AP Moller Maersk (MaerskB DC) -Expect 2019 to Be Better

Evergreen Marine: Fundamentals Under Strain

Hapag Lloyd (HLAG GR): Riding High on Improving Fundamentals

AP Moller Maersk: Restructuring yet to Bear Substantial Benefits

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>EMC’s share price has still been hovering around our previous fair value of NTD 12 (Oct 2018 est.) and we would like to maintain our fair value for now. We believe 2019 could be challenging for the company despite a resurgence in the second half of 2018, which may allow EMC to get away with a small profit for the full year. EMC plans to equip around 70 of its vessels with scrubbers which involve substantial capex/opex costs. In addition, the company has the largest vessel orderbook in the industry.</p>

EMC’s share price has still been hovering around our previous fair value of NTD 12 (Oct 2018 est.) and we would like to maintain our fair value for now. We believe 2019 could be challenging for the company despite a resurgence in the second half of 2018, which may allow EMC to get away with a small profit for the full year. EMC plans to equip around 70 of its vessels with scrubbers which involve substantial capex/opex costs. In addition, the company has the largest vessel orderbook in the industry.

Evergreen Marine(2603 TT): Looking for Greener Pasture

Evergreen Marine Corp

Evergreen Marine(2603 TT): Looking for Greener Pasture