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

<ul>
<li><strong>Expected earnings in red until last quarter of 2019</strong></li>
<li><strong>Capital <strong>expenditure limited to retrofit dual fuel engines; ~91% of the fleet deployed in the spot market</strong></strong></li>
<li><strong><strong>In order to maintain unrestricted cash balance within USD 44-45m, the company will be required to refinance debt in 2019; the ratio of current net debt to market adjusted fleet value is maintained at 67%</strong></strong></li>
<li><strong>By the end of 1Q19, 4 terminals will become operational and will help absorb excess tonnage in the VLGC market</strong></li>
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<figure class="editor-figure mceNonEditable"><img src="https://static-prod.smartkarma.com/images/media/000/076/523/original/Valuation%20guidance_BW%20LPG.PNG?1548321476" class="editor-image img-responsive" data-smartkarma-image-id="76523"></figure><div class="content-caption">Valuation guidance</div>
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<p style="text-align: left;">Source: S&amp;P Capital IQ</p>
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Expected earnings in red until last quarter of 2019
Capital expenditure limited to retrofit dual fuel engines; ~91% of the fleet deployed in the spot market
In order to maintain unrestricted cash balance within USD 44-45m, the company will be required to refinance debt in 2019; the ratio of current net debt to market adjusted fleet value is maintained at 67%
By the end of 1Q19, 4 terminals will become operational and will help absorb excess tonnage in the VLGC market


Valuation guidance


Source: S&amp;P Capital IQ


BW LPG (OB:BWLPG): New Terminal Capacities Slated for 2019-20 to Help Absorb Excess Tonnage

BW LPG Ltd

BW LPG (OB:BWLPG): New Terminal Capacities Slated for 2019-20 to Help Absorb Excess Tonnage