DP World (DPW DU) - Partially Monetises Canadian Assets

DP World (DPW DU) - Throughput Weakness Apparent in Its Global Portfolio

DP World Ltd. Credit Research - Credit Outlook Stable - Bond Valuation Neutral

DP World Ltd (DPW DU) - Limited Upside on Current Valuation

DP World Ltd. (DPW) - Credit Outlook: Stable | Valuation: Neutral

Lead Analyst, Credit Research, Drewry Maritime Financial Research

Konstantinos Oikonomopoulos

Lead Analyst, Credit Research

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.

Credit

<p><strong>Maritime bonds performance in 2017 and YTD:</strong></p><ul class="">
<li class="">Bonds issued by the companies that operate in the dry bulk and container shipping sectors have benefited the most in 2017 in line with an improvement in freight rates for the sectors.</li>
<li>The port operators segment has recognised marginal gains in 2017, in line with the industry’s throughput growth of 6%. The sector’s average return y/y, which comprises bonds from DP World, ICTSI, Navios Logistics and Global ports, stood at 3.2% in 2017. DP World’s bonds…</li>
</ul>

Maritime bonds performance in 2017 and YTD:
Bonds issued by the companies that operate in the dry bulk and container shipping sectors have benefited the most in 2017 in line with an improvement in freight rates for the sectors.
The port operators segment has recognised marginal gains in 2017, in line with the industry’s throughput growth of 6%. The sector’s average return y/y, which comprises bonds from DP World, ICTSI, Navios Logistics and Global ports, stood at 3.2% in 2017. DP World’s bonds…


Moderate Throughput Growth Y/Y, High Valuations and Interest Rate Hikes Weigh on Ports Bonds