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.

 

Jørgen Lian

Genco Shipping & Trading (Buy, TP: USD8.90) - Full steam ahead

Genco continues to do what it does best – navigating volatility in shipping markets while controlling costs, while managing to maintain dividends through the worst quarter since 2016. We like the company’s financial position and commitment to shareholder distribution, especially considering our positive outlook on the dry bulk sector. We reiterate our BUY and USD8.9 target price.

Jørgen Lian

Star Bulk (Buy, TP: USD8.60) - Poised for an upswing

The Q2 report highlighted Star Bulk’s strategic navigation through uncertain waters, which in our view should justify a higher valuation. By refinancing several vessels and hedging its interest rate exposure, the company has achieved a stronger liquidity position and is now looking to the future. We reiterate our BUY and USD8.6 target price.

Jørgen Lian

Eagle Bulk Shipping Minor model adjustments

We have updated our estimates following the Q2 results and announced vessel sale. Costs were lower YOY in Q2, but in part related to Covid-19, which we have chosen not to extrapolate to H1 2021e. We do not consider these changes to be material, and we have not changed our BUY recommendation. We reiterate our USD3.0 target price, now based on a 15% (20%) discount to our one-year forward NAV of USD3.5 (USD3.7).

Knut Magnussen

US Snapshot: US labour market improved further in July

US Snapshot: US labour market improved further in July (2 pages)

FICC Analyst FICC Analyst

Weekly Calendar for 10-14 August: Norwegian, Swedish and US inflation

Weekly Calendar for 10-14 August: Norwegian, Swedish and US inflation (2 pages)

Jørgen Lian

Genco Shipping & Trading (Buy, TP: USD8.90) - Full steam ahead

Genco continues to do what it does best – navigating volatility in shipping markets while controlling costs, while managing to maintain dividends through the worst quarter since 2016. We like the company’s financial position and commitment to shareholder distribution, especially considering our positive outlook on the dry bulk sector. We reiterate our BUY and USD8.9 target price.

Jørgen Lian

Star Bulk (Buy, TP: USD8.60) - Poised for an upswing

The Q2 report highlighted Star Bulk’s strategic navigation through uncertain waters, which in our view should justify a higher valuation. By refinancing several vessels and hedging its interest rate exposure, the company has achieved a stronger liquidity position and is now looking to the future. We reiterate our BUY and USD8.6 target price.

Jørgen Lian

Eagle Bulk Shipping Minor model adjustments

We have updated our estimates following the Q2 results and announced vessel sale. Costs were lower YOY in Q2, but in part related to Covid-19, which we have chosen not to extrapolate to H1 2021e. We do not consider these changes to be material, and we have not changed our BUY recommendation. We reiterate our USD3.0 target price, now based on a 15% (20%) discount to our one-year forward NAV of USD3.5 (USD3.7).

Alexander Aukner

Seafood - The Fat Trout Weekly

Seafood - The Fat Trout Weekly

Jørgen Lian

Euronav (Buy, TP: USD12.90) - Cash is king

Euronav is building its liquidity position, and has distributed nearly USD2/share to shareholder over the last four quarters, yielding ~20% on the current share price. While the oil markets are reverting to normal and crude is drawn from land-based and floating inventories, the tanker market appears supported by supply side fundamentals prior to a potential seasonal upswing in October. After a change of analyst, we reiterate our BUY but have cut our target price to USD12.9 (13.5).

Mikael Løkken Gjerding

Refinancing challenges persist

Teekay Offshore Partners LP (TOO US) - Refinancing challenges persist (13 pages)

Martin Børter

May lean on its backlog

Höegh LNG Holdings Ltd (HLNG NO) - May lean on its backlog (11 pages)

Martin Børter

Strong liquidity through a challenging market

Klaveness Ship Holding AS () - Strong liquidity through a challenging market (10 pages)

Martin Børter

New set of risks

Golar LNG Partners LP (GMLP US) - New set of risks (10 pages)

Thomas Larsen

Hold your breath

Seadrill Ltd (SDRL NO) - Hold your breath (7 pages)

Knut Magnussen

US Snapshot: US labour market improved further in July

US Snapshot: US labour market improved further in July (2 pages)

FICC Analyst FICC Analyