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.

Event-Driven

<ul><li>
OOIL acquisition: Cosco Shipping Holdings Ltd (Cosco) and Shanghai International Port Group (SIPG) jointly announced the acquisition of Orient Overseas International Ltd (OOIL) at an offer price of HKD 78.67 (USD 10.07) per share. The price represents a 31% premium on Friday's closing price of HKD 60 and values OOIL at HKD 49.2bn (USD 6.3bn). On completion of the deal, Cosco will hold 90.1% while SIPG will hold the remaining 9.9% stake in the newly formed consortium. Cosco's latest acquisition…</li></ul>


OOIL acquisition: Cosco Shipping Holdings Ltd (Cosco) and Shanghai International Port Group (SIPG) jointly announced the acquisition of Orient Overseas International Ltd (OOIL) at an offer price of HKD 78.67 (USD 10.07) per share. The price represents a 31% premium on Friday's closing price of HKD 60 and values OOIL at HKD 49.2bn (USD 6.3bn). On completion of the deal, Cosco will hold 90.1% while SIPG will hold the remaining 9.9% stake in the newly formed consortium. Cosco's latest acquisition…

DMFR Shorts - Orient Overseas International Limited (316 HK) The Bride-To-Be Has Found Its Suitor

Asian Equities Analyst, Logistics & Transport, Tracking Traffic

Daniel Hellberg

Asian Equities Analyst, Logistics & Transport

Equity Bottom-Up

We're closing out our Long <a href="https://www.smartkarma.com/entities/15428" target="_blank" data-smartkarma-citation="entities:15428:1">Evergreen Marine Corp Ltd (2603 TT)</a> / Short <a href="https://www.smartkarma.com/entities/20645" target="_blank" data-smartkarma-citation="entities:20645:1">Eva Airways Corp (2618 TT)</a> pair trade idea as Evergreen has surpassed our target price of NS$16.00 per share. We first proposed the Long Evergreen / Short EVA pair idea in our December 2016 note <a href="https://www.smartkarma.com/insights/the-trump-call-may-see-taiwan-airlines-hurt-short-eva-against-long-position-in-evergreen-marine" target="_blank" data-smartkarma-citation="insights:7446">‘The Trump Call’ May See Taiwan Airlines Hurt; Short EVA Against Long Position in Evergreen Marine</a>. At that time we expected Evergreen to significantly outperform its airline affiliate EVA, which we believed would suffer the brunt of…

We're closing out our Long Evergreen Marine Corp Ltd (2603 TT) / Short Eva Airways Corp (2618 TT) pair trade idea as Evergreen has surpassed our target price of NS$16.00 per share. We first proposed the Long Evergreen / Short EVA pair idea in our December 2016 note ‘The Trump Call’ May See Taiwan Airlines Hurt; Short EVA Against Long Position in Evergreen Marine. At that time we expected Evergreen to significantly outperform its airline affiliate EVA, which we believed would suffer the brunt of…

Closing Evergreen / EVA Airways Long-Short Pair Trade Idea After Evergreen Exceeds Our Target Price

Orient Overseas International / Equity Bottom-Up

Orient Overseas International Limited (316 HK) - Has the suitor been found for the perfect bride-to-be ?Key Takeaway: If the deal were to take place at the reported price of USD 4bn, acquiring OOIL at these multiples seems a very very competitive price for China Cosco Shipping Corp and is a “Big Win” for the Chinese company. Cosco will get a prized asset and a very well-run container carrier for a modest price just when the industry fortunes are looking up for a sustained recovery.  The real…

Orient Overseas International Limited (316 HK) - Has the suitor been found for the perfect bride-to-be ?Key Takeaway: If the deal were to take place at the reported price of USD 4bn, acquiring OOIL at these multiples seems a very very competitive price for China Cosco Shipping Corp and is a “Big Win” for the Chinese company. Cosco will get a prized asset and a very well-run container carrier for a modest price just when the industry fortunes are looking up for a sustained recovery.  The real…

Orient Overseas International Ltd (316 HK) - Has the Suitor Been Found for the Perfect Bride-To-Be ?

