Infrastructure Analyst - Ports & Terminals, Drewry Maritime Financial Research

Victor Wai, CFA

Infrastructure Analyst - Ports & Terminals

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)

The containerised throughput of Singapore surged 9.1% year-on-year in the first 11 months of the year, courtesy of some shipping lines aggregating their transhipment activities in Singapore. Drewry was quoted in a Business Times 2018 Outlook article on Dec 13, on what the future holds for Singapore’s container trade. We expect port throughput to accelerate in 2018, bearing in mind that Ocean Alliance and THE alliance took effect only in April 2017. The first quarter 2018 throughput will continue…

The containerised throughput of Singapore surged 9.1% year-on-year in the first 11 months of the year, courtesy of some shipping lines aggregating their transhipment activities in Singapore. Drewry was quoted in a Business Times 2018 Outlook article on Dec 13, on what the future holds for Singapore’s container trade. We expect port throughput to accelerate in 2018, bearing in mind that Ocean Alliance and THE alliance took effect only in April 2017. The first quarter 2018 throughput will continue…

Lead Analyst, Credit Research, Drewry Maritime Financial Research

Konstantinos Oikonomopoulos

Lead Analyst, Credit Research

Credit

Credit positives<ul>
<li>The group is focused in origin and destination cargo in emerging markets through long-term concessions (38 years on average while flagship Jebel Ali port concession ends in 88 years).</li>
<li>Fitch upgraded DPW and its bonds for second consecutive year by one notch to BBB+ in July 2017 following the group’s stable and growing cash flow generation. Moody’s had upgraded DPW in August 2016 to Baa2.</li>
<li>Strong management track record of expansion while keeping profitability and liquidity and…</li>
</ul>

Credit positives
The group is focused in origin and destination cargo in emerging markets through long-term concessions (38 years on average while flagship Jebel Ali port concession ends in 88 years).
Fitch upgraded DPW and its bonds for second consecutive year by one notch to BBB+ in July 2017 following the group’s stable and growing cash flow generation. Moody’s had upgraded DPW in August 2016 to Baa2.
Strong management track record of expansion while keeping profitability and liquidity and…


DP World Ltd. Credit Research - Credit Outlook Stable - Bond Valuation Neutral

Indonesia

PT ICTSI Jasa Prima Tbk provides port management services. The Company develops, constructs, and operates maritime logistics infrastructure.

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Ictsi Jasa Prima (KARW IJ)

Fears of PSA Singapore

The containerised throughput of Singapore surged 9.1% year-on-year in the first 11 months of the year, courtesy of some shipping lines aggregating...

Drewry Maritime Financial Research

DP World Ltd. Credit Research - Credit Outlook Stable - Bond Valuation Neutral

Credit positives The group is focused in origin and destination cargo in emerging markets through long-term concessions (38 years on average while...

Drewry Maritime Financial Research

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