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Drewry Maritime Financial Research

Ishan Dafaria

Maritime Sector, Equity & Credit 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>Diana Shipping Inc. reported its 3Q19 results on 2 December 2019. The company’s time charter revenues took a hit on account of a smaller fleet size and lower average time charter rates. Diana has sold five vessels in 2019 so far. As a result, its time charter revenues came in at USD 53.5mn for 3Q19 against USD 61.5mn in 3Q18. Total net income, as a result, narrowed at just USD 1.8mn against USD 14.8mn in 3Q18. The stock price lost 5% of the shareholders’ value after the earnings release as the normalised EPS failed to meet the street estimates by 50%.</p>

Diana Shipping Inc. reported its 3Q19 results on 2 December 2019. The company’s time charter revenues took a hit on account of a smaller fleet size and lower average time charter rates. Diana has sold five vessels in 2019 so far. As a result, its time charter revenues came in at USD 53.5mn for 3Q19 against USD 61.5mn in 3Q18. Total net income, as a result, narrowed at just USD 1.8mn against USD 14.8mn in 3Q18. The stock price lost 5% of the shareholders’ value after the earnings release as the normalised EPS failed to meet the street estimates by 50%.

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