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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><strong>Operating revenues exceed expectations and Opex per day remains under control:</strong> Star Bulk Carriers (SBLK) reported operating revenues of USD 107.7m in 4Q17 – a 33% increase q/q from USD 80.8m in 3Q17 and a 70% increase from USD 63.2m reported in 4Q16. These revenues were driven by an increase in the average daily TCE rate to USD 13,860 from the lows of USD 9,619 in 3Q17 and USD 8,186 in 4Q16, respectively. The 4Q17 revenues also benefited from an increase in the average number of vessels to 70.6…</p>

Operating revenues exceed expectations and Opex per day remains under control: Star Bulk Carriers (SBLK) reported operating revenues of USD 107.7m in 4Q17 – a 33% increase q/q from USD 80.8m in 3Q17 and a 70% increase from USD 63.2m reported in 4Q16. These revenues were driven by an increase in the average daily TCE rate to USD 13,860 from the lows of USD 9,619 in 3Q17 and USD 8,186 in 4Q16, respectively. The 4Q17 revenues also benefited from an increase in the average number of vessels to 70.6…

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