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.

Thematic (Sector/Industry)

With Korea’s Hanjin Shipping filing for court receivership last week, the assumption that major container lines will always find a way to survive has been rockedIn 2009 when the container industry posted operating losses of nearly $20 billion and many lines were said to be minutes from bankruptcy, none died. The “zombie” carriers’ survival methods were varied and complex, ranging from off-hiring ships to requesting government support, but ultimately they worked.Having survived the worst crisis…

With Korea’s Hanjin Shipping filing for court receivership last week, the assumption that major container lines will always find a way to survive has been rockedIn 2009 when the container industry posted operating losses of nearly $20 billion and many lines were said to be minutes from bankruptcy, none died. The “zombie” carriers’ survival methods were varied and complex, ranging from off-hiring ships to requesting government support, but ultimately they worked.Having survived the worst crisis…

Collapse of Hanjin Shipping - Carriers Do Have Breaking Points

Carriers have withdrawn extremely low spot market freight rates on some, but not all, routesDrewry’s Global Freight Rate Index, a weighted average of spot container freight rates across all major routes except intra-Asia, swung back in Q216 by 13% to reach $1,403 per 40ft box. The global spot rate index had dropped to an all-time low of $1,113 per 40ft container in April.The 26% jump in the global rate index between April and July follows the recent tendency of ocean carriers to increase rates…

Carriers have withdrawn extremely low spot market freight rates on some, but not all, routesDrewry’s Global Freight Rate Index, a weighted average of spot container freight rates across all major routes except intra-Asia, swung back in Q216 by 13% to reach $1,403 per 40ft box. The global spot rate index had dropped to an all-time low of $1,113 per 40ft container in April.The 26% jump in the global rate index between April and July follows the recent tendency of ocean carriers to increase rates…

Container Shipping - Freight Rates Bottoming Out ?

Dry bulk normalisation continues; Tankers trend down in line with our expectations, Introduce Offshore sector<ul><li>Dry bulk stocks impacted by market malaise and company-specific events</li><li>Tide is turning for tanker operators; port sector transitioning to value play</li><li>Rally in offshore stocks could be a dead cat bounce; retracement in oil prices affect gas shipping</li></ul>

Dry bulk normalisation continues; Tankers trend down in line with our expectations, Introduce Offshore sectorDry bulk stocks impacted by market malaise and company-specific eventsTide is turning for tanker operators; port sector transitioning to value playRally in offshore stocks could be a dead cat bounce; retracement in oil prices affect gas shipping

DMER - Maritime Financial Insights -  July 2016

<h2>Container Shipping - 2016 Another Record Likely, This Time on Scrapping</h2>More containership capacity is being demolished than ever before, including old-design ships made redundant by the new Panama Canal.Drewry believes that, for the first time, 450,000teu of containership capacity is expected to be scrapped in just one year, as the containership sector recognises that there are far too many ships chasing too little cargo. Based on an average size of 3,000teu for ships which are being scrapped,…

Container Shipping - 2016 Another Record Likely, This Time on ScrappingMore containership capacity is being demolished than ever before, including old-design ships made redundant by the new Panama Canal.Drewry believes that, for the first time, 450,000teu of containership capacity is expected to be scrapped in just one year, as the containership sector recognises that there are far too many ships chasing too little cargo. Based on an average size of 3,000teu for ships which are being scrapped,…

Container Shipping - 2016 Another Record Likely, This Time on Scrapping

Adding risk with upgrade on Dry bulk and downgrade on Tanker shipping<figure class="editor-figure mceNonEditable"><img src="https://static-prod.smartkarma.com/images/media/000/009/352/original/mp2.JPG?1466125882" class="editor-image img-responsive" data-smartkarma-image-id="9352"></figure><ul><li>
The main change in our stance from the one shared at the start of this year is that we have increased allocation to the dry bulk sector (from 6% to 30%), while pruned exposure to the tankers (from 35% to 20%) in view of the changing market landscape, even though we would favour both the sectors for 2016. We recommend investors to take incremental exposure in the Dry bulk segment, which could be the outperformer in 2016.…</li></ul>

Adding risk with upgrade on Dry bulk and downgrade on Tanker shipping
The main change in our stance from the one shared at the start of this year is that we have increased allocation to the dry bulk sector (from 6% to 30%), while pruned exposure to the tankers (from 35% to 20%) in view of the changing market landscape, even though we would favour both the sectors for 2016. We recommend investors to take incremental exposure in the Dry bulk segment, which could be the outperformer in 2016.…

Maritime Model Portfolio - Adding Risk with Upgrade on Dry Bulk and Downgrade on Tanker Shipping

United Kingdom

Capita PLC provides an integrated range of services across the United Kingdom's public and private sectors.  The Company provides customer services, human resource services, software services, systems and strategic support, and property services.

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Capita PLC (CPI LN)

Collapse of Hanjin Shipping - Carriers Do Have Breaking Points

With Korea’s Hanjin Shipping filing for court receivership last week, the assumption that major container lines will always find a way to survive...

Drewry Maritime Financial Research

Container Shipping - Freight Rates Bottoming Out ?

Carriers have withdrawn extremely low spot market freight rates on some, but not all, routesDrewry’s Global Freight Rate Index, a weighted average...

Drewry Maritime Financial Research

DMER - Maritime Financial Insights - July 2016

Dry bulk normalisation continues; Tankers trend down in line with our expectations, Introduce Offshore sector Dry bulk stocks impacted by market...

Drewry Maritime Financial Research

Container Shipping - 2016 Another Record Likely, This Time on Scrapping

Container Shipping - 2016 Another Record Likely, This Time on ScrappingMore containership capacity is being demolished than ever before, including...

Drewry Maritime Financial Research

Maritime Model Portfolio - Adding Risk with Upgrade on Dry Bulk and Downgrade on Tanker Shipping

Adding risk with upgrade on Dry bulk and downgrade on Tanker shippingThe main change in our stance from the one shared at the start of this year is...

Drewry Maritime Financial Research

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