Table of Contents
Executive Summary........................................................................... 3
Outlook ....................................................................................................................................3
Valuation ..................................................................................................................................3
Risks ........................................................................................................................................3
Industry Overview ............................................................................. 4
Revising supply growth downwards.........................................................................................4
But demand growth numbers cut too.......................................................................................6
BDI unlikely to test previous lows.............................................................................................7
Underweight on this sector; valuations not compelling ............................................................9
Industry risks..........................................................................................................................11
Company Section ............................................................................ 12
China Shipping Dvlpmt................................................................... 13
China Cosco Holdings ..................................................................... 20
Pacific Basin Shipping Ltd .............................................................. 24
STX Pan Ocean Co Ltd .................................................................... 28
Thoresen Thai Agencies Pcl............................................................ 33