Transport Sector, China and Asia-focused Research

Charles De Trenck

Equity Bottom-Up

Teekay Tankers Ltd Class A / Equity Bottom-Up

US and global tanker plays such as TNK, NAT, DHT and others named in my notes earlier this year continue to move higher. This is because US Congress is making a real run at lifting the ban on US oil exports, possibly within coming months. This is probably why Icahn has taken a liking to some US oil names recently.&nbsp;

US and global tanker plays such as TNK, NAT, DHT and others named in my notes earlier this year continue to move higher. This is because US Congress is making a real run at lifting the ban on US oil exports, possibly within coming months. This is probably why Icahn has taken a liking to some US oil names recently.&nbsp;

Tankers and US oil Exports: The story is continuing to unfold

In recent weeks we have had a wonderful opportunity to observe history repeat itself and to research top potential investments to add to wishlists. We have also had a few opportunities to accumulate shares we may have wanted to buy or buyback for some time. And we might get these opportunities again, depending on the depth of the recent corrections in markets, in energy and in commodities. Part II is presented first in case you want to skip Part I on the psychology of corrections and looking for stocks with rebound potential.

In recent weeks we have had a wonderful opportunity to observe history repeat itself and to research top potential investments to add to wishlists. We have also had a few opportunities to accumulate shares we may have wanted to buy or buyback for some time. And we might get these opportunities again, depending on the depth of the recent corrections in markets, in energy and in commodities. Part II is presented first in case you want to skip Part I on the psychology of corrections and looking for stocks with rebound potential. 

Looking for strong energy related shipping companies with good rebound potential 

EM PM, Ecstrat

Emad Mostaque

EM PM

Ecstrat

Ecstrat is a consultancy advising on asset allocation between global equity markets, with a focus on the intersection of governments, geopolitics, governance and markets.
 
Over the past few years and more especially since the Great Financial Crisis (GFC), investors have become more focused on short-term market movements and real-time returns and have consequently neglected the analysis of the underlying structural themes that underpin longer term performance.
​
More specifically we believe that the evolution of governance-based relationships between investors, controlling shareholders, labour and the state is one of the primary determinants of both relative and absolute performance between individual equity markets.
 
We will endeavour to provide investors with some of the context surrounding governance-related issues which encompass many different disciplines including history, economics and political science, as well as the financial metrics which are the most obvious manifestation of the structural characteristics of each market.
 
We will pay particular attention to the shifts and potential inflection points for governance in individual markets as these are often the best lead indicators for both economic and market performance.

Thematic (Sector/Industry)

In line with our expectations from a few months ago Saudi has ramped up production into the summer to drive down oil prices, adding 0.9mbpd since the start of the year to go 2.5mbpd above their historic quota, equivalent to the expected return of Iranian crude. This should drag down energy stocks and the whole curve, both of which should bottom this summer.

In line with our expectations from a few months ago Saudi has ramped up production into the summer to drive down oil prices, adding 0.9mbpd since the start of the year to go 2.5mbpd above their historic quota, equivalent to the expected return of Iranian crude. This should drag down energy stocks and the whole curve, both of which should bottom this summer.

Saudi is flooding the oil market, not Iran

While slightly later than expected, a comprehensive deal on Iran's nuclear weapons program has now been reached. We think this is a good deal that stops nuclear breakout. Iran offers exceptional investment opportunities with the TSE at 6x PE and yielding double digit dividends, but the near term impact will be to continue oil's decline back to its lows, potentially taking energy stocks with it.

While slightly later than expected, a comprehensive deal on Iran's nuclear weapons program has now been reached. We think this is a good deal that stops nuclear breakout. Iran offers exceptional investment opportunities with the TSE at 6x PE and yielding double digit dividends, but the near term impact will be to continue oil's decline back to its lows, potentially taking energy stocks with it.

We are in the sweet spot of a recovery in tanker shipping coming after the sub-sector has marked multi-year lows. The driver has been oil price rebounds which itself has driven a promise of higher dividend distributions.

We are in the sweet spot of a recovery in tanker shipping coming after the sub-sector has marked multi-year lows. The driver has been oil price rebounds which itself has driven a promise of higher dividend distributions.

Key Juncture for Tankers and How to Get Proper Tanker Exposure

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)

Tankers and US oil Exports: The story is continuing to unfold

US and global tanker plays such as TNK, NAT, DHT and others named in my notes earlier this year continue to move higher. This is because US...

Charles De Trenck

Saudi is flooding the oil market, not Iran

In line with our expectations from a few months ago Saudi has ramped up production into the summer to drive down oil prices, adding 0.9mbpd since...

Emad Mostaque

Iranian deal done

While slightly later than expected, a comprehensive deal on Iran's nuclear weapons program has now been reached. We think this is a good deal that...

Emad Mostaque

Key Juncture for Tankers and How to Get Proper Tanker Exposure

We are in the sweet spot of a recovery in tanker shipping coming after the sub-sector has marked multi-year lows. The driver has been oil price...

Charles De Trenck

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)

Tankers and US oil Exports: The story is continuing to unfold

US and global tanker plays such as TNK, NAT, DHT and others named in my notes earlier this year continue to move higher. This is because US...

Charles De Trenck

Looking for strong energy related shipping companies with good rebound potential

In recent weeks we have had a wonderful opportunity to observe history repeat itself and to research top potential investments to add to wishlists....

Charles De Trenck

Saudi is flooding the oil market, not Iran

In line with our expectations from a few months ago Saudi has ramped up production into the summer to drive down oil prices, adding 0.9mbpd since...

Emad Mostaque

Iranian deal done

While slightly later than expected, a comprehensive deal on Iran's nuclear weapons program has now been reached. We think this is a good deal that...

Emad Mostaque

Key Juncture for Tankers and How to Get Proper Tanker Exposure

We are in the sweet spot of a recovery in tanker shipping coming after the sub-sector has marked multi-year lows. The driver has been oil price...

Charles De Trenck