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

Dismal results: Moderating macroeconomic headwinds failed to revive Santos Brasil’s fortunes, with the latest 2Q17 earnings suggestive of another year in the red. Quarterly losses widened from BRL 5.7m to BRL 20.7m as the EBITDA dived 71.7% to BRL 4.3m. Had it not been for labour indemnity charges that reimbursed Santos Brasil BRL 9.3m, the largest terminal operator in Brazil would have been in the negative EBITDA territory of BRL 4.9m.<figure class="editor-figure mceNonEditable"><img src="https://static-prod.smartkarma.com/images/media/000/031/998/original/Santos%201.jpg?1503296286" class="editor-image img-responsive" data-smartkarma-image-id="31998"></figure><div class="content-caption">Revenue and profitability under pressure</div>Volume slippage to a…

Dismal results: Moderating macroeconomic headwinds failed to revive Santos Brasil’s fortunes, with the latest 2Q17 earnings suggestive of another year in the red. Quarterly losses widened from BRL 5.7m to BRL 20.7m as the EBITDA dived 71.7% to BRL 4.3m. Had it not been for labour indemnity charges that reimbursed Santos Brasil BRL 9.3m, the largest terminal operator in Brazil would have been in the negative EBITDA territory of BRL 4.9m.Revenue and profitability under pressureVolume slippage to a…

Santos Brasil 2Q17 – Market Share Loss Amid Intense Competition

Santos Brasil (STBP 11 BZ) - Yields Ease Across the Board, Downgrade to Unattractive <ul><li>
Results in line: Santos Brasil reported its 2Q16 results, which are largely in line with our expectations. Top line dropped 12.7% y/y to BRL 236m, from BRL 270m during the same period a year ago. Yield remained on a downward trajectory despite some optimism in operations at Tecon Santos. Revenue per container unit of Quay operations and Logistics segments lost 7.4% y/y and 17.8% y/y, respectively. Operational…</li></ul>

Santos Brasil (STBP 11 BZ) - Yields Ease Across the Board, Downgrade to Unattractive 
Results in line: Santos Brasil reported its 2Q16 results, which are largely in line with our expectations. Top line dropped 12.7% y/y to BRL 236m, from BRL 270m during the same period a year ago. Yield remained on a downward trajectory despite some optimism in operations at Tecon Santos. Revenue per container unit of Quay operations and Logistics segments lost 7.4% y/y and 17.8% y/y, respectively. Operational…

Santos Brasil (STBP 11 BZ) - Yields Ease Across the Board, Downgrade to Unattractive

Brazil

Santos Brasil is a leading Brazilian logistics company specializing in port and integrated logistics operations. It manages and operates container terminals, vehicle terminals, general cargo terminals, and liquid bulk terminals across Brazil, including Tecon Santos, one of the largest container terminals in Latin America. The company also offers logistics services such as distribution centers and road transportation. Santos Brasil is headquartered in São Paulo, Brazil, and was established in 1997.

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Santos Brasil (STBP11 BZ)