Transport Sector, China and Asia-focused Research

Charles De Trenck

Equity Bottom-Up

I wasn’t in a hurry to write this up because the early victims were at once many and the bigger ones (like DAC) generally obvious. Our friends at Drewry are, of course, on the case.  Hanjin's silver lining for other container lines, as we have seen short-term rates spike to US and Europe. And there is now also some downside protection being provided by authorities, who are directing some Hanjin ships to unload at some ports (Singapore, Hamburg, Busan), which will allow unloading. Unfortunately…

I wasn’t in a hurry to write this up because the early victims were at once many and the bigger ones (like DAC) generally obvious. Our friends at Drewry are, of course, on the case.  Hanjin's silver lining for other container lines, as we have seen short-term rates spike to US and Europe. And there is now also some downside protection being provided by authorities, who are directing some Hanjin ships to unload at some ports (Singapore, Hamburg, Busan), which will allow unloading. Unfortunately…

The Hanjin Mess and a Quick Survey of Exposed Victims

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)

<blockquote>
“Using leverage to cure the problems of too much leverage is not homeopathy, it is denial. The debt crisis is not a temporary problem, it is a structural one. We need rehab.”
―Nassim Nicholas Taleb, Ten principles for a Black Swan-proof world (2009)
</blockquote>This morning, Hanjin Shipping Co. said it will apply for court receivership after lenders decided to halt all support. We have been highlighting these risks from 2013 and in our last update on troubled container shipping company, we had highlighted the…


“Using leverage to cure the problems of too much leverage is not homeopathy, it is denial. The debt crisis is not a temporary problem, it is a structural one. We need rehab.”
―Nassim Nicholas Taleb, Ten principles for a Black Swan-proof world (2009)
This morning, Hanjin Shipping Co. said it will apply for court receivership after lenders decided to halt all support. We have been highlighting these risks from 2013 and in our last update on troubled container shipping company, we had highlighted the…

Hanjin Shipping(117930 KS) - Borrowed Time Comes to an End

Korea/Asia, Events, IPOs, Douglas Research Advisory

Douglas Kim

Korea/Asia, Events, IPOs

The "One-Shot Act" (also called The Special Act on the Corporate Revitalization) effectively started in Korea on 16 August when <a href="https://www.smartkarma.com/entities/8656" target="_blank" data-smartkarma-citation="entities:8656:1">Hanwha Chemical Corp (009830 KS)</a> became the first company to proactively file its application. The One-Shot Act was passed into law in February 2016. The One-Shot Act will help companies to accelerate spin-offs and mergers through simplified structures as well as provide tax benefits and subsidies for R&amp;D. The companies that want to benefit from the One-Shot Act need to…

The "One-Shot Act" (also called The Special Act on the Corporate Revitalization) effectively started in Korea on 16 August when Hanwha Chemical Corp (009830 KS) became the first company to proactively file its application. The One-Shot Act was passed into law in February 2016. The One-Shot Act will help companies to accelerate spin-offs and mergers through simplified structures as well as provide tax benefits and subsidies for R&amp;D. The companies that want to benefit from the One-Shot Act need to…

Start of One-Shot Act - The Good, Bad, and the Ugly

We at DMER have been keeping a close watch on Hyundai Merchant Marine (011200 KS) through the year. We did not expect the company to go under and expected it to survive by a mix of creditor and shipowner led restructuring. <a href="https://www.smartkarma.com/insights/hyundai-merchant-marine-011200-ks-how-will-the-endgame-play-out" target="_blank">https://www.smartkarma.com/insights/hyundai-merchant-marine-011200-ks-how-will-the-endgame-play-out</a>, <a href="https://www.smartkarma.com/insights/hyundai-merchant-marine-011200-ks-pulls-back-from-bankruptcy," target="_blank">https://www.smartkarma.com/insights/hyundai-merchant-marine-011200-ks-pulls-back-from-bankruptcy,</a>  <a href="https://www.smartkarma.com/insights/hyundai-merchant-marine-011200-ks-gets-a-lifeline" target="_blank">https://www.smartkarma.com/insights/hyundai-merchant-marine-011200-ks-gets-a-</a>…

We at DMER have been keeping a close watch on Hyundai Merchant Marine (011200 KS) through the year. We did not expect the company to go under and expected it to survive by a mix of creditor and shipowner led restructuring. https://www.smartkarma.com/insights/hyundai-merchant-marine-011200-ks-how-will-the-endgame-play-out, https://www.smartkarma.com/insights/hyundai-merchant-marine-011200-ks-pulls-back-from-bankruptcy,  https://www.smartkarma.com/insights/hyundai-merchant-marine-011200-ks-gets-a-…

Hyundai Merchant Marine (011200 KS) - Living Dangerously, Details of Restructuring Emerge

In our last update on HMM <a href="https://www.smartkarma.com/insights/hyundai-merchant-marine-011200-ks-pulls-back-from-bankruptcy" target="_blank">https://www.smartkarma.com/insights/hyundai-merchant-marine-011200-ks-pulls-back-from-bankruptcy</a> we had outlined how DMER’s assessment of HMM’s recovery was playing out to a tee. HMM got another lifeline yesterday as the company signed an agreement to join the world’s largest container-shipping alliance, 2M led by Maersk Lien and MSC.  The stock is reacting well as risk of bankruptcy is further mitigated. When the news had surfaced we at Drewry termed it as an Odd Trio.…

In our last update on HMM https://www.smartkarma.com/insights/hyundai-merchant-marine-011200-ks-pulls-back-from-bankruptcy we had outlined how DMER’s assessment of HMM’s recovery was playing out to a tee. HMM got another lifeline yesterday as the company signed an agreement to join the world’s largest container-shipping alliance, 2M led by Maersk Lien and MSC.  The stock is reacting well as risk of bankruptcy is further mitigated. When the news had surfaced we at Drewry termed it as an Odd Trio.…

Hyundai Merchant Marine (011200 KS) - Gets a Lifeline ?

South Korea

HMM Co., Ltd. provides marine transportation services.  The Company commands different types of vessels including full container vessels, oil tankers, car carriers, LNG carriers, bulk carriers, and tramps.

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HMM Co., Ltd. (011200 KS)

The Hanjin Mess and a Quick Survey of Exposed Victims

I wasn’t in a hurry to write this up because the early victims were at once many and the bigger ones (like DAC) generally obvious. Our friends at...

Charles De Trenck

Hanjin Shipping(117930 KS) - Borrowed Time Comes to an End

“Using leverage to cure the problems of too much leverage is not homeopathy, it is denial. The debt crisis is not a temporary problem, it is a...

Drewry Maritime Financial Research

Start of One-Shot Act - The Good, Bad, and the Ugly

The "One-Shot Act" (also called The Special Act on the Corporate Revitalization) effectively started in Korea on 16 August when Hanwha Chemical...

Douglas Kim

Hyundai Merchant Marine (011200 KS) - Living Dangerously, Details of Restructuring Emerge

We at DMER have been keeping a close watch on Hyundai Merchant Marine (011200 KS) through the year. We did not expect the company to go under and...

Drewry Maritime Financial Research

Hyundai Merchant Marine (011200 KS) - Gets a Lifeline ?

In our last update on HMM https://www.smartkarma.com/insights/hyundai-merchant-marine-011200-ks-pulls-back-from-bankruptcy we had outlined how...

Drewry Maritime Financial Research

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