【出版时间及名称】：2010年4月韩国海运行业研究报告
        【作者】：三星证券
        【文件格式】：pdf
        【页数】：29
        【目录或简介】：
WHY SHOULD YOU READ THIS REPORT?
We upgrade the marine sector to OVERWEIGHT, believing shipping companies
almost broke even in 1Q and will swing to profits in 2Q, earlier than expected.
Favorable supply-and-demand dynamics should keep containership freight rates
strong until 3Q, and should sustain strong rates for small-and medium-sized
bulk carriers—the key area of focus for Korean bulk shipping companies.
 INDUSTRY OVERVIEW
 Containerships: We expect containership freight rates to remain strong until
3Q, bolstered by: 1) a recovery in demand—supported by inventory restocking
and peak seasonality; 2) an easing supply burden—eg, delivery delays and eco
(or slow) steaming; and 3) shippers’ coordinated efforts to raise freight rates.
 Bulk carriers: Freight rates for large bulk carriers were strong in 2009, as
China’s voracious iron ore imports outweighed oversupply concerns. This year
has brought a rise in freight rates for smaller carriers, supply of which
tightened last year as rates declined. We expect rates for small and mediumsized
carriers—the key area of focus for Korean carriers—to stay solid thanks to
recovering demand and supply controls.
 INDUSTRY IN INVESTMENT STRATEGY
 We favor containership companies in 1H and bulk carrier businesses in 2H.
 HJS and HMM: Reflecting strong freight rates, we revise up our earnings
forecasts for container shipping companies. We raise our six-month target
price for Hanjin Shipping (HJS) from KRW31,000 to KRW36,000 and
maintain a one-star BUY rating on the stock. We also revise up our target price
for Hyundai Merchant Marine (HMM) from KRW32,000 to KRW34,000 and
upgrade the counter from HOLD to a one-star BUY.
 STXPO and Korea Line: Expecting freight rates for small and medium-sized
bulk carriers to rise, we revise up our earnings forecasts for the bulk carrier
companies we cover. We upgrade our ratings for STX Pan Ocean and Korea Line
from HOLD to one-star BUYs, raising our target price for the former from
KRW14,000 to KRW15,000 and for the latter from KRW49,000 to KRW72,000.

 CONTENTS
1. Containerships p2
2. Bulk carriers p6
3. Hanjin Shipping p11
4. Hyundai Merchant Marine p14
5. STX PanOcean p20
6. Korea Line p23