Rates for Capes Plunge While Trade War Forces Panamax Futures Down, What’s Next for SBLK Investors?

Will the Trade War Cast a Shadow on Star Bulk’s Earnings Momentum?

Korea Stock Market Monthly Recap #26 (June 2018)

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><strong>Strong quarterly earnings; raise fair value to USD 12.50:</strong> Star Bulk Carriers (SBLK) reported TCE revenue of USD 62m in 2Q17, markedly higher than USD 49.9m posted in the previous quarter and our estimate of USD 57.1m. Topline expansion was driven by the increase in average TCE earnings, which jumped to USD 9,746, 20% higher than in 1Q17. On the cost side, the operating expenses as percentage of gross revenues declined to 47% in 2Q17 over 52% in 1Q17, substantiating management’s focus on cost…</p>

Strong quarterly earnings; raise fair value to USD 12.50: Star Bulk Carriers (SBLK) reported TCE revenue of USD 62m in 2Q17, markedly higher than USD 49.9m posted in the previous quarter and our estimate of USD 57.1m. Topline expansion was driven by the increase in average TCE earnings, which jumped to USD 9,746, 20% higher than in 1Q17. On the cost side, the operating expenses as percentage of gross revenues declined to 47% in 2Q17 over 52% in 1Q17, substantiating management’s focus on cost…

DMFR – 2Q17 Result Update – Star Bulk Carriers – Dead Cat Bounce or Path to Recovery?