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Equity analyst - Containers, Drewry Maritime Financial Research

Nilesh Tiwary

Equity analyst - Containers

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>Despite a series of re-capitalization measures in 2017 by the Taiwanese government, the situation for Yang Ming Marine (YMM) has gone from bad to worse with its net gearing rising to 401% in 1H18.  Moreover, YMM is highly exposed to key long-haul trade routes such as Transpacific and Asia-EU/ Med (~70% combined revenue exposure) where the current growth prospects look uncertain. While the trade war between the US and China could negatively impact the prospects of Transpacific trade; an upheaval in Turkey and weaker demand in the two largest European inbound markets of the UK and Germany may be detrimental to the trade concerning the Mediterranean and European region. </p>

Despite a series of re-capitalization measures in 2017 by the Taiwanese government, the situation for Yang Ming Marine (YMM) has gone from bad to worse with its net gearing rising to 401% in 1H18.  Moreover, YMM is highly exposed to key long-haul trade routes such as Transpacific and Asia-EU/ Med (~70% combined revenue exposure) where the current growth prospects look uncertain. While the trade war between the US and China could negatively impact the prospects of Transpacific trade; an upheaval in Turkey and weaker demand in the two largest European inbound markets of the UK and Germany may be detrimental to the trade concerning the Mediterranean and European region. 

Yang Ming Marine Transport

Yang Ming Marine: Choppy Waters Ahead