Response)

The Horrible Very Bad Day for MLPs and Energy... The Story ContinuesThe rebound/sell-off pattern is exactly as expected so far. The amplitudes appear a little greater than anticipated, but on the whole they are not surprising given the years of commodities rallies we experienced on the back of China and easy central bank money. Back on 29 Sept in my note &ldquo;Commodities: The Harder They Come, The Harder They Fall...&rdquo; the main message was be ready to trade the carnage, within an overall classic pattern. This followed an earlier note on the Horrible things that awaited MLPs I wrote back around 6 August.We got these trades, and flagged the trimming of positions that was needed in some of the names we picked. In August it made sense to expect that MLPs were looking bad and we should wait for blood on the streets. And we saw panic selling again in September before rebounds... and in the last week-- sheer panic selling. What follows is a quick review of issues/drivers, especially lessons we have seen in past, and what we can expect going forward.

The Horrible Very Bad Day for MLPs and Energy... The Story ContinuesThe rebound/sell-off pattern is exactly as expected so far. The amplitudes appear a little greater than anticipated, but on the whole they are not surprising given the years of commodities rallies we experienced on the back of China and easy central bank money. Back on 29 Sept in my note &ldquo;Commodities: The Harder They Come, The Harder They Fall...&rdquo; the main message was be ready to trade the carnage, within an overall classic pattern. This followed an earlier note on the Horrible things that awaited MLPs I wrote back around 6 August.We got these trades, and flagged the trimming of positions that was needed in some of the names we picked. In August it made sense to expect that MLPs were looking bad and we should wait for blood on the streets. And we saw panic selling again in September before rebounds... and in the last week-- sheer panic selling. What follows is a quick review of issues/drivers, especially lessons we have seen in past, and what we can expect going forward.

Understanding the Trading Pattern in Energy Related (And the Poor Industry Forecasting Skills)

United States

Herc Holdings, Inc. operates as a holding company. The Company, through its subsidiaries, provides equipment rental services in key markets, including construction, industrial and manufacturing, refineries, petrochemicals, civil infrastructure, automotive, government, municipalities, energy, remediation, and emergency response.

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Herc Holdings (HRI US)

Container Leasing 2016 - Outlook Remains Placid

Stocks down on gloomy industry outlook Source: Bloomberg, DMER Investors suffered massive wealth erosion in 2015, as share prices of container...

Drewry Maritime Financial Research

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

Further Insight on History of Big Misses in Oil and Energy (Long Response)

As a response to my note yesterday on where we are in energy's long bottoming out process, we had a good long reply from a long time energy...

Charles De Trenck

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)

Container Leasing 2016 - Outlook Remains Placid

Stocks down on gloomy industry outlook Source: Bloomberg, DMER Investors suffered massive wealth erosion in 2015, as share prices of container...

Drewry Maritime Financial Research

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

Further Insight on History of Big Misses in Oil and Energy (Long Response)

As a response to my note yesterday on where we are in energy's long bottoming out process, we had a good long reply from a long time energy...

Charles De Trenck

Understanding the Trading Pattern in Energy Related (And the Poor Industry Forecasting Skills)

The Horrible Very Bad Day for MLPs and Energy... The Story ContinuesThe rebound/sell-off pattern is exactly as expected so far. The amplitudes...

Charles De Trenck