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)

<figure class="editor-figure">Moderation likely but it ain't over yet<img src="https://static-prod.smartkarma.com/images/media/000/005/034/original/Tank%20Price%20Performance.JPG?1453075386" class="editor-image img-responsive" data-smartkarma-image-id="5034"></figure> Source: Bloomberg, DMER<ul>
<li>The uptrend in share prices that started in the tail end of FY14 continued in 2015 mainly on prospects of improved profitability of companies in a demand-driven market. The market capitalisation of DMER’s tanker shipping index moved up by ~USD 1.8bn because of the upsurge in stock prices and generated a return of ~27% during the year.</li>
<li>
Nordic American Tanker enjoyed the benefits of full exposure to the spot market as day rates remained…</li>
</ul>

Moderation likely but it ain't over yet Source: Bloomberg, DMER
The uptrend in share prices that started in the tail end of FY14 continued in 2015 mainly on prospects of improved profitability of companies in a demand-driven market. The market capitalisation of DMER’s tanker shipping index moved up by ~USD 1.8bn because of the upsurge in stock prices and generated a return of ~27% during the year.

Nordic American Tanker enjoyed the benefits of full exposure to the spot market as day rates remained…


Tanker Shipping-2016 - Moderation Likely but It Ain't over Yet, The Preferred Investment In Shipping

Transport Sector, China and Asia-focused Research

Charles De Trenck

Our theme has been to expect some mergers in container equipment and transport equipment owners. NOL and Chinese carriers are also exploring options, as discussed in last few months. But today we have a live deal between Triton and TAL Int'l Group which will create the largest container lessor through a "merger of equals". Let's review a few more points and issues.

Our theme has been to expect some mergers in container equipment and transport equipment owners. NOL and Chinese carriers are also exploring options, as discussed in last few months. But today we have a live deal between Triton and TAL Int'l Group which will create the largest container lessor through a "merger of equals". Let's review a few more points and issues.

Container Equipment Mergers Here: TAL Int'l to Merge with Triton

New Zealand Professional Investment Services Firm, Forsyth Barr

Forsyth Barr

New Zealand Professional Investment Services Firm

We are proud to be a New Zealand owned firm, with 21 offices throughout the country and over 300 employees. We assist personal, institutional and corporate clients providing a full range of investment services.

Forsyth Barr is a foundation New Zealand Exchange firm (NZX) and accredited market participant. We have been confirmed by the Financial Markets Authority as a Qualifying Financial Entity (QFE).

Research is the cornerstone of our advice. We have one of New Zealand's leading teams of analysts. Our global affiliations ensure comprehensive research coverage of all major investment markets.

Equity Bottom-Up

<ul><li>We upgrade Mainfreight (MFT) to OUTPERFORM from NEUTRAL, following a softer-than-expected 1H26 result, but one where management provided a more positive outlook, suggesting the company is now through an earnings-cycle inflection point.</li><li>This underlying business improvement is likely to continue into 2H26, driven predominantly by accelerating Australasian activity reflecting new business wins and cyclical green shoots.</li><li>MFT's ability to accelerate profit growth out of a down cycle is due to consistent customer acquisition—often at sub-optimal rates—that are subsequently reset as conditions improve.</li></ul>

We upgrade Mainfreight (MFT) to OUTPERFORM from NEUTRAL, following a softer-than-expected 1H26 result, but one where management provided a more positive outlook, suggesting the company is now through an earnings-cycle inflection point.This underlying business improvement is likely to continue into 2H26, driven predominantly by accelerating Australasian activity reflecting new business wins and cyclical green shoots.MFT's ability to accelerate profit growth out of a down cycle is due to consistent customer acquisition—often at sub-optimal rates—that are subsequently reset as conditions improve.

Mainfreight 1H26—Accelerating Through the Camber

<ul><li>Recent global freight industry data points and peer commentary suggest more downside than upside risk to Mainfreight's (MFT) near-term outlook.</li><li>After a challenging start to FY26 (PBT was down -24% in the first 17 weeks), MFT is in catch-up mode, though its prior-year comparatives become more challenging for the remainder of the year.</li><li>Despite this backdrop, MFT's one-year forward PE has firmed to ~24x in recent weeks, while its closest global peers have de-rated.</li></ul>

Recent global freight industry data points and peer commentary suggest more downside than upside risk to Mainfreight's (MFT) near-term outlook.After a challenging start to FY26 (PBT was down -24% in the first 17 weeks), MFT is in catch-up mode, though its prior-year comparatives become more challenging for the remainder of the year.Despite this backdrop, MFT's one-year forward PE has firmed to ~24x in recent weeks, while its closest global peers have de-rated.

