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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

Yang Ming Marine Transport / Equity Bottom-Up

<p>We maintain our unattractive call on YMM as we do not see any upside in earnings this year as well the next. Besides ballooning debt and equity hemorrhaging, the company is faced with numerous challenges this year, ranging from IMO regulations to US-China trade war which are still uncertain. On the cost front, YMM has to deal with costs related to delivery of vessels. There are four chartered-in vessels of 14,000 teu each to be delivered this year. In addition, 10 owned vessels of 2,800 teu each and 10 chartered-in vessels of 11,000 teu each are to be delivered between 2020 and 2021 for which some upfront payment is to be made.</p>

We maintain our unattractive call on YMM as we do not see any upside in earnings this year as well the next. Besides ballooning debt and equity hemorrhaging, the company is faced with numerous challenges this year, ranging from IMO regulations to US-China trade war which are still uncertain. On the cost front, YMM has to deal with costs related to delivery of vessels. There are four chartered-in vessels of 14,000 teu each to be delivered this year. In addition, 10 owned vessels of 2,800 teu each and 10 chartered-in vessels of 11,000 teu each are to be delivered between 2020 and 2021 for which some upfront payment is to be made.

Yang Ming Marine(2609 TT): Already Reeling Financials to Suffer Significant Cost Burden