DHT Holdings (Buy, TP: USD14.20) - Still-attractive optionality
We continue to expect VLCC rates to improve towards year-end, and believe DHT is well positioned to benefit from the upturn, with ~70% of spot days yet to be booked for Q4. Also, the longer-term supply story appears intact, with a modest 8% orderbook and an ageing fleet of VLCCs, with <1% set to be delivered next year. We reiterate our BUY, but have lowered our target price to USD14.2 (14.6).
DNB Markets is the investment banking arm of DNB Bank ASA and is focused primarily on the Nordic region, as well as internationally on niches such as global shipping, energy and related services, and seafood. DNB Markets offers services in FICC, Equities and Investment Banking advisory from offices in Oslo, Stockholm, London, Singapore and New York. Equity research coverage is offered on c250 Nordic companies. DNB was ranked no.2 in Extel Nordic Research 2017. The DNB Markets’ Credit and FICC Macro & FX Research teams are repeatedly highly rated by Prospera Nordic Institutional Investor Surveys.
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