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)

Mixed monetary stance adopted by the central banks; dry bulk shipping stage a comeback• China’s thrust is on credit expansion, but growth remains sluggish• Investors’ interest reignited in dry bulk stocks amid the rally in Baltic indices• Gas shipping stocks getting back on investors’ radar; Gaslog emerges as the top performer• Amid container industry realignment, price performance a mixed bag• Correction in tanker stock valuations inevitable as freight rates to soften further • Well-ingrained dampeners surprise with growth for ports

Mixed monetary stance adopted by the central banks; dry bulk shipping stage a comeback• China’s thrust is on credit expansion, but growth remains sluggish• Investors’ interest reignited in dry bulk stocks amid the rally in Baltic indices• Gas shipping stocks getting back on investors’ radar; Gaslog emerges as the top performer• Amid container industry realignment, price performance a mixed bag• Correction in tanker stock valuations inevitable as freight rates to soften further • Well-ingrained dampeners surprise with growth for ports

China Macroeconomics & Academia

Christopher Balding

Macroeconomics

Lots of ink or ones and zeros in today’s world about the explosion of credit propping up the Chinese economy.  So much so that I really will not rehash this plot of land.  I think what is interesting, and really most worrying, is how little impact the credit explosion has had on real economic activity.The current credit explosion we are witnessing in China is bigger in absolute term than some of the post-GFC pops in credit and by some relative measures even bigger in relative terms.  Only the…

Lots of ink or ones and zeros in today’s world about the explosion of credit propping up the Chinese economy.  So much so that I really will not rehash this plot of land.  I think what is interesting, and really most worrying, is how little impact the credit explosion has had on real economic activity.The current credit explosion we are witnessing in China is bigger in absolute term than some of the post-GFC pops in credit and by some relative measures even bigger in relative terms.  Only the…

What Is Really Worrying About the Chinese Credit Bubble

Industrial output data implies a continued further increase in the Chinese PMI number due May 1.  Steel output has made small gains in April over March in advance of the upcoming building season. PTA output has increased significantly in April over March while glass has inched up incrementally.  Coal output and inventories have trended downwards given the increasingly mild weather in spring between winter and summer peak load times.  We are anticipating an uptick in the official PMI given the…

Industrial output data implies a continued further increase in the Chinese PMI number due May 1.  Steel output has made small gains in April over March in advance of the upcoming building season. PTA output has increased significantly in April over March while glass has inched up incrementally.  Coal output and inventories have trended downwards given the increasingly mild weather in spring between winter and summer peak load times.  We are anticipating an uptick in the official PMI given the…

Given the recent run up in Chinese steel prices and the stock prices of producers, it is fair to ask is this being driven by increased demand for products with the coming building season and potential stimulus or by traders. All evidence points to the idea that steel price increases are driven by traders and not underlying activity. This appears to create excellent opportunity for a short play in the commodity sector and Hong Kong listed Chinese steel producers. Both steel and coal output and…

Given the recent run up in Chinese steel prices and the stock prices of producers, it is fair to ask is this being driven by increased demand for products with the coming building season and potential stimulus or by traders. All evidence points to the idea that steel price increases are driven by traders and not underlying activity. This appears to create excellent opportunity for a short play in the commodity sector and Hong Kong listed Chinese steel producers. Both steel and coal output and…

We ask the questions that need to be asked, Hong Bao Media Holdings Pte Ltd

Mark Laudi • Investor Central

We ask the questions that need to be asked

Hong Bao Media Holdings Pte Ltd

COSCO SHIPPING International (Singapore) / ESG

COSCO Corp's Annual Report couldn't be more hard hitting. Line after line of the new Chairman's statement reminds shareholders just how difficult times are.But beyond the doom and gloom of the industry and the difficulty COSCO is having to stay afloat - with a debt-equity ratio of a whopping 6x - there is a silver lining. First, that the company appears to be pulling out all the stops to keep orders coming in. And second, that there is no whiff of obfuscation.

COSCO Corp's Annual Report couldn't be more hard hitting. Line after line of the new Chairman's statement reminds shareholders just how difficult times are.But beyond the doom and gloom of the industry and the difficulty COSCO is having to stay afloat - with a debt-equity ratio of a whopping 6x - there is a silver lining. First, that the company appears to be pulling out all the stops to keep orders coming in. And second, that there is no whiff of obfuscation.

China

COSCO SHIPPING Holdings Co., Ltd offers marine freight transportation services.  The Company offers container shipping, dry bulk shipping, logistics services, freight forwarding, and terminal and container leasing services internationally.  COSCO SHIPPING Holdings Co., Ltd operates container ships and terminals, and manufactures shipping containers.

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COSCO Shipping Holdings (1919 HK)

DMER Equity Insights - May 2016

Mixed monetary stance adopted by the central banks; dry bulk shipping stage a comeback• China’s thrust is on credit expansion, but growth remains...

Drewry Maritime Financial Research

What Is Really Worrying About the Chinese Credit Bubble

Lots of ink or ones and zeros in today’s world about the explosion of credit propping up the Chinese economy. So much so that I really will not...

Christopher Balding

Chinese Industrial Data on PMI Release

Industrial output data implies a continued further increase in the Chinese PMI number due May 1. Steel output has made small gains in April over...

Christopher Balding

The Future of Chinese Steel Prices

Given the recent run up in Chinese steel prices and the stock prices of producers, it is fair to ask is this being driven by increased demand for...

Christopher Balding

COSCO Corp: No Sugar Coating Here

COSCO Corp's Annual Report couldn't be more hard hitting. Line after line of the new Chairman's statement reminds shareholders just how difficult...

Mark Laudi • Investor Central

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