Drewry Maritime Equity Research - Ports terminals vs shipping lines: Do investors favor the latter?

Report

Ankush Kathuria

Ports & terminals vs shipping lines: Do investors favor the latter?

With hindsight, it can easily be illustrated that even though macro-economic hindrances originate from different sources, they all tend to
challenge (in one form or the other) the established rules. By now, we all must have read a lot about the pandemic and its related effects
and should be comfortable classifying FY20 as one of the strangest years in human history. Even though consumer confidence took a
beating, economic stimulus and altered buying patterns kept the ball rolling. The shipping industry, which forms the kernel of international
trade, too witnessed a year of unforeseen volatility.

14/05/2021 1 EN

Provider

Drewry Maritime Equity Research

Drewry, since 1970, has been providing research and advisory services on the global Maritime and Shipping industries and has established itself as a firm with long history of credibility and expertise on various aspects of the maritime industry. Leveraging this in-depth market knowledge and understanding, we have extended our offering to deliver a unique, independent investment research service on globally listed companies operating in the maritime industry. Under the brand Drewry Maritime Equity Research and in accordance with the FCA, DMER led by Rahul Kapoor and his team, offers fundamental analysis on listed companies. DMER analysts have access to one of the most up-to-date, comprehensive and reliable sources of market insight and research data available today. By combining these market-leading resources with seasoned sector expertise and commercial awareness, we are able to offer a highly differentiated and comprehensive investment research service to prospective investors in listed maritime companies. 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.

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Analysts

Ankush Kathuria

Other Reports from Drewry Maritime Equity Research

Ankush Kathuria

Ankush Kathuria

Westports_Result Update 3Q22

After massively underperforming the Drewry Port Equity Index in 2021, Westport’s stock price moved in tandem with the broader equity index in 2022. The stock slumped 11.2%, in line with the 12.2% decline recorded by the Drewry’s sectorial index. At the current EV/EBITDA valuation, the company trades at a premium of 18.0% when compared with Drewry Port Equity Index, but is at a 16.1% discount from its five-year historical average. Our fair value estimate of MYR 4.08 provides an upside of 8.9% compared to the current stock price.

January 18, 2023 January 18, 2023 1 EN

Nikesh Shukla

Nikesh Shukla

Star Bulk Carriers - Changing our view to Neutral as market gets challenging in 2023

Stock prices of dry bulk shipping companies constituting the Drewry Dry Bulk Equity Index came under pressure in the beginning of 2022 after a great performance in 2021, but market disruptions in the aftermath of the Russia-Ukraine conflict led to a surge in demand and earnings of dry bulk carriers. As a result, the index as well as the stock price of Star Bulk Carriers (SBLK) rose from February to May, but both declined thereafter due to demand concerns in China in the aftermath of Covid restrictions. With seasonal demand kicking in in July, the index as well as the SBLK stock started trendin...

January 12, 2023 January 12, 2023 1 EN

Nikesh Shukla

Nikesh Shukla

Nordic American Tankers to benefit from improved supply-demand fundamentals of mid-sized tankers

The crude tanker market was largely on an uptrend throughout the year barring the initial weakness amid the Omicron-led demand concerns and high oil prices. We expected the tanker market to recover gradually in 2022, but the changes in trade patterns as a result of Europe’s move to reduce energy dependence on Russia in the aftermath of the Russia-Ukraine conflict accelerated the pace of recovery in the crude tanker market. The diversion of Russian barrels on long-haul routes to Asia and increased European imports from the Middle East and trans-Atlantic routes led to a surge in demand and spot ...

January 3, 2023 January 3, 2023 1 EN

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Ports & terminals vs shipping lines: Do investors favor the latter?

Westports_Result Update 3Q22

Star Bulk Carriers - Changing our view to Neutral as market gets challenging in 2023

Nordic American Tankers to benefit from improved supply-demand fundamentals of mid-sized tankers

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