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

AP Moeller - Maersk A/S / Equity Bottom-Up

We have been negative on A.P. Møller - Mærsk A/S and container shipping for majority of the last few years, <a href="https://www.smartkarma.com/insights/a-p-moller-maersk-a-s-maerskb-dc-why-we-are-turning-sellers-of-apmm" target="_blank">https://www.smartkarma.com/insights/a-p-moller-maersk-a-s-maerskb-dc-why-we-are-turning-sellers-of-apmm</a> &amp; <a href="https://www.smartkarma.com/insights/a-p-moller-maersk-a-s-maerskb-dc-2q16-outlook-subdued-maintain-unattractive" target="_blank">https://www.smartkarma.com/insights/a-p-moller-maersk-a-s-maerskb-dc-2q16-outlook-subdued-maintain-unattractive</a>. The primary reason was underlying weakness in global trade and excessive global capacity. We see early signs of reversal in pricing and APMM being the most operationally leverage to a recovery is set to report strong earnings in 2017. We upgrade APMM to “Attractive” from “Unattractive” earlier and reverse our bearish stance purely on improving sector fundamentals as we look through the noise of rising trade protectionism. We expect Maersk Line to return to profitability in FY17. We put our TP at DKK 10,000 which is still conservative with further upside in store as we look for further evidence in our investment thesis to play out.

We have been negative on A.P. Møller - Mærsk A/S and container shipping for majority of the last few years, https://www.smartkarma.com/insights/a-p-moller-maersk-a-s-maerskb-dc-why-we-are-turning-sellers-of-apmm &amp; https://www.smartkarma.com/insights/a-p-moller-maersk-a-s-maerskb-dc-2q16-outlook-subdued-maintain-unattractive. The primary reason was underlying weakness in global trade and excessive global capacity. We see early signs of reversal in pricing and APMM being the most operationally leverage to a recovery is set to report strong earnings in 2017. We upgrade APMM to “Attractive” from “Unattractive” earlier and reverse our bearish stance purely on improving sector fundamentals as we look through the noise of rising trade protectionism. We expect Maersk Line to return to profitability in FY17. We put our TP at DKK 10,000 which is still conservative with further upside in store as we look for further evidence in our investment thesis to play out.

A.P. Møller - Mærsk A/S (MAERSKB DC) – Looking Through the Noise, Double Upgrade to "Attractive"

Asian Equities Analyst, Logistics & Transport, Tracking Traffic

Daniel Hellberg

Asian Equities Analyst, Logistics & Transport

Orient Overseas (International) / Equity Bottom-Up

In our comments on the global container shipping segment, we have until recently argued that players on the supply side -- liner operators and other container ship owners -- have not taken the painful steps needed to bring excess supply in line with weakened demand in the near-term, and that the benefits of consolidation weren't likely to be seen for at least another year or two. In the last few weeks, however, we have seen evidence that ship owners are finally biting the bullet and reducing…

In our comments on the global container shipping segment, we have until recently argued that players on the supply side -- liner operators and other container ship owners -- have not taken the painful steps needed to bring excess supply in line with weakened demand in the near-term, and that the benefits of consolidation weren't likely to be seen for at least another year or two. In the last few weeks, however, we have seen evidence that ship owners are finally biting the bullet and reducing…

Container Shipping: Demand Weak, But Supply Side Taking Needed Steps; Hanjin Sold; Focus On OOIL

M&A Reporting, CTFN

Jonathan Spitzer

M&A Reporting

CTFN

Bringing the marketplace leading coverage of mergers, events, and major corporate actions, CTFN has a team of seasoned reporters from Los Angeles to London, publishing news that advances stories that matter to event-driven investors and deal professionals.

Event-Driven

Maersk Oil, the oil and gas unit of Danish transportation and energy conglomerate A.P. Moller–Maersk Group, will cease all its exploration activities and is laying off a significant amount of the workforce, a source familiar with the situation told CTFN.

Maersk Oil, the oil and gas unit of Danish transportation and energy conglomerate A.P. Moller–Maersk Group, will cease all its exploration activities and is laying off a significant amount of the workforce, a source familiar with the situation told CTFN.

