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

Euronav (EURN US) - Earnings in Line with Our Estimates; Maintain Neutral Rating<figure class="editor-figure mceNonEditable"><img src="https://static-prod.smartkarma.com/images/media/000/011/025/original/eu1.JPG?1469778037" class="editor-image img-responsive" data-smartkarma-image-id="11025"></figure><ul><li>
Earnings in line with our estimates: Euronav’s operating revenue for 2Q16 stood at USD 191.6m, and was in line with our estimate of USD 189.8m; however the top line declined by 10.4% from 2Q15 primarily because average VLCC and Suezmax spot rates (at USD 47,864pd and USD 33,119pd respectively) during the quarter were 17.4% lower than the rates in 2Q15. TCE revenue for the quarter was USD 178m, which is 1.8% higher…</li></ul>

Euronav (EURN US) - Earnings in Line with Our Estimates; Maintain Neutral Rating
Earnings in line with our estimates: Euronav’s operating revenue for 2Q16 stood at USD 191.6m, and was in line with our estimate of USD 189.8m; however the top line declined by 10.4% from 2Q15 primarily because average VLCC and Suezmax spot rates (at USD 47,864pd and USD 33,119pd respectively) during the quarter were 17.4% lower than the rates in 2Q15. TCE revenue for the quarter was USD 178m, which is 1.8% higher…

Euronav (EURN US) - Earnings in Line with Our Estimates; Maintain Neutral Rating

Euronav (EURN US)-High Spot Exposure to Support Top Line<figure class="editor-figure"><img src="https://static-prod.smartkarma.com/images/media/000/006/818/original/eurn1.JPG?1459474569" class="editor-image img-responsive" data-smartkarma-image-id="6818"></figure>High spot exposure to support top line: With highly profitable VLCC freight rates and a chartering strategy of 20% fixed and 80% spot, the company is well positioned to register another good year in FY16. Based on current rates, we estimate TCE revenue for FY16 to be ~USD 740m and EBITDA to be ~USD 530m. Management has stated that the current orderbook is manageable and they are very optimistic about the future of tanker shipping in 2016.…

Euronav (EURN US)-High Spot Exposure to Support Top LineHigh spot exposure to support top line: With highly profitable VLCC freight rates and a chartering strategy of 20% fixed and 80% spot, the company is well positioned to register another good year in FY16. Based on current rates, we estimate TCE revenue for FY16 to be ~USD 740m and EBITDA to be ~USD 530m. Management has stated that the current orderbook is manageable and they are very optimistic about the future of tanker shipping in 2016.…

Euronav (EURN US)-High Spot Exposure to Support Top Line

Belgium

Euronav NV is a shipping company. The Company is engaged in the ownership, operation and management of tankers for the carriage of crude oil.

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Euronav NV (EURN BB)

Euronav (EURN US) - Earnings in Line with Our Estimates; Maintain Neutral Rating

Euronav (EURN US) - Earnings in Line with Our Estimates; Maintain Neutral Rating Earnings in line with our estimates: Euronav’s operating revenue...

Drewry Maritime Financial Research

Euronav (EURN US)-High Spot Exposure to Support Top Line

Euronav (EURN US)-High Spot Exposure to Support Top LineHigh spot exposure to support top line: With highly profitable VLCC freight rates and a...

Drewry Maritime Financial Research

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