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>ICTSI posted an overall robust 2Q18 result, its volumes were up 5.1% quarter-on-quarter (q/q), its revenue from port operations grew 10% q/q. Extension of contracts with shipping lines is giving a vital boost to its outlook, offset by global growth concerns.  Revenue yield inched up 6% q/q with EMEA leading the segments due to a profitable cargo mix. ICTSI continues to be on global expansion spree with terminal of VICT and in PNG ramping up, pressures from expansionary drive is a drag on its EBITDA growth. We retain our Neutral rating on ICTSI.</p>

ICTSI posted an overall robust 2Q18 result, its volumes were up 5.1% quarter-on-quarter (q/q), its revenue from port operations grew 10% q/q. Extension of contracts with shipping lines is giving a vital boost to its outlook, offset by global growth concerns.  Revenue yield inched up 6% q/q with EMEA leading the segments due to a profitable cargo mix. ICTSI continues to be on global expansion spree with terminal of VICT and in PNG ramping up, pressures from expansionary drive is a drag on its EBITDA growth. We retain our Neutral rating on ICTSI.

ICTSI (ICT PM) Continues Its Global Expansion Spree