Maersk Oil Streamlines Business in Preparation for Possible Merger

Transport Sector, China and Asia-focused Research

Charles De Trenck

At this point in the cycle, we could say that just about all shipping companies have sailed into the Bermuda Triangle. <a href="https://www.smartkarma.com/entities/23596" target="_blank" data-smartkarma-citation="entities:23596:1">Seaspan Corp. (SSW US)</a>, one of the last bastions of stability, has taken it on the chin in the last few trading sessions. <a href="https://www.smartkarma.com/entities/22428" target="_blank" data-smartkarma-citation="entities:22428:1">AP Moeller - Maersk A/S (MAERSKB DC)</a>, in a slightly different silo, has also had a rough week following a poor set of earnings.The following is a discussion of the drivers behind SSW's success, and a look at debates we could have as well as how to approach…

At this point in the cycle, we could say that just about all shipping companies have sailed into the Bermuda Triangle. Seaspan Corp. (SSW US), one of the last bastions of stability, has taken it on the chin in the last few trading sessions. AP Moeller - Maersk A/S (MAERSKB DC), in a slightly different silo, has also had a rough week following a poor set of earnings.The following is a discussion of the drivers behind SSW's success, and a look at debates we could have as well as how to approach…

Shipping Royalty Tanks (Reasons Behind Seaspan's Correction)

What's the deal? Japan's three largest shipping companies -- <a href="https://www.smartkarma.com/entities/12285" target="_blank" data-smartkarma-citation="entities:12285:1">Nippon Yusen Kk (9101 JP)</a>, <a href="https://www.smartkarma.com/entities/20717" target="_blank" data-smartkarma-citation="entities:20717:1">Mitsui Osk Lines Ltd (9104 JP)</a>, and <a href="https://www.smartkarma.com/entities/3548" target="_blank" data-smartkarma-citation="entities:3548:1">Kawasaki Kisen Kaisha Ltd (9107 JP)</a> -- have announced they will combine their container shipping assets, including ships, containers, and terminals. The new company, which will be Japan's only major container ship operator after the deal, expects to complete the merger by mid-2017 and will commence operations in early 2018. NYK will end up with 38% of the new venture, while…

What's the deal? Japan's three largest shipping companies -- Nippon Yusen Kk (9101 JP), Mitsui Osk Lines Ltd (9104 JP), and Kawasaki Kisen Kaisha Ltd (9107 JP) -- have announced they will combine their container shipping assets, including ships, containers, and terminals. The new company, which will be Japan's only major container ship operator after the deal, expects to complete the merger by mid-2017 and will commence operations in early 2018. NYK will end up with 38% of the new venture, while…

Three Japan Giants to Combine Container Assets; Positive in Long-Term, Musical Chairs For Now

Denmark

A.P. Moller - Maersk A/S operates as an integrated transport and logistics company. The Company offers container vessels, supply ships, special vessels, terminals, tug boat activities and reefer container box manufacturing. A.P. Moller-Maersk serves clients worldwide.

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AP Moller - Maersk A/S (MAERSKA DC)

A.P. Møller - Mærsk A/S (MAERSKB DC) – Looking Through the Noise, Double Upgrade to "Attractive"

We have been negative on A.P. Møller - Mærsk A/S and container shipping for majority of the last few...

Drewry Maritime Financial Research

Container Shipping: Demand Weak, But Supply Side Taking Needed Steps; Hanjin Sold; Focus On OOIL

In our comments on the global container shipping segment, we have until recently argued that players on the supply side -- liner operators and...

Daniel Hellberg

Maersk Oil Streamlines Business in Preparation for Possible Merger

Maersk Oil, the oil and gas unit of Danish transportation and energy conglomerate A.P. Moller–Maersk Group, will cease all its exploration...

CTFN

Shipping Royalty Tanks (Reasons Behind Seaspan's Correction)

At this point in the cycle, we could say that just about all shipping companies have sailed into the Bermuda Triangle. Seaspan Corp. (SSW US), one...

Charles De Trenck

Three Japan Giants to Combine Container Assets; Positive in Long-Term, Musical Chairs For Now

What's the deal? Japan's three largest shipping companies -- Nippon Yusen Kk (9101 JP), Mitsui Osk Lines Ltd (9104 JP), and Kawasaki Kisen Kaisha...

Daniel Hellberg

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