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

Tsakos Energy Navigation Ltd / Equity Bottom-Up

Tsakos Energy Navigation LTD ( TNP US) - Changing Our Stance And Downgrading To Neutral<ul><li>
Earnings lower than consensus, but in line with our estimates: Tsakos Energy Navigation’s (TNP’s) operating revenue declined 22.2% y/y in 2Q16 to USD 119.9m (slightly above our estimate of USD 115.7m), even though the company added four newbuilds to its fleet, primarily because the average TCE per ship dropped 19% y/y to USD 21,602pd. The TCE revenue of USD 94.8m is in line with our estimate of USD 93.7m.…</li></ul>

Tsakos Energy Navigation LTD ( TNP US) - Changing Our Stance And Downgrading To Neutral
Earnings lower than consensus, but in line with our estimates: Tsakos Energy Navigation’s (TNP’s) operating revenue declined 22.2% y/y in 2Q16 to USD 119.9m (slightly above our estimate of USD 115.7m), even though the company added four newbuilds to its fleet, primarily because the average TCE per ship dropped 19% y/y to USD 21,602pd. The TCE revenue of USD 94.8m is in line with our estimate of USD 93.7m.…

Tsakos Energy Navigation LTD ( TNP US) - Changing Our Stance And Downgrading To Neutral