Independent research on the U.S. markets, Baptista Research

Baptista Research

Independent research on the U.S. markets

Baptista Research is an independent financial research house focused on the U.S. markets. We provide equity research as well as credit research reports on the top-listed U.S. companies with most of our focus on technology, consumer goods and services, automobiles, industrials, oil and gas, pharma, and healthcare. Our research has served more than 3000 institutional investors including mutual funds, hedge funds, banks, family offices, and various buy-side firms. We operate a research subscription service where institutions, as well as retail investors, can have priority access to all our research. We also have a wide distribution of our research reports across some of the top global financial platforms. Apart from equity research and credit research, we also provide advisory services with respect to mergers & acquisitions (M&A), private equity/ venture capital fundraising, valuation reports, and investment management services for corporates.
Baptista Research is owned and managed by Ishan Majumdar, an ex-Venture Capitalist/ Investment Banker, a Chartered Accountant, and a Masters’ degree holder in Management from HEC Paris. Ishan has nearly a decade of experience in Mergers and Acquisitions, Leveraged Buyouts (LBOs), Venture Capital Investing, Corporate Strategy, and Valuation in front-office roles at the likes of BNP Paribas CIB, Credit Agricole CIB, Groupe Danone, and TIW Private Equity. He has worked on and closed multiple acquisition deals, leveraged buyouts, and start-up investment transactions.

Old Dominion Freight Line / Equity Bottom-Up

<ul><li>Old Dominion Freight Line's recent financial performance reveals both challenges and opportunities.</li><li>Despite a declined revenue in the second quarter of 2025, totaling $1.41 billion, representing a 6.1% decrease from the previous year, the company has managed to sustain yield growth.</li><li>This growth is embodied by a 3.4% increase in less-than-truckload (LTL) revenue per hundredweight, although LTL tons per day fell by 9.3%.</li></ul>

Old Dominion Freight Line's recent financial performance reveals both challenges and opportunities.Despite a declined revenue in the second quarter of 2025, totaling $1.41 billion, representing a 6.1% decrease from the previous year, the company has managed to sustain yield growth.This growth is embodied by a 3.4% increase in less-than-truckload (LTL) revenue per hundredweight, although LTL tons per day fell by 9.3%.

Old Dominion Freight Line: What Is The E-commerce & Supply Chain Impact On Its Near Term Business?

United States

Old Dominion Freight Line, Inc. is an inter-regional and multi-regional motor carrier.  The Company primarily transports less-than-truckload shipments of general commodities, such as consumer goods, textiles, and capital goods.  Old Dominion serves regional markets throughout the United States.

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Old Dominion Freight Line (ODFL US)

Tanker Shipping-2016 - Moderation Likely but It Ain't over Yet, The Preferred Investment In Shipping

Moderation likely but it ain't over yet Source: Bloomberg, DMER The uptrend in share prices that started in the tail end of FY14 continued in 2015...

Drewry Maritime Financial Research

Container Equipment Mergers Here: TAL Int'l to Merge with Triton

Our theme has been to expect some mergers in container equipment and transport equipment owners. NOL and Chinese carriers are also exploring...

Charles De Trenck

Mainfreight 1H26—Accelerating Through the Camber

This underlying business improvement is likely to continue into 2H26, driven predominantly by accelerating Australasian activity reflecting new...

Forsyth Barr

Mainfreight Freighting Re-Rating

Recent global freight industry data points and peer commentary suggest more downside than upside risk to Mainfreight's (MFT) near-term outlook.

Forsyth Barr

Old Dominion Freight Line: What Is The E-commerce & Supply Chain Impact On Its Near Term Business?

Old Dominion Freight Line's recent financial performance reveals both challenges and opportunities. Despite a declined revenue in the second...

Baptista Research

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