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

Navios Maritime Holdings Inc / Equity Bottom-Up

Rebound in logistics, along with dry bulk recovery, boosts earnings: Navios Maritime Holdings’ (NM’s) revenue increased ~24% q/q to USD 118.7m from USD 95.3m in 1Q17 as both their key segments – dry bulk and logistics (Navios South American logistics or NSAL) – reported better performance compared to the previous quarter. Dry bulk segment revenues grew by 15% q/q to USD 59.5m on the back of higher freight rates as the daily TCE earnings for the company’s fleet increased to USD 9,163pd in 2Q17…

Rebound in logistics, along with dry bulk recovery, boosts earnings: Navios Maritime Holdings’ (NM’s) revenue increased ~24% q/q to USD 118.7m from USD 95.3m in 1Q17 as both their key segments – dry bulk and logistics (Navios South American logistics or NSAL) – reported better performance compared to the previous quarter. Dry bulk segment revenues grew by 15% q/q to USD 59.5m on the back of higher freight rates as the daily TCE earnings for the company’s fleet increased to USD 9,163pd in 2Q17…

Navios Maritime Holdings (NM US) – 2Q17 Results – Can Vale Provide a Boost for Navios?

Navios Maritime Holdings  (NM US, Neutral, USD 1.20) - Earnings under pressure, but headwinds ease<ul><li>
Logistics operations drag overall earnings:Navios Maritime Holdings’ (NM’s) revenue declined ~6% y/y to USD 95.3m as lower contribution from its logistics business counteracted the improvement in its dry bulk operations. Revenues from the company’s dry bulk segment increased 11% y/y to USD 51.5m in 1Q17, driven by better daily vessel earnings, which were up 12% y/y to USD 7,857, as well as by higher…</li></ul>

Navios Maritime Holdings  (NM US, Neutral, USD 1.20) - Earnings under pressure, but headwinds ease
Logistics operations drag overall earnings:Navios Maritime Holdings’ (NM’s) revenue declined ~6% y/y to USD 95.3m as lower contribution from its logistics business counteracted the improvement in its dry bulk operations. Revenues from the company’s dry bulk segment increased 11% y/y to USD 51.5m in 1Q17, driven by better daily vessel earnings, which were up 12% y/y to USD 7,857, as well as by higher…

Navios Maritime Holdings  (NM US, Neutral, USD 1.20) - Earnings Under Pressure, but Headwinds Ease

Transport Sector, China and Asia-focused Research

Charles De Trenck

Event last week: US listed Greek company <a href="https://www.smartkarma.com/entities/12758" target="_blank" data-smartkarma-citation="entities:12758:1">Navios Maritime Holdings Inc. (NM US)</a> to take control of <a href="https://www.smartkarma.com/entities/20080" target="_blank" data-smartkarma-citation="entities:20080:1">Rickmers Maritime (RMT SP)</a> ships for $113m AND <a href="https://www.smartkarma.com/entities/11676" target="_blank" data-smartkarma-citation="entities:11676:1">First Ship Lease Trust (FSLT SP)</a> (FSLT), using equity and debt to equity (term sheet attached). There are large assists from HSH Nordbank, itself backstopped by the European Commission under condition of HSH privatization/breakup/dissolution.<a href="http://www.straitstimes.com/business/companies-markets/rickmers-selling-fleet-to-repay-creditors" target="_blank">http://www.straitstimes.com/business/companies-markets/rickmers-selling-fleet-to-repay-creditors</a><a href="http://www.seatrade-maritime.com/news/asia/navios-maritime-to-takeover-fsl-trust.html" target="_blank">http://www.seatra</a>…

Event last week: US listed Greek company Navios Maritime Holdings Inc. (NM US) to take control of Rickmers Maritime (RMT SP) ships for $113m AND First Ship Lease Trust (FSLT SP) (FSLT), using equity and debt to equity (term sheet attached). There are large assists from HSH Nordbank, itself backstopped by the European Commission under condition of HSH privatization/breakup/dissolution.http://www.straitstimes.com/business/companies-markets/rickmers-selling-fleet-to-repay-creditorshttp://www.seatra…

Singapore Ship Trusts Gobbled Up by German Backed Greeks

Navios Maritime Holdings (NM US) - Facing Strong Headwinds<ul><li>
Earnings drift lower though daily rates inch up: Navios Maritime Holdings’ (NM’s) revenue declined ~12% y/y to USD 105.7m as the company was equally impacted by lower revenues from dry bulk operations and logistics business. The dry bulk segment’s revenue fell by ~12.3% y/y to USD 47m because of fewer vessel days although the average daily TCE rate was higher than in the same period last year. The company operated 57 vessels in the…</li></ul>

Navios Maritime Holdings (NM US) - Facing Strong Headwinds
Earnings drift lower though daily rates inch up: Navios Maritime Holdings’ (NM’s) revenue declined ~12% y/y to USD 105.7m as the company was equally impacted by lower revenues from dry bulk operations and logistics business. The dry bulk segment’s revenue fell by ~12.3% y/y to USD 47m because of fewer vessel days although the average daily TCE rate was higher than in the same period last year. The company operated 57 vessels in the…

Navios Maritime Holdings (NM US) - Facing Strong Headwinds

Monaco

Navios Maritime Holdings, Inc. offers maritime freight transportation services. The Company specializes in worldwide carriage, trading, storage and related logistics of international bulk cargoes.

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Navios Maritime Holdings Inc (NM US)

Navios Maritime Holdings (NM US) – 2Q17 Results – Can Vale Provide a Boost for Navios?

Rebound in logistics, along with dry bulk recovery, boosts earnings: Navios Maritime Holdings’ (NM’s) revenue increased ~24% q/q to USD 118.7m from...

Drewry Maritime Financial Research

Navios Maritime Holdings (NM US, Neutral, USD 1.20) - Earnings Under Pressure, but Headwinds Ease

Navios Maritime Holdings (NM US, Neutral, USD 1.20) - Earnings under pressure, but headwinds ease Logistics operations drag overall...

Drewry Maritime Financial Research

Singapore Ship Trusts Gobbled Up by German Backed Greeks

Event last week: US listed Greek company Navios Maritime Holdings Inc. (NM US) to take control of Rickmers Maritime (RMT SP) ships for $113m AND...

Charles De Trenck

Navios Maritime Holdings (NM US) - Facing Strong Headwinds

Navios Maritime Holdings (NM US) - Facing Strong Headwinds Earnings drift lower though daily rates inch up: Navios Maritime Holdings’ (NM’s)...

Drewry Maritime Financial Research

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