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

Pacific Basin Shipping / Equity Bottom-Up

Earnings recovery lags our expectations: The 1H17 results were aided by a strong recovery in freight rates as the company’s TCE revenue rose by 18% over 2H16 to USD 352m. Gross operating loss shrunk to just USD 0.5m from USD 18m in 2H16, even though it slightly lagged our profit estimate of USD 1.4m, owing to lower-than-expected TCE revenue. The adjusted net loss narrowed to USD 6.7m in 1H17 from USD 43.7m in 2H16, and is adjusted for: 1) An unrealised derivative loss of USD 2.6m related to…

Earnings recovery lags our expectations: The 1H17 results were aided by a strong recovery in freight rates as the company’s TCE revenue rose by 18% over 2H16 to USD 352m. Gross operating loss shrunk to just USD 0.5m from USD 18m in 2H16, even though it slightly lagged our profit estimate of USD 1.4m, owing to lower-than-expected TCE revenue. The adjusted net loss narrowed to USD 6.7m in 1H17 from USD 43.7m in 2H16, and is adjusted for: 1) An unrealised derivative loss of USD 2.6m related to…

DMFR – 1H17 Result Update – Pacific Basin – Slow Steam Ahead; Downgrade to Neutral

Transport Sector, China and Asia-focused Research

Charles De Trenck

A sure sign that we are still in the tender underbelly of shipping markets for equities (and that shipping’s recovery is a long drawn out affair) is when a placement manages to contribute to tanking other shares, and shares of the target placement company get hit 15+% as soon as a whiff of placement hits the market.<a href="https://www.smartkarma.com/entities/929" target="_blank" data-smartkarma-citation="entities:929:1">Pacific Basin Shipping Ltd (2343 HK)</a> and its proposed<a href="http://www.pacificbasin.com/upload//e2343_Announcement_RightIssue(18Apr16).pdf" target="_blank">cash raising</a>in the form of warrants issue in April 2016 running through to Summer 2016  was particularly painful:  1) It was the…

A sure sign that we are still in the tender underbelly of shipping markets for equities (and that shipping’s recovery is a long drawn out affair) is when a placement manages to contribute to tanking other shares, and shares of the target placement company get hit 15+% as soon as a whiff of placement hits the market.Pacific Basin Shipping Ltd (2343 HK) and its proposedcash raisingin the form of warrants issue in April 2016 running through to Summer 2016  was particularly painful:  1) It was the…

Bulk's (Shipping's) Thin Market for Placements…Again/Still ...Today Being Diana Shipping's Turn

Pacific Basin (2343 HK)-1Q17 trading update: Daily earnings continue to move up, maintain attractive<ul><li>
PB continues to deploy vessels at premium rates: Pacific Basin (PB) reported average daily TCE earnings of USD 7,460 (up 26% vs average daily rates in 1Q16) and USD 8,030 (up 38% vs average daily rates in 1Q16) in 1Q17 for its Handysize and Supramax fleets respectively. The company continued to outperform the average market rates of USD 6,300pd and USD 7,760pd for Handysize and Supramax vessels…</li></ul>

Pacific Basin (2343 HK)-1Q17 trading update: Daily earnings continue to move up, maintain attractive
PB continues to deploy vessels at premium rates: Pacific Basin (PB) reported average daily TCE earnings of USD 7,460 (up 26% vs average daily rates in 1Q16) and USD 8,030 (up 38% vs average daily rates in 1Q16) in 1Q17 for its Handysize and Supramax fleets respectively. The company continued to outperform the average market rates of USD 6,300pd and USD 7,760pd for Handysize and Supramax vessels…

Pacific Basin (2343 HK)-1Q17 Trading Update: Daily Earnings Continue to Move Up, Maintain Attractive

