Entête de question
Joshua Hu, a research analyst, is initiating coverage on several companies in the ocean freight shipping industry. OldShips is a mature company with high fixed costs and a high capital expenditure to sales ratio because it owns and operates its own fleet of ships. CleanYards is a technologically advanced, sustainable shipyard with a focus on specialized repairs and ship construction. Hu has compiled the following data for the two companies:
| OldShips | CleanYards | |
|---|---|---|
| Degree of Financial Leverage (DFL) | 2.0 | 2.0 |
| Degree of Operating Leverage (DOL) | 1.0 | 2.0 |
| Asset turnover ratio | 0.84× | 0.42× |
| DSO | 27 | 98 |
| DOH | 12 | 46 |
| DPO | 55 | 40 |
NewShips, a third company, is a web-based shipping technology platform that connects ship operators such as OldShips with customers in a wide variety of industries who need ocean freight shipping. NewShips’ customers place orders online and pay for freight to be placed on a container to any destination in the world. NewShips’ partners, like OldShips, provide vessels on both long- and short-term charters.
In 2X19, NewShips’ platform brokered orders for 900,000 twenty-foot equivalent unit (TEU) containers in aggregate, with an average gross freight rate of USD3,848 per TEU. On average, NewShips’ commission, which it receives as a broker from the customer, was 5% of the freight rate.