Orient Overseas International Limited (316 HK, Attractive) – 1Q17 operational data update<ul><li>
Liner revenue and volume grows y/y. In an operational update for 1Q17, released on 28 April 2017, OOIL reported an unaudited container shipping revenue of USD 1185m, up 6% y/y, but down 9% q/q. The company’s key drivers of revenue growth –Asia/Europe and Transpacific routes – recorded gains of 29% and 11% respectively, while the volumes on these routes increased by 18% and 20% during the same period. The…</li></ul>

Orient Overseas International Limited (316 HK, Attractive) – 1Q17 operational data update
Liner revenue and volume grows y/y. In an operational update for 1Q17, released on 28 April 2017, OOIL reported an unaudited container shipping revenue of USD 1185m, up 6% y/y, but down 9% q/q. The company’s key drivers of revenue growth –Asia/Europe and Transpacific routes – recorded gains of 29% and 11% respectively, while the volumes on these routes increased by 18% and 20% during the same period. The…

Orient Overseas International Limited (316 HK, Attractive) – 1Q17 Operational Data Update

Transport Sector, China and Asia-focused Research

Charles De Trenck

The 2-day 7% correction in oil managed to slaughter many cyclicals, from RIG, which had just gotten a big buy send-off from Barron’s two weeks ago, to transport names across the board. Containers, of course have little to do with oil price directly.  A little over a month ago, I had updated my generally negative view of last year on Seaspan. <a href="https://www.smartkarma.com/entities/23596" target="_blank" data-smartkarma-citation="entities:23596:1">Seaspan Corp. (SSW US)</a> had been, and is still, a leader in its field. But the negatives were that it had massively outperformed the sector while having its…

The 2-day 7% correction in oil managed to slaughter many cyclicals, from RIG, which had just gotten a big buy send-off from Barron’s two weeks ago, to transport names across the board. Containers, of course have little to do with oil price directly.  A little over a month ago, I had updated my generally negative view of last year on Seaspan. Seaspan Corp. (SSW US) had been, and is still, a leader in its field. But the negatives were that it had massively outperformed the sector while having its…

Oil Correction Drags Down Commodity Plays, Transports… and Takes Seaspan Back to Lows

Hong Kong

SITC International Holdings Company Ltd. offers marine shipping services.  The Company offers container liner shipping, freight forwarding, customs clearance, shipping agency, and ship brokerage services.  SITC operates in Asia.

Pacific Basin Shipping Limited, through its subsidiaries, provides marine transportation services and logistical support to its customers through the commercial operation of a large, modern, and uniformly-sized fleet of shallow-draft Handysize dry bulk carriers.

Cathay Pacific Airways Limited operates scheduled airline services. The Company also provides related services, including airline catering, aircraft handling, and engineering.

Chu Kong Shipping Enterprises (Group) Company Limited provides shipping and cargo handling services between Hong Kong and China.  The Company's services include freight forwarding, wharf cargo handling, cargo consolidation, warehouse storage, and trucking.  Chu Kong Shipping also provides container hauling services.

Chu Kong Shipping Enterprises(Grp) (560 HK)

China Merchants Holdings International Company Limited, through its subsidiaries and associated companies, operates container and cargo terminals, port transportation, and airport cargo handling.  The Company also manufactures containers, paint, and trailers as well as operates toll road, shipping, property, and dealing securities businesses.

COSCO Shipping Ports Limited, through its subsidiaries, provides shipping container leasing services worldwide.  The Company also operates container terminals and provides container handling, storage, transportation and management services, as well as depot handling and stevedoring services.

Shenzhen International Holdings Limited operates as a holding company. The Company, through its subsidiaries, provides investment, construction, and operation of logistic infrastructure facilities, as well as offers value-added logistic services. Shenzhen International serves customers worldwide.

Kerry Logistics Network Limited provides logistics services in Asia and internationally. The Company offers integrated logistics services, as well as leases warehousing space in Hong Kong and provides international freight forwarding services.

Yuexiu Transport Infrastructure Ltd., through its subsidiaries, invests in, develops, operates, and manages toll highways, expressways, and bridges in China.

Yuexiu Transport Infrastructure (1052 HK)

Dafeng Port Heshun Technology Co Ltd provides integrated logistics for freight services. The Company focuses on land and ocean freight services, air freight forwarding services, and operation equipment rental services. Gamme Logistics offers its services primarily between Hong Kong and the Pearl River Delta region.

Kirby Corporation operates a fleet of inland tank barges.  The Company transports industrial chemicals, refined petroleum products, black oil products, and agricultural chemicals.  Kirby also overhauls and services diesel engines employed in marine, power generation, and rail applications.

Kawasaki Kisen Kaisha, Ltd. operates marine cargo and passenger transportation around the world.  The Company provides ocean liner, bulk carrier, car carrier, unscheduled specialized carrier, and energy transportation services. The Company also offers insurance, warehousing, and land transportation services.  Items transported include automobile, grain, petroleum, coal, iron ore, and wood chip.

MISC Berhad owns ships and operates shipping and related services. Through its subsidiaries, the Company provides trucking, warehousing and forwarding service, containers and prime movers repair, and container haulage. MISC Berhad also has operation in trucking and launch operator.

Yang Ming Marine Transport provides transportation services and handles domestic and foreign maritime services on cargos.  The Company also operates warehouse, wharf, tug, barge, and container freight station services as well as repairs, leases, and sells containers and chassis.

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.

Wan Hai Lines Ltd. provides marine transportation and shipping agent services. The Company also purchases, sells, and leases vessels and containers as well as operates container freight stations.

Evergreen Marine Corp. (Taiwan) Ltd. transports freight by ships. The Company operates container ships to move freight throughout the world. Evergreen Marine has interests in terminals, airline operations and motor freight transportation, as well as container manufacturing.

Mitsui O.S.K. Lines, Ltd. provides marine transportation, warehousing, and cargo handling services.  The Company operates container ship, specialized carrier, oil tankers, and ferry.  Items transported include coal, iron ore, grain, logs, aluminum, cement, industrial salt, copper ore, wood chips, paper products, chemical products, gasoline and other petroleum products, LPG, and other cargoes.

COSCO SHIPPING Energy Transportation Co., Ltd. offers marine shipping services. The Company provides refined oil transportation, crude oil transportation, and other services. COSCO SHIPPING Energy Transportation also ships iron ores, dry bulks, coal, and other products.

Cosco Shipping Energy Transportation Co. Ltd. (H) (1138 HK)

Cosco Shipping Energy Transportation Co. Ltd. (H)

Matson Inc., is involved in transportation and logistics.  The Company offers provides  multimodal transportation services to the North American market, including domestic and international rail intermodal service, long haul and regional highway brokerage, supply chain services and LTL transportation services, as well as third-party logistics services.

Orient Overseas International Ltd, through its subsidiaries, owns and leases ships, operates terminals, and provides freight forwarding and container transportation services.  The Company also develops and invests in properties, leases equipment, and invests in securities.

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Orient Overseas International (316 HK)

DMFR Shorts - Orient Overseas International Limited (316 HK) The Bride-To-Be Has Found Its Suitor

OOIL acquisition: Cosco Shipping Holdings Ltd (Cosco) and Shanghai International Port Group (SIPG) jointly announced the acquisition of Orient...

Drewry Maritime Financial Research

Closing Evergreen / EVA Airways Long-Short Pair Trade Idea After Evergreen Exceeds Our Target Price

We're closing out our Long Evergreen Marine Corp Ltd (2603 TT) / Short Eva Airways Corp (2618 TT) pair trade idea as Evergreen has surpassed our...

Daniel Hellberg

Orient Overseas International Ltd (316 HK) - Has the Suitor Been Found for the Perfect Bride-To-Be ?

Orient Overseas International Limited (316 HK) - Has the suitor been found for the perfect bride-to-be ?Key Takeaway: If the deal were to take...

Drewry Maritime Financial Research

Orient Overseas International Limited (316 HK, Attractive) – 1Q17 Operational Data Update

Orient Overseas International Limited (316 HK, Attractive) – 1Q17 operational data update Liner revenue and volume grows y/y. In an operational...

Drewry Maritime Financial Research

Oil Correction Drags Down Commodity Plays, Transports… and Takes Seaspan Back to Lows

The 2-day 7% correction in oil managed to slaughter many cyclicals, from RIG, which had just gotten a big buy send-off from Barron’s two weeks ago,...

Charles De Trenck

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