Lead Analyst, Drewry Maritime Financial Research

Victoria Saraglis

Lead Analyst

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

Net income enters loss-making territory as recurring and non-recurring expenses soar: Contrary to market expectations, the owner of coaster vessels suffered a net loss of USD 5.8m in the first quarter of 2018, down from a net profit of USD 0.7m reported in the last quarter of 2017 and a net profit of USD 2m reported in the first quarter of 2017. The positive momentum however continued to reflect in the operational revenue of USD 39.7m as reported in the first quarter of 2018 as against the…

Net income enters loss-making territory as recurring and non-recurring expenses soar: Contrary to market expectations, the owner of coaster vessels suffered a net loss of USD 5.8m in the first quarter of 2018, down from a net profit of USD 0.7m reported in the last quarter of 2017 and a net profit of USD 2m reported in the first quarter of 2017. The positive momentum however continued to reflect in the operational revenue of USD 39.7m as reported in the first quarter of 2018 as against the…

Coasters Remain Forerunners, but Will Cost Dynamics Support Earnings?

Equity Research Analyst, Maritime sector, Drewry Maritime Financial Research

Ankush Kathuria CFA, FRM

Equity Research Analyst, Maritime sector

Earnings to recover on back of improving spot rates and operational utilisation rates: GASS managed average TCE earnings of USD 8,500pd in 4Q17 – an improvement from USD 8,250pd in 3Q17 and USD 7,913pd in 4Q16. Furthermore, the operational utilisation for vessels also increased to 97.2% in 4Q17, compared with 94.2% in 4Q16. Increased utilisation, coupled with a rise in the spot rates for coasters, were the main catalysts to the slightly improved revenue of USD 38.4m in 4Q17, compared with USD…

Earnings to recover on back of improving spot rates and operational utilisation rates: GASS managed average TCE earnings of USD 8,500pd in 4Q17 – an improvement from USD 8,250pd in 3Q17 and USD 7,913pd in 4Q16. Furthermore, the operational utilisation for vessels also increased to 97.2% in 4Q17, compared with 94.2% in 4Q16. Increased utilisation, coupled with a rise in the spot rates for coasters, were the main catalysts to the slightly improved revenue of USD 38.4m in 4Q17, compared with USD…

4Q17 Result Update – Can Coasters Continue Their Growth Momentum?

Encouraging supply-side outlook: Market dynamics for the coaster segment (p/r, 1-12k cbm) are relatively better with lower supply, when compared with VLGCs (f/r, 70k cbm) and Handysizes (s/r, 12k+ cbm). The fleet growth in the coaster segment was 4.1% in 2016, compared with 23% in the VLGC segment and 24% in the Handysize segment. Furthermore, the current orderbook for coaster vessels is significantly lower than that of the larger vessels, which will restrict the vessel supply in the coming…

Encouraging supply-side outlook: Market dynamics for the coaster segment (p/r, 1-12k cbm) are relatively better with lower supply, when compared with VLGCs (f/r, 70k cbm) and Handysizes (s/r, 12k+ cbm). The fleet growth in the coaster segment was 4.1% in 2016, compared with 23% in the VLGC segment and 24% in the Handysize segment. Furthermore, the current orderbook for coaster vessels is significantly lower than that of the larger vessels, which will restrict the vessel supply in the coming…

DMFR – LPG Shipping – Coaster Segment – Dawn on the Horizon?

Even though the market capitalisation of LPG shipping players has shrunk sharply, the valuations on forward basisare necessarily not cheap. With earnings expectations pared down, investors are unlikely to lap up the LPG shipping stocks, and hence, they will remain range-bound. We do not see investors willing to accord higher multiples, and we believe the share prices could trade within a range. Hence, we have trimmed our valuation forecasts and our base case is a Neutral stance on LPG shipping…

Even though the market capitalisation of LPG shipping players has shrunk sharply, the valuations on forward basisare necessarily not cheap. With earnings expectations pared down, investors are unlikely to lap up the LPG shipping stocks, and hence, they will remain range-bound. We do not see investors willing to accord higher multiples, and we believe the share prices could trade within a range. Hence, we have trimmed our valuation forecasts and our base case is a Neutral stance on LPG shipping…

DMER - LPG Shipping 2.0 - BW LPG, GASS US and NVGS US, Valuations Uncompelling Despite Correction

Coaster Market Could Improve from Here; FY17 Earnings More Relevant<figure class="editor-figure mceNonEditable"><img src="https://static-prod.smartkarma.com/images/media/000/009/099/original/st1.JPG?1465517969" class="editor-image img-responsive" data-smartkarma-image-id="9099"></figure>• Supply contraction can provide support to coaster market: Freight rates and utilisation rates remained under pressure during the first quarter, and we do not expect any sharp turnaround in the near term. That said, since the segment is close to its bottom, it is unlikely that freight rates will decline significantly from the current level. There is a high likeliness of vessels being demolished considering the age profile of the…

Coaster Market Could Improve from Here; FY17 Earnings More Relevant• Supply contraction can provide support to coaster market: Freight rates and utilisation rates remained under pressure during the first quarter, and we do not expect any sharp turnaround in the near term. That said, since the segment is close to its bottom, it is unlikely that freight rates will decline significantly from the current level. There is a high likeliness of vessels being demolished considering the age profile of the…

Stealth Gas (GASS US) - Coaster Market Could Improve from Here; FY17 Earnings More Relevant

Greece

StealthGas, Inc. engages in the provision of international energy seaborne transportation services to liquefied petroleum gas sectors. Its owns fleet of vessels that carry petroleum and petrochemical gas products in liquefied form such as propane, butane, butadiene, isopropane, propylene, and vinyl chloride monomer. The company was founded in December 2004 and is headquartered in Athens, Greece.

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StealthGas Inc (GASS US)

Coasters Remain Forerunners, but Will Cost Dynamics Support Earnings?

Net income enters loss-making territory as recurring and non-recurring expenses soar: Contrary to market expectations, the owner of coaster vessels...

Drewry Maritime Financial Research

4Q17 Result Update – Can Coasters Continue Their Growth Momentum?

Earnings to recover on back of improving spot rates and operational utilisation rates: GASS managed average TCE earnings of USD 8,500pd in 4Q17 –...

Drewry Maritime Financial Research

DMFR – LPG Shipping – Coaster Segment – Dawn on the Horizon?

Encouraging supply-side outlook: Market dynamics for the coaster segment (p/r, 1-12k cbm) are relatively better with lower supply, when compared...

Drewry Maritime Financial Research

DMER - LPG Shipping 2.0 - BW LPG, GASS US and NVGS US, Valuations Uncompelling Despite Correction

Even though the market capitalisation of LPG shipping players has shrunk sharply, the valuations on forward basisare necessarily not cheap. With...

Drewry Maritime Financial Research

Stealth Gas (GASS US) - Coaster Market Could Improve from Here; FY17 Earnings More Relevant

Coaster Market Could Improve from Here; FY17 Earnings More Relevant• Supply contraction can provide support to coaster market: Freight rates and...

Drewry Maritime Financial Research

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