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Fotis Giannakoulis

former Executive Director and senior shipping equity analyst at Morgan Stanley

Fotis Giannakoulis is a former Executive Director and senior shipping equity analyst at Morgan Stanley, specializing in maritime shipping and energy infrastructure. He has covered leading shipping companies, achieving a success rate of approximately 60% and an average return above 5% per rating, and was recognized as a top-ranked shipping analyst by Institutional Investor. Giannakoulis began his analyst career at Fortis Bank, later held investment banking roles at Poten Capital Services, joined Morgan Stanley in 2012, and most recently served as head of shipping and energy for Fearnleys in New York. He holds relevant professional credentials, including FINRA registration, and has served as a director with Bluewater Acquisition Corp.

Fotis Giannakoulis's questions to NORDIC AMERICAN TANKERS (NAT) leadership

Question · Q4 2018

Fotis Giannakoulis from Morgan Stanley asked for background on the new lender, Beal Bank, and its significance for shipping finance. He also inquired about the impact of rising U.S. crude exports and the potential for Saudi Arabia to shift from burning crude to exporting it.

Answer

Chairman and CEO Herbjørn Hansson described Beal Bank as a 'first-class bank' whose counter-cyclical approach aligns with NAT's strategy. Regarding U.S. exports, he highlighted the positive impact of the Brent-WTI price differential and arbitrage opportunities on the tanker industry. He acknowledged the complex geopolitical situation in the Middle East but did not offer a specific prediction on Saudi Arabia's fuel strategy.

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Question · Q4 2016

Fotis Giannakoulis from Morgan Stanley inquired about the rationale for resuming earnings calls, the company's expansion strategy, including fleet size targets and financing, and the potential for M&A. He also asked for the market outlook for Suezmax tankers and its effect on future dividends.

Answer

Chairman & CEO Herbjørn Hansson explained the call was to improve communication, as written reports were sometimes misunderstood. He stated an ambition to grow the fleet to 40 Suezmax vessels, likely through secondhand acquisitions, while dismissing consolidation with dissimilar companies. Regarding the market, Hansson expressed optimism due to strong customer relationships and noted the company's high profitability at current rates, adding that the dividend policy is a priority.

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