A boring passive ship owner stock like <a href="https://www.smartkarma.com/entities/21069" target="_blank" data-smartkarma-citation="entities:21069:1">Diana Shipping Inc (DSX US)</a>  exploded to the upside last week. There were some upgrades. And there were stories of Force Majeure in Australia affecting things like coal as a result of heavy rains. <a href="https://www.smartkarma.com/entities/929" target="_blank" data-smartkarma-citation="entities:929:1">Pacific Basin Shipping Ltd (2343 HK)</a> also put out 1Q17 Trading Results, which point to break-even levels for the company. The stock jumped the day after the data release.<figure class="editor-figure mceNonEditable"><img src="https://static-prod.smartkarma.com/images/media/000/023/924/original/Pac%20Basin%201%20Q17.PNG?1491779511" class="editor-image img-responsive" data-smartkarma-image-id="23924"></figure>Source: Pacific BasinIn fact, Pac Basin over-shot a little to the upside above HK$1.9 levels…

A boring passive ship owner stock like Diana Shipping Inc (DSX US)  exploded to the upside last week. There were some upgrades. And there were stories of Force Majeure in Australia affecting things like coal as a result of heavy rains. Pacific Basin Shipping Ltd (2343 HK) also put out 1Q17 Trading Results, which point to break-even levels for the company. The stock jumped the day after the data release.Source: Pacific BasinIn fact, Pac Basin over-shot a little to the upside above HK$1.9 levels…

A Breakthrough in Bulk Last Week – and Some of the Drivers

The 2-day 7% correction in oil managed to slaughter many cyclicals, from RIG, which had just gotten a big buy send-off from Barron’s two weeks ago, to transport names across the board. Containers, of course have little to do with oil price directly.  A little over a month ago, I had updated my generally negative view of last year on Seaspan. <a href="https://www.smartkarma.com/entities/23596" target="_blank" data-smartkarma-citation="entities:23596:1">Seaspan Corp. (SSW US)</a> had been, and is still, a leader in its field. But the negatives were that it had massively outperformed the sector while having its…

The 2-day 7% correction in oil managed to slaughter many cyclicals, from RIG, which had just gotten a big buy send-off from Barron’s two weeks ago, to transport names across the board. Containers, of course have little to do with oil price directly.  A little over a month ago, I had updated my generally negative view of last year on Seaspan. Seaspan Corp. (SSW US) had been, and is still, a leader in its field. But the negatives were that it had massively outperformed the sector while having its…

Oil Correction Drags Down Commodity Plays, Transports… and Takes Seaspan Back to Lows

Hong Kong

Pacific Basin Shipping is a maritime transport company specializing in international dry bulk shipping, operating a global fleet of Handysize and Supramax vessels. The company transports a wide range of commodities including grains, coal, iron ore, cement, and forest products. It was founded in 1987 and is headquartered in Hong Kong.

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Pacific Basin Shipping (2343 HK)

DMFR – 1H17 Result Update – Pacific Basin – Slow Steam Ahead; Downgrade to Neutral

Earnings recovery lags our expectations: The 1H17 results were aided by a strong recovery in freight rates as the company’s TCE revenue rose by 18%...

Drewry Maritime Financial Research

Bulk's (Shipping's) Thin Market for Placements…Again/Still ...Today Being Diana Shipping's Turn

A sure sign that we are still in the tender underbelly of shipping markets for equities (and that shipping’s recovery is a long drawn out affair)...

Charles De Trenck

Pacific Basin (2343 HK)-1Q17 Trading Update: Daily Earnings Continue to Move Up, Maintain Attractive

Pacific Basin (2343 HK)-1Q17 trading update: Daily earnings continue to move up, maintain attractive PB continues to deploy vessels at premium...

Drewry Maritime Financial Research

A Breakthrough in Bulk Last Week – and Some of the Drivers

A boring passive ship owner stock like Diana Shipping Inc (DSX US) exploded to the upside last week. There were some upgrades. And there were...

Charles De Trenck

Oil Correction Drags Down Commodity Plays, Transports… and Takes Seaspan Back to Lows

The 2-day 7% correction in oil managed to slaughter many cyclicals, from RIG, which had just gotten a big buy send-off from Barron’s two weeks ago,...

Charles De Trenck

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