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.

Thematic (Sector/Industry)

With Korea’s Hanjin Shipping filing for court receivership last week, the assumption that major container lines will always find a way to survive has been rockedIn 2009 when the container industry posted operating losses of nearly $20 billion and many lines were said to be minutes from bankruptcy, none died. The “zombie” carriers’ survival methods were varied and complex, ranging from off-hiring ships to requesting government support, but ultimately they worked.Having survived the worst crisis…

With Korea’s Hanjin Shipping filing for court receivership last week, the assumption that major container lines will always find a way to survive has been rockedIn 2009 when the container industry posted operating losses of nearly $20 billion and many lines were said to be minutes from bankruptcy, none died. The “zombie” carriers’ survival methods were varied and complex, ranging from off-hiring ships to requesting government support, but ultimately they worked.Having survived the worst crisis…

Collapse of Hanjin Shipping - Carriers Do Have Breaking Points

Carriers have withdrawn extremely low spot market freight rates on some, but not all, routesDrewry’s Global Freight Rate Index, a weighted average of spot container freight rates across all major routes except intra-Asia, swung back in Q216 by 13% to reach $1,403 per 40ft box. The global spot rate index had dropped to an all-time low of $1,113 per 40ft container in April.The 26% jump in the global rate index between April and July follows the recent tendency of ocean carriers to increase rates…

Carriers have withdrawn extremely low spot market freight rates on some, but not all, routesDrewry’s Global Freight Rate Index, a weighted average of spot container freight rates across all major routes except intra-Asia, swung back in Q216 by 13% to reach $1,403 per 40ft box. The global spot rate index had dropped to an all-time low of $1,113 per 40ft container in April.The 26% jump in the global rate index between April and July follows the recent tendency of ocean carriers to increase rates…

Container Shipping - Freight Rates Bottoming Out ?

Half-year 2016 trade volumes confirm generally muted container market. Where’s the growth?Most of the major carriers had poor first-half financial results. One of the main reasons behind the slump is the stagnation in demand for carriers’ services. Now that volume statistics are available for major 14 trades covered regularly by Drewry, representing an estimated 40% of the world total, we can see the picture more clearly. The two-way bi-lateral container traffic for the sample routes grew by…

Half-year 2016 trade volumes confirm generally muted container market. Where’s the growth?Most of the major carriers had poor first-half financial results. One of the main reasons behind the slump is the stagnation in demand for carriers’ services. Now that volume statistics are available for major 14 trades covered regularly by Drewry, representing an estimated 40% of the world total, we can see the picture more clearly. The two-way bi-lateral container traffic for the sample routes grew by…

Container Shipping - 1H16 Trade Volumes Confirm Generally Muted Market. Where's the Growth?

Early in the summer, we had downgraded the tanker shipping sector and asked investors to brace for lower earnings and lower asset values and stock prices, <a href="https://www.smartkarma.com/insights/tanker-shipping-cycle-counter-cyclical-investment-strategy-to-run-its-course-downgrade-to-neutral," target="_blank">https://www.smartkarma.com/insights/tanker-shipping-cycle-counter-cyclical-investment-strategy-to-run-its-course-downgrade-to-neutral,</a> all of which has materialized and honestly much faster than we had anticipated. We were early and do see the trend of lower earnings continuing on looming supply growth in 2017 and muted demand growth. The…

Early in the summer, we had downgraded the tanker shipping sector and asked investors to brace for lower earnings and lower asset values and stock prices, https://www.smartkarma.com/insights/tanker-shipping-cycle-counter-cyclical-investment-strategy-to-run-its-course-downgrade-to-neutral, all of which has materialized and honestly much faster than we had anticipated. We were early and do see the trend of lower earnings continuing on looming supply growth in 2017 and muted demand growth. The…

Tanker Shipping - Recent Quarterly Results and Dividend Cuts Confirm Our Thesis, Not Just Seasonal

Transport Sector, China and Asia-focused Research

Charles De Trenck

It is no easy task generating decent relatively low-risk long-term returns portfolio. Over the last decade I have put a lot of thinking into building such a portfolio. It did involve risk taking and periods of relative volatility. I have found several golden rules, also based on failures of up close experiences from myself and others. My hands down worse investment was not cutting losses in certain names into the 2008 crash – most notably Citigroup shares, some of which I was forcibly locked into owing to management options with false information from HR. GE was another counter I took a beating on in 2008+.But some 2009-09 investment lessons I found mirrored some of my 1987-88 market crash lessons. Over time I have reduced volatility in my portfolio.  My main lesson for my conservative investment style was that buying into the heart of a crash takes quite a bit of time and patience to claw back to break even on average picks.  But in the end I stuck to this value style for increasing positions a number of times over the years. What follows is a no-holds barred account of my rules based investments, and losses and gains which have led to decent long-term performance despite a few scary gaps.The second half of this piece is a dialogue with a global investor friend of 15-20 years.

It is no easy task generating decent relatively low-risk long-term returns portfolio. Over the last decade I have put a lot of thinking into building such a portfolio. It did involve risk taking and periods of relative volatility. I have found several golden rules, also based on failures of up close experiences from myself and others. My hands down worse investment was not cutting losses in certain names into the 2008 crash – most notably Citigroup shares, some of which I was forcibly locked into owing to management options with false information from HR. GE was another counter I took a beating on in 2008+.But some 2009-09 investment lessons I found mirrored some of my 1987-88 market crash lessons. Over time I have reduced volatility in my portfolio.  My main lesson for my conservative investment style was that buying into the heart of a crash takes quite a bit of time and patience to claw back to break even on average picks.  But in the end I stuck to this value style for increasing positions a number of times over the years. What follows is a no-holds barred account of my rules based investments, and losses and gains which have led to decent long-term performance despite a few scary gaps.The second half of this piece is a dialogue with a global investor friend of 15-20 years.

Building a Rules Based Perpetual Portfolio(Incl Global Investor Q & A)

United States

TransDigm Group, Inc., through subsidiaries, manufactures aircraft components. The Company produces ignition systems and components, gear pumps, mechanical/electromechanical actuators and controls, NiCad batteries/chargers, power conditioning devices, hold-open rods and locking devices, engineered connectors and latches, cockpit security devices, and AC/DC electric motors.

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Transdigm Group (TDG US)

Collapse of Hanjin Shipping - Carriers Do Have Breaking Points

With Korea’s Hanjin Shipping filing for court receivership last week, the assumption that major container lines will always find a way to survive...

Drewry Maritime Financial Research

Container Shipping - Freight Rates Bottoming Out ?

Carriers have withdrawn extremely low spot market freight rates on some, but not all, routesDrewry’s Global Freight Rate Index, a weighted average...

Drewry Maritime Financial Research

Container Shipping - 1H16 Trade Volumes Confirm Generally Muted Market. Where's the Growth?

Half-year 2016 trade volumes confirm generally muted container market. Where’s the growth?Most of the major carriers had poor first-half financial...

Drewry Maritime Financial Research

Tanker Shipping - Recent Quarterly Results and Dividend Cuts Confirm Our Thesis, Not Just Seasonal

Early in the summer, we had downgraded the tanker shipping sector and asked investors to brace for lower earnings and lower asset values and stock...

Drewry Maritime Financial Research

Building a Rules Based Perpetual Portfolio(Incl Global Investor Q & A)

It is no easy task generating decent relatively low-risk long-term returns portfolio. Over the last decade I have put a lot of thinking into...

Charles De Trenck

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