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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

1. Executive Summary<ul>
<li>Net income of USD 16.7m in the first quarter of 2018, compared with net income of USD 27m reported in the last quarter of 2017, and net loss of USD 17.9m reported in the first quarter of 2017.</li>
<li>The newbuilding programme reaches completion with aggregate final yard payments of USD 144.6m and the drawdown of USD 150m in related debt towards five Capesize newbuildings.</li>
<li>The company takes delivery of the Golden Monterrey, a 2016-built Capesize vessel, acquired in October 2017.</li>
<li>A cash…</li>
</ul>

1. Executive Summary
Net income of USD 16.7m in the first quarter of 2018, compared with net income of USD 27m reported in the last quarter of 2017, and net loss of USD 17.9m reported in the first quarter of 2017.
The newbuilding programme reaches completion with aggregate final yard payments of USD 144.6m and the drawdown of USD 150m in related debt towards five Capesize newbuildings.
The company takes delivery of the Golden Monterrey, a 2016-built Capesize vessel, acquired in October 2017.
A cash…


Golden Ocean: Attractive Valuations Across the Capital Structure