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

Vulnerable to the seasonality reflected in LPG freight rates during the second quarter of 2018, the company recorded a net loss of USD 3.2m, compared with net income of USD 0.7m in the previous quarter. Moreover, net income dropped from the USD 2.3m attained in the second quarter of 2017. On a positive note, the company has managed to control its vessel operating expenses at USD 7,500pd.The company revealed that it expects to contribute a capital of USD 155m – lower than the USD 200m projected earlier, for the construction of the ethylene export terminal until 2020, of which USD 15m has been paid out of cash resources, and the remainder is expected to be financed through debt facilities. Furthermore, the company continues to believe that the refrigeration unit will become operational by the fourth quarter of 2019.

Vulnerable to the seasonality reflected in LPG freight rates during the second quarter of 2018, the company recorded a net loss of USD 3.2m, compared with net income of USD 0.7m in the previous quarter. Moreover, net income dropped from the USD 2.3m attained in the second quarter of 2017. On a positive note, the company has managed to control its vessel operating expenses at USD 7,500pd.The company revealed that it expects to contribute a capital of USD 155m – lower than the USD 200m projected earlier, for the construction of the ethylene export terminal until 2020, of which USD 15m has been paid out of cash resources, and the remainder is expected to be financed through debt facilities. Furthermore, the company continues to believe that the refrigeration unit will become operational by the fourth quarter of 2019.

Journey to Ithaca - A Long One for Handysize LPG Owners?

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

Operating revenue continues to expand slightly despite low rates; increasing expenses create drag: Navigator Holdings reported operating revenue of USD 77.8m in the first quarter of 2018, marginally higher than the USD 77.3m of operating revenue reported in the first quarter of 2017. The increase in revenue was marginal even though the company increased its weighted average fleet from 34.6 in the first quarter of 2017 to 38 vessels. Additionally, the company crossed the fourth quarter of 2017…

Operating revenue continues to expand slightly despite low rates; increasing expenses create drag: Navigator Holdings reported operating revenue of USD 77.8m in the first quarter of 2018, marginally higher than the USD 77.3m of operating revenue reported in the first quarter of 2017. The increase in revenue was marginal even though the company increased its weighted average fleet from 34.6 in the first quarter of 2017 to 38 vessels. Additionally, the company crossed the fourth quarter of 2017…

Hopes Tied to Ethylene Terminal as Oversupply Shadows Handysize Earnings

Equity Research Analyst, Maritime sector, Drewry Maritime Financial Research

Ankush Kathuria CFA, FRM

Equity Research Analyst, Maritime sector

Navigator Holdings (NVGS) and Enterprise Product Partners LP (Enterprise) have signed a letter of intent to jointly develop an ethylene marine export terminal on the Houston Ship Channel.  Enterprise would manage the construction, operations and commercial activities of the proposed terminal, which would be located at Morgan’s Point complex in Texas, the world’s largest ethane export terminal.  The proposed joint venture, in which NVGS will own 50%, is in the initial stages as it is subject to…

Navigator Holdings (NVGS) and Enterprise Product Partners LP (Enterprise) have signed a letter of intent to jointly develop an ethylene marine export terminal on the Houston Ship Channel.  Enterprise would manage the construction, operations and commercial activities of the proposed terminal, which would be located at Morgan’s Point complex in Texas, the world’s largest ethane export terminal.  The proposed joint venture, in which NVGS will own 50%, is in the initial stages as it is subject to…

DMFR – Navigator Holdings and Enterprise Product's Ethylene Terminal – Is This a Game Changer?

Navigator Holdings (NVGS US, Neutral, USD 11) – 1Q17 – Lower freight rates, though fleet utilisation is encouraging; maintain Neutral view<ul><li>
Weak earnings but steadier on sequential basis: Navigator Holdings (NVGS) reported TCE revenue of USD 61m in 1Q17, down 10% over 1Q16 due to subdued freight rates. Vessel days increased to 2,870 in 1Q17 from 2,344 days in 1Q16, but it was overshadowed by the decline in average daily earnings, which dropped to USD 21,712pd in 1Q17 from USD 29,561pd in 1Q16.…</li></ul>

Navigator Holdings (NVGS US, Neutral, USD 11) – 1Q17 – Lower freight rates, though fleet utilisation is encouraging; maintain Neutral view
Weak earnings but steadier on sequential basis: Navigator Holdings (NVGS) reported TCE revenue of USD 61m in 1Q17, down 10% over 1Q16 due to subdued freight rates. Vessel days increased to 2,870 in 1Q17 from 2,344 days in 1Q16, but it was overshadowed by the decline in average daily earnings, which dropped to USD 21,712pd in 1Q17 from USD 29,561pd in 1Q16.…

Navigator Holdings (NVGS US, Neutral, USD 11)- Lower Freight Rates, Fleet Utilisation Is Encouraging

United States

Navigator Holdings Ltd. owns and operates a fleet of handysize liquefied gas carriers. It also provides international seaborne transportation and regional distribution services of liquefied petroleum gas, petrochemical gases and ammonia for energy companies, industrial users and commodity traders. The company currently operates twenty one handysize gas carriers, with three additional vessels and seven confirmed new buildings, making a total fleet of thirty owned handysize gas carriers and one chartered-in vessel. Navigator Holdings was founded in 1997 and is headquartered in London, the United Kingdom.

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Navigator Holdings (NVGS US)

Journey to Ithaca - A Long One for Handysize LPG Owners?

Vulnerable to the seasonality reflected in LPG freight rates during the second quarter of 2018, the company recorded a net loss of USD 3.2m,...

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

Hopes Tied to Ethylene Terminal as Oversupply Shadows Handysize Earnings

Operating revenue continues to expand slightly despite low rates; increasing expenses create drag: Navigator Holdings reported operating revenue of...

Drewry Maritime Financial Research

DMFR – Navigator Holdings and Enterprise Product's Ethylene Terminal – Is This a Game Changer?

Navigator Holdings (NVGS) and Enterprise Product Partners LP (Enterprise) have signed a letter of intent to jointly develop an ethylene marine...

Drewry Maritime Financial Research

Navigator Holdings (NVGS US, Neutral, USD 11)- Lower Freight Rates, Fleet Utilisation Is Encouraging

Navigator Holdings (NVGS US, Neutral, USD 11) – 1Q17 – Lower freight rates, though fleet utilisation is encouraging; maintain Neutral view Weak...

Drewry Maritime Financial Research

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