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Transport Sector, China and Asia-focused Research

Charles De Trenck

Equity Bottom-Up

Pacific Basin Shipping / Equity Bottom-Up

<p>We don’t think <a href="https://www.smartkarma.com/entities/929" target="_blank" data-smartkarma-citation="entities:929:1">Pacific Basin Shipping Ltd (2343 HK)</a> will be facing the same issues as <a href="https://www.smartkarma.com/entities/21069" target="_blank" data-smartkarma-citation="entities:21069:1">Diana Shipping Inc (DSX US)</a> just gingerly walked through. But looking at the DSX results is interesting for what was not debated.</p><p>DSX reported a huge 4Q17 loss when including asset write-downs of $422.5m (resulting in $438.4m loss). Perhaps rightfully so, the market glossed over the results. This would be because most large investors would look at the NAV of the company and restate the ship values rather than…</p>

We don’t think Pacific Basin Shipping Ltd (2343 HK) will be facing the same issues as Diana Shipping Inc (DSX US) just gingerly walked through. But looking at the DSX results is interesting for what was not debated.DSX reported a huge 4Q17 loss when including asset write-downs of $422.5m (resulting in $438.4m loss). Perhaps rightfully so, the market glossed over the results. This would be because most large investors would look at the NAV of the company and restate the ship values rather than…

What’s Sort of Missing from the Diana Shipping Results (...Waiting for Pac Basin 28 Feb)