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.

Equity Bottom-Up

Pacific Basin Shipping / Equity Bottom-Up

<blockquote>Investor sentiment has a larger effect on the stocks of companies that are difficult to value and arbitrage than on those that are not. Subsequent returns are determined by the level of sentiment at the start of the period. </blockquote><div>
Malcolm Baker, Johnathan Wang, and Jeffrey Wurgler, Journal of Investment Management, Vol. 6, No. 2 (Second Quarter 2008)
It is indeed very difficult to value a dry bulk company in the current environment, mean-reversion models to long term charter rates are broken, cost of…
</div>

Investor sentiment has a larger effect on the stocks of companies that are difficult to value and arbitrage than on those that are not. Subsequent returns are determined by the level of sentiment at the start of the period. 
Malcolm Baker, Johnathan Wang, and Jeffrey Wurgler, Journal of Investment Management, Vol. 6, No. 2 (Second Quarter 2008)
It is indeed very difficult to value a dry bulk company in the current environment, mean-reversion models to long term charter rates are broken, cost of…


DMER-Dry Bulk Shipping - Under-Owned, Normalization, Leading to Investor Sentiment Turning Bullish ?

We have been positive on Pacific Basin (2343 HK) since the rights issue and the stock has been one of our key conviction buys in the recovering dry bulk space. <a href="https://www.smartkarma.com/insights/pacific-basin-2343-hk-not-too-late-to-get-onboard" target="_blank">https://www.smartkarma.com/insights/pacific-basin-2343-hk-not-too-late-to-get-onboard</a>, <a href="https://www.smartkarma.com/insights/pacific-basin-2343-hk-can-under-ownership-lead-to-stock-out-performance" target="_blank">https://www.smartkarma.com/insights/pacific-basin-2343-hk-can-under-ownership-lead-to-stock-out-performance</a>. In its latest trading update released late last week, the underlying operating matrix continues to improve and strong balance sheet should be…

We have been positive on Pacific Basin (2343 HK) since the rights issue and the stock has been one of our key conviction buys in the recovering dry bulk space. https://www.smartkarma.com/insights/pacific-basin-2343-hk-not-too-late-to-get-onboard, https://www.smartkarma.com/insights/pacific-basin-2343-hk-can-under-ownership-lead-to-stock-out-performance. In its latest trading update released late last week, the underlying operating matrix continues to improve and strong balance sheet should be…

Pacific Basin (2343 HK) - Sequential Improvement in Rates, Continues to Outperform the Market Rates

Pacific Basin (2343 HK) - Can Under-Ownership Lead to Stock Out-performance ?There are many things wrong with dry bulk Shipping but we are asking investors to move from “What’s broken” to “What’s working”. It is certainly not an easy task for investors, but we see a very favorable risk-reward, which can prove to be fruitful in the years ahead. Back in 2008, when I covered Pacific Basin (2343 HK), there were 15+ analysts covering the stock as dry bulk bubble frenzy was at its peak. It was a…

Pacific Basin (2343 HK) - Can Under-Ownership Lead to Stock Out-performance ?There are many things wrong with dry bulk Shipping but we are asking investors to move from “What’s broken” to “What’s working”. It is certainly not an easy task for investors, but we see a very favorable risk-reward, which can prove to be fruitful in the years ahead. Back in 2008, when I covered Pacific Basin (2343 HK), there were 15+ analysts covering the stock as dry bulk bubble frenzy was at its peak. It was a…

Pacific Basin (2343 HK) - Can Under-Ownership Lead to Stock Out-Performance ?

Pacific Basin (2343 HK) - Not Too Late to Get On-boardPacific Basin (2343 HK) has been one of our key conviction buys in embattled dry bulk space. PB is within kissing distance of our TP and since our recommendation the stock is up 43%. We expect further gains to come and believe its not too late to take a fresh exposure. We believe the rally in Dry Bulk stocks has just started and provides a short-medium opportunity to accumulate gains. We had upgraded the stock in April as the rights issue in…

Pacific Basin (2343 HK) - Not Too Late to Get On-boardPacific Basin (2343 HK) has been one of our key conviction buys in embattled dry bulk space. PB is within kissing distance of our TP and since our recommendation the stock is up 43%. We expect further gains to come and believe its not too late to take a fresh exposure. We believe the rally in Dry Bulk stocks has just started and provides a short-medium opportunity to accumulate gains. We had upgraded the stock in April as the rights issue in…

Pacific Basin (2343 HK) - Not Too Late to Get Onboard

Pacific Basin (2343 HK) - Rights issue settles debt concerns; upgrade to Attractive<figure class="editor-figure"><img src="https://static-prod.smartkarma.com/images/media/000/007/523/original/PB1.jpg?1461549842" class="editor-image img-responsive" data-smartkarma-image-id="7523"></figure>Rights issue settles debt concerns; upgrade to Attractive: On April 18 Pacific Basin (PB) announced 1.9bn right shares at a subscription price of HKD 0.60 per share, offering a discount of 58.3% to the closing price of HKD 1.44 on the day. The company aims to utilise ~USD 143m of net proceeds mainly to repay convertible bonds worth USD 123.8m due in 2018, but with a put option that can be exercised as early as…

Pacific Basin (2343 HK) - Rights issue settles debt concerns; upgrade to AttractiveRights issue settles debt concerns; upgrade to Attractive: On April 18 Pacific Basin (PB) announced 1.9bn right shares at a subscription price of HKD 0.60 per share, offering a discount of 58.3% to the closing price of HKD 1.44 on the day. The company aims to utilise ~USD 143m of net proceeds mainly to repay convertible bonds worth USD 123.8m due in 2018, but with a put option that can be exercised as early as…

Pacific Basin (2343 HK) - Rights Issue Settles Debt Concerns; Upgrade to Attractive

Hong Kong

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.

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Pacific Basin Shipping (2343 HK)

DMER-Dry Bulk Shipping - Under-Owned, Normalization, Leading to Investor Sentiment Turning Bullish ?

Investor sentiment has a larger effect on the stocks of companies that are difficult to value and arbitrage than on those that are not. Subsequent...

Drewry Maritime Financial Research

Pacific Basin (2343 HK) - Sequential Improvement in Rates, Continues to Outperform the Market Rates

We have been positive on Pacific Basin (2343 HK) since the rights issue and the stock has been one of our key conviction buys in the recovering dry...

Drewry Maritime Financial Research

Pacific Basin (2343 HK) - Can Under-Ownership Lead to Stock Out-Performance ?

Pacific Basin (2343 HK) - Can Under-Ownership Lead to Stock Out-performance ?There are many things wrong with dry bulk Shipping but we are asking...

Drewry Maritime Financial Research

Pacific Basin (2343 HK) - Not Too Late to Get Onboard

Pacific Basin (2343 HK) - Not Too Late to Get On-boardPacific Basin (2343 HK) has been one of our key conviction buys in embattled dry bulk space....

Drewry Maritime Financial Research

Pacific Basin (2343 HK) - Rights Issue Settles Debt Concerns; Upgrade to Attractive

Pacific Basin (2343 HK) - Rights issue settles debt concerns; upgrade to AttractiveRights issue settles debt concerns; upgrade to Attractive: On...

Drewry Maritime Financial Research

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