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

Dry Bulk Shipping - The Overweight on Dry Bulk Is Paying off HandsomelyWe have earlier advocated that “ the normalisation process will lead to great opportunities even with incremental gains in the underlying markets as discount to Net Asset Values narrow. With the market bottoming out, we place our bets on the dry bulk names with high operating leverage and considerable exposure to the spot market. We expect the uptrend in freight rates to mirror in asset prices, which in turn, will have an…

Dry Bulk Shipping - The Overweight on Dry Bulk Is Paying off HandsomelyWe have earlier advocated that “ the normalisation process will lead to great opportunities even with incremental gains in the underlying markets as discount to Net Asset Values narrow. With the market bottoming out, we place our bets on the dry bulk names with high operating leverage and considerable exposure to the spot market. We expect the uptrend in freight rates to mirror in asset prices, which in turn, will have an…

DMER-Dry Bulk Shipping - The Overweight on Dry Bulk Is Paying off Handsomely

<blockquote>Investor sentiment has a larger effect on the stocks of companies that are difficult to value and arbitrage than on those that are not. Subsequent returns are determined by the level of sentiment at the start of the period. </blockquote><div>
Malcolm Baker, Johnathan Wang, and Jeffrey Wurgler, Journal of Investment Management, Vol. 6, No. 2 (Second Quarter 2008)
It is indeed very difficult to value a dry bulk company in the current environment, mean-reversion models to long term charter rates are broken, cost of…
</div>

Investor sentiment has a larger effect on the stocks of companies that are difficult to value and arbitrage than on those that are not. Subsequent returns are determined by the level of sentiment at the start of the period. 
Malcolm Baker, Johnathan Wang, and Jeffrey Wurgler, Journal of Investment Management, Vol. 6, No. 2 (Second Quarter 2008)
It is indeed very difficult to value a dry bulk company in the current environment, mean-reversion models to long term charter rates are broken, cost of…


DMER-Dry Bulk Shipping - Under-Owned, Normalization, Leading to Investor Sentiment Turning Bullish ?

Star Bulk Carriers (SBLK US) - Multi-Pronged Actions Ease Liquidity Risk<ul><li>
Multi-pronged actions ease liquidity risk; increase fair value to USD 6 per share: Star Bulk Carriers (SBLK) has evidently managed to consolidate its balance sheet on multiple counts: 1) it embarked on a debt restructuring programme in August, wherein it managed to defer the repayments due over the next two years; 2) with the recent round of equity issuance (a prerequisite for the debt restructuring programme), it has…</li></ul>

Star Bulk Carriers (SBLK US) - Multi-Pronged Actions Ease Liquidity Risk
Multi-pronged actions ease liquidity risk; increase fair value to USD 6 per share: Star Bulk Carriers (SBLK) has evidently managed to consolidate its balance sheet on multiple counts: 1) it embarked on a debt restructuring programme in August, wherein it managed to defer the repayments due over the next two years; 2) with the recent round of equity issuance (a prerequisite for the debt restructuring programme), it has…

Star Bulk Carriers (SBLK US) - Multi-Pronged Actions Ease Liquidity Risk

As I write this Baltic Dry index is within a kissing distance of its yearly highs and freight rates have recovered meaningfully since lows seen early this year. Capesize rates have surged in the recent weeks and now stand closer to USD 15,000/day. Capesize spot rates were quoted up 9.1% today, more than doubling in the past few days and are at levels not seen since last October. True to its nature, the volatility in the Capesize segment is back and should provide opportunities for trading gains.…

As I write this Baltic Dry index is within a kissing distance of its yearly highs and freight rates have recovered meaningfully since lows seen early this year. Capesize rates have surged in the recent weeks and now stand closer to USD 15,000/day. Capesize spot rates were quoted up 9.1% today, more than doubling in the past few days and are at levels not seen since last October. True to its nature, the volatility in the Capesize segment is back and should provide opportunities for trading gains.…

Dry Bulk Shipping – Tactical BUYs Are GOGL US and SBLK US, to Gain from the Current Capesize Rally

We recommend investors to avoid the stock at this point until the dust settles. Our fair value estimate of USD 0.7 per share is based on NAV valuation. We have applied 20% discount to current asset prices as the company is desperately selling vessels to inject the liquidity. Weak vessel earnings and large tonnage supply will continue to exert pressure on asset prices, in our view. The market is pricing in the possibility of liquidation as the investors are apprehensive about getting into the…

We recommend investors to avoid the stock at this point until the dust settles. Our fair value estimate of USD 0.7 per share is based on NAV valuation. We have applied 20% discount to current asset prices as the company is desperately selling vessels to inject the liquidity. Weak vessel earnings and large tonnage supply will continue to exert pressure on asset prices, in our view. The market is pricing in the possibility of liquidation as the investors are apprehensive about getting into the…

Star Bulk Carriers (SBLK US)– Depressed Earnings Amid Sinking Rates Could Prompt Further Asset Sales

United States

Star Bulk Carriers Corp. is a holding company, which engages in the marine transportation of dry bulk vessels. It ships iron ore, coal, grain, bauxite, fertilizers, and steel products. The company was founded by Petros Alexandros Pappas on December 13, 2006 and is headquartered in Athens, Greece.

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Star Bulk Carriers (SBLK US)

DMER-Dry Bulk Shipping - The Overweight on Dry Bulk Is Paying off Handsomely

Dry Bulk Shipping - The Overweight on Dry Bulk Is Paying off HandsomelyWe have earlier advocated that “ the normalisation process will lead to...

Drewry Maritime Financial Research

DMER-Dry Bulk Shipping - Under-Owned, Normalization, Leading to Investor Sentiment Turning Bullish ?

Investor sentiment has a larger effect on the stocks of companies that are difficult to value and arbitrage than on those that are not. Subsequent...

Drewry Maritime Financial Research