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

Teekay Tankers Ltd Class A / Equity Bottom-Up

On 31 May, Teekay Tankers (TNK US) announced that it had agreed to acquire all outstanding shares of Oslo-listed Tanker Investment Ltd (TIL NO) in a share-for-share merger. Teekay Tankers, which already owns 3.4m or 11.3% of TIL’s common shares, would acquire the remaining 26.9m common shares of TIL that it does not own, by issuing 88.9m TNK shares (3.30x exchange ratio). This amounts to an enterprise value of USD 476m for TIL’s fleet at TNK’s closing price on 31 May. TIL’s fleet comprises 10…

On 31 May, Teekay Tankers (TNK US) announced that it had agreed to acquire all outstanding shares of Oslo-listed Tanker Investment Ltd (TIL NO) in a share-for-share merger. Teekay Tankers, which already owns 3.4m or 11.3% of TIL’s common shares, would acquire the remaining 26.9m common shares of TIL that it does not own, by issuing 88.9m TNK shares (3.30x exchange ratio). This amounts to an enterprise value of USD 476m for TIL’s fleet at TNK’s closing price on 31 May. TIL’s fleet comprises 10…

DMFR - Teekay Tankers' Acquisition of TIL: What Does This Mean for Shareholders?

Teekay Tankers (TNK US, Unattractive, USD 1.60) – trim fair value on weak earnings and asset disposals<ul><li>
Pare down fair value on reduced profitability and asset disposals:Teekay Tankers’ (TNK’s) operating revenue fell 24.2% y/y in 1Q17 to USD 125.1m (slightly north of our estimate of USD 111.6m) on account of an average 25% decline in freight rates across all vessel classes, as well as contracted fleet. The TCE revenue declined by one-third due to reduced top line and increased voyage expenses to…</li></ul>

Teekay Tankers (TNK US, Unattractive, USD 1.60) – trim fair value on weak earnings and asset disposals
Pare down fair value on reduced profitability and asset disposals:Teekay Tankers’ (TNK’s) operating revenue fell 24.2% y/y in 1Q17 to USD 125.1m (slightly north of our estimate of USD 111.6m) on account of an average 25% decline in freight rates across all vessel classes, as well as contracted fleet. The TCE revenue declined by one-third due to reduced top line and increased voyage expenses to…

Teekay Tankers (TNK US, Unattractive, USD 1.60)–Trim Fair Value on Weak Earnings and Asset Disposals

Wharton School of the University of Pennsylvania

Assistant Professor at The Wharton School, Wharton School of the University of Pennsylvania

Dr Arthur van Benthem

Assistant Professor at The Wharton School

Thematic (Sector/Industry)

The environmental agenda of President-elect Trump and his transition team is deeply troubling. Plans include dismantling or defunding the Environmental Protection Agency, scrapping the Paris Climate Accord, repealing the Clean Power Plan, relaxing auto emissions standards, increasing coal production, weakening the Endangered Species Act, and on and on. While Trump claims to have an “open mind” on climate, the transition at the EPA is led by Myron Ebell, a science denier who believes that free…

The environmental agenda of President-elect Trump and his transition team is deeply troubling. Plans include dismantling or defunding the Environmental Protection Agency, scrapping the Paris Climate Accord, repealing the Clean Power Plan, relaxing auto emissions standards, increasing coal production, weakening the Endangered Species Act, and on and on. While Trump claims to have an “open mind” on climate, the transition at the EPA is led by Myron Ebell, a science denier who believes that free…

Time for Corporate America to Stand up for the Environment

Teekay Tankers (TNK US)-Reduce Fair Value on Asset Disposal; Maintain Neutral Stance<ul><li>
Revenue close to our estimate, but earnings in red: Teekay Tankers’ (TNK’s) operating revenue fell 16.5% y/y in 3Q16 to USD 104.6m (slightly above our estimate of USD 100.3m) primarily as a result of the double-digit decline in freight rates across all vessel classes. TCE revenue dropped 27% y/y to USD 89.7m on account of reduced top line and higher voyage expenses, in line with our estimate of USD 93.2m but…</li></ul>

Teekay Tankers (TNK US)-Reduce Fair Value on Asset Disposal; Maintain Neutral Stance
Revenue close to our estimate, but earnings in red: Teekay Tankers’ (TNK’s) operating revenue fell 16.5% y/y in 3Q16 to USD 104.6m (slightly above our estimate of USD 100.3m) primarily as a result of the double-digit decline in freight rates across all vessel classes. TCE revenue dropped 27% y/y to USD 89.7m on account of reduced top line and higher voyage expenses, in line with our estimate of USD 93.2m but…

Teekay Tankers (TNK US)-Reduce Fair Value on Asset Disposal; Maintain Neutral Stance

Transport Sector, China and Asia-focused Research

Charles De Trenck

Pacific Basin Shipping / Equity Bottom-Up

DRYS has now spiked (before suspension) more than 2000% post Trump and as the BDI (Baltic Dry Index) popped above 1,000. Most of the trading activity in US shipping names has happened over the last two days. As a result, we had multiple TV segments on CNBC on Wednesday on these shares. The <a href="http://blogs.wsj.com/moneybeat/2016/11/16/unmoored-from-reality-dryships-halted-after-1500-post-election-rally/" target="_blank">WSJ</a> also took to writing on the topic for generalist readers. …This funky stock roller coaster, as well as longer-term stock holds are quickly recapped further below.The worst shipping companies, including…

DRYS has now spiked (before suspension) more than 2000% post Trump and as the BDI (Baltic Dry Index) popped above 1,000. Most of the trading activity in US shipping names has happened over the last two days. As a result, we had multiple TV segments on CNBC on Wednesday on these shares. The WSJ also took to writing on the topic for generalist readers. …This funky stock roller coaster, as well as longer-term stock holds are quickly recapped further below.The worst shipping companies, including…

Shipping Stocks Go Bananas, the Worst Rising the Most

United States

Teekay Tankers Ltd. provides oil transportation services through a fleet of mid-size tankers, including Suezmax and Aframax crude oil tankers and Long Range 2 product tankers. The Company's vessels are typically employed through a mix of short- or medium-term fixed-rate time charter contracts and spot tanker market trading.

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Teekay Tankers Ltd Class A (TNK US)

DMFR - Teekay Tankers' Acquisition of TIL: What Does This Mean for Shareholders?

On 31 May, Teekay Tankers (TNK US) announced that it had agreed to acquire all outstanding shares of Oslo-listed Tanker Investment Ltd (TIL NO) in...

Drewry Maritime Financial Research

Teekay Tankers (TNK US, Unattractive, USD 1.60)–Trim Fair Value on Weak Earnings and Asset Disposals

Teekay Tankers (TNK US, Unattractive, USD 1.60) – trim fair value on weak earnings and asset disposals Pare down fair value on reduced...

Drewry Maritime Financial Research

Time for Corporate America to Stand up for the Environment

The environmental agenda of President-elect Trump and his transition team is deeply troubling. Plans include dismantling or defunding the...

Dr Arthur van Benthem

Teekay Tankers (TNK US)-Reduce Fair Value on Asset Disposal; Maintain Neutral Stance

Teekay Tankers (TNK US)-Reduce Fair Value on Asset Disposal; Maintain Neutral Stance Revenue close to our estimate, but earnings in red: Teekay...

Drewry Maritime Financial Research

Shipping Stocks Go Bananas, the Worst Rising the Most

DRYS has now spiked (before suspension) more than 2000% post Trump and as the BDI (Baltic Dry Index) popped above 1,000. Most of the trading...

Charles De Trenck

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)