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Lead Analyst, Drewry Maritime Financial Research

Victoria Saraglis

Lead Analyst

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 style="text-align: left;">Vulnerable to the seasonality reflected in LPG freight rates during the second quarter of 2018, the company recorded a net loss of USD 3.2m, compared with net income of USD 0.7m in the previous quarter. Moreover, net income dropped from the USD 2.3m attained in the second quarter of 2017. On a positive note, the company has managed to control its vessel operating expenses at USD 7,500pd.</p><p style="text-align: left;">The company revealed that it expects to contribute a capital of USD 155m – lower than the USD 200m projected earlier, for the construction of the ethylene export terminal until 2020, of which USD 15m has been paid out of cash resources, and the remainder is expected to be financed through debt facilities. Furthermore, the company continues to believe that the refrigeration unit will become operational by the fourth quarter of 2019.</p>

Vulnerable to the seasonality reflected in LPG freight rates during the second quarter of 2018, the company recorded a net loss of USD 3.2m, compared with net income of USD 0.7m in the previous quarter. Moreover, net income dropped from the USD 2.3m attained in the second quarter of 2017. On a positive note, the company has managed to control its vessel operating expenses at USD 7,500pd.The company revealed that it expects to contribute a capital of USD 155m – lower than the USD 200m projected earlier, for the construction of the ethylene export terminal until 2020, of which USD 15m has been paid out of cash resources, and the remainder is expected to be financed through debt facilities. Furthermore, the company continues to believe that the refrigeration unit will become operational by the fourth quarter of 2019.

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