Lead Analyst, Drewry Maritime Financial Research

Victoria Saraglis

Lead Analyst

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

- Offer revised by BW LPG as Dorian rejects earlier proposal: On 15 June 2018, Dorian declined BW LPG’s offer made in May 2018 to combine in an all-stock transaction, stating that the offer undervalued Dorian. In response, BW LPG has made another offer to Dorian, proposing to increase the exchange ratio from 2.05 to 2.12 per share of Dorian, with other terms remaining constant. Furthermore, BW LPG has nominated three independent directors to stand for election at Dorian’s annual general meeting. Dorian’s board is evaluating the revised proposal and the nomination of three independent directors named by BW LPG. As mentioned earlier, in the event that the merger is consummated, the combined entity will control ~25% of all VLGCs on the water today.-Financial performance: The company’s losses increased to a staggering USD 27m in the second quarter of 2018, which is deemed the seasonally weakest quarter of the year, from USD 8.4m in the previous quarter of 2018.

-  Offer revised by BW LPG as Dorian rejects earlier proposal: On 15 June 2018, Dorian declined BW LPG’s offer made in May 2018 to combine in an all-stock transaction, stating that the offer undervalued Dorian. In response, BW LPG has made another offer to Dorian, proposing to increase the exchange ratio from 2.05 to 2.12 per share of Dorian, with other terms remaining constant. Furthermore, BW LPG has nominated three independent directors to stand for election at Dorian’s annual general meeting. Dorian’s board is evaluating the revised proposal and the nomination of three independent directors named by BW LPG. As mentioned earlier, in the event that the merger is consummated, the combined entity will control ~25% of all VLGCs on the water today.-Financial performance: The company’s losses increased to a staggering USD 27m in the second quarter of 2018, which is deemed the seasonally weakest quarter of the year, from USD 8.4m in the previous quarter of 2018. 

Will BW LPG’s Revised Offer to Dorian Render ‘white Smoke’?

Transport Sector, China and Asia-focused Research

Charles De Trenck

Event-Driven

Shipping, specifically LPG tanker shipping, made headlines this week with a takeover offer via an all-stock transaction from <a href="https://www.smartkarma.com/entities/21082" target="_blank" data-smartkarma-citation="entities:21082:1">BW LPG Ltd (BWLPG NO)</a> (in Norway, but controlled by the Singapore-based Sohmen-Pao family) for US-listed <a href="https://www.smartkarma.com/entities/19102" target="_blank" data-smartkarma-citation="entities:19102:1">Dorian Lpg Ltd (LPG US)</a>.For a quick summary of the proposed combined company of BW LPG and Dorian LPG please read the media <a href="https://www.hellenicshippingnews.com/bw-lpg-looks-to-acquire-hadjipateras-led-dorian-lpg-in-a-deal-worth-1-1-billion/" target="_blank">media stories</a> first. Then, for more on the offer direct from BW, please refer to the <a href="http://www.bwlpg.com/Media/May-2018-(1)/BW-LPG-PROPOSES-TO-COMBINE-WITH-DORIAN-IN-ALL-STOC" target="_blank">summary proposed offer</a>.BW LPG is already the largest VLGC (very large gas carrier) player, but there are good reasons for BW LPG to move on Dorian LPG. And there may be additional drivers coming into play.We look at recent history and current issues &amp; drivers in our update.

Shipping, specifically LPG tanker shipping, made headlines this week with a takeover offer via an all-stock transaction from BW LPG Ltd (BWLPG NO) (in Norway, but controlled by the Singapore-based Sohmen-Pao family) for US-listed Dorian Lpg Ltd (LPG US).For a quick summary of the proposed combined company of BW LPG and Dorian LPG please read the media media stories first. Then, for more on the offer direct from BW, please refer to the summary proposed offer.BW LPG is already the largest VLGC (very large gas carrier) player, but there are good reasons for BW LPG to move on Dorian LPG. And there may be additional drivers coming into play.We look at recent history and current issues &amp; drivers in our update.

Shipping Consolidation: BW LPG Bids for Dorian LPG in $1.1bn EV Valuation

Pacific Basin Shipping / Equity Bottom-Up

DRYS has now spiked (before suspension) more than 2000% post Trump and as the BDI (Baltic Dry Index) popped above 1,000. Most of the trading activity in US shipping names has happened over the last two days. As a result, we had multiple TV segments on CNBC on Wednesday on these shares. The <a href="http://blogs.wsj.com/moneybeat/2016/11/16/unmoored-from-reality-dryships-halted-after-1500-post-election-rally/" target="_blank">WSJ</a> also took to writing on the topic for generalist readers. …This funky stock roller coaster, as well as longer-term stock holds are quickly recapped further below.The worst shipping companies, including…

DRYS has now spiked (before suspension) more than 2000% post Trump and as the BDI (Baltic Dry Index) popped above 1,000. Most of the trading activity in US shipping names has happened over the last two days. As a result, we had multiple TV segments on CNBC on Wednesday on these shares. The WSJ also took to writing on the topic for generalist readers. …This funky stock roller coaster, as well as longer-term stock holds are quickly recapped further below.The worst shipping companies, including…

Shipping Stocks Go Bananas, the Worst Rising the Most

United States

Dorian LPG Limited operates in the shipping industry. The Company owns and operates tankers for liquefied petroleum gas transportation. Dorian LPG offers its services worldwide.

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Dorian LPG Ltd (LPG US)

Will BW LPG’s Revised Offer to Dorian Render ‘white Smoke’?

- Offer revised by BW LPG as Dorian rejects earlier proposal: On 15 June 2018, Dorian declined BW LPG’s offer made in May 2018 to combine in an...

Drewry Maritime Financial Research

Shipping Consolidation: BW LPG Bids for Dorian LPG in $1.1bn EV Valuation

Shipping, specifically LPG tanker shipping, made headlines this week with a takeover offer via an all-stock transaction from BW LPG Ltd (BWLPG NO)...

Charles De Trenck

Shipping Stocks Go Bananas, the Worst Rising the Most

DRYS has now spiked (before suspension) more than 2000% post Trump and as the BDI (Baltic Dry Index) popped above 1,000. Most of the trading...

Charles De Trenck

Price Gauge

52-week Range

Market Cap (USDm)

P/E

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