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

<p>Earnings falter on weak spot rates; reduce fair value to NOK 36: BW LPG reported a decline of 8% y/y in TCE income to USD 91.4m in 2Q17, as the decline in spot rates negated the impact of a larger fleet. Daily earnings for VLGCs declined to USD 20,300 in 2Q17 compared to USD 28,100 in 2Q16, and USD 21,000 in 1Q17, while its fleet increased by 12 VLGCs during the same period. A decline in revenues also hurt company’s earnings as EBITDA plummeted to USD 39.6m from USD 52.3m in 2Q16; it was also…</p>

Earnings falter on weak spot rates; reduce fair value to NOK 36: BW LPG reported a decline of 8% y/y in TCE income to USD 91.4m in 2Q17, as the decline in spot rates negated the impact of a larger fleet. Daily earnings for VLGCs declined to USD 20,300 in 2Q17 compared to USD 28,100 in 2Q16, and USD 21,000 in 1Q17, while its fleet increased by 12 VLGCs during the same period. A decline in revenues also hurt company’s earnings as EBITDA plummeted to USD 39.6m from USD 52.3m in 2Q16; it was also…

BW LPG (BWLPG NO) – Supply Pressures Hit Earnings but for How Long?

BW LPG Ltd

BW LPG (BWLPG NO) – Supply Pressures Hit Earnings but for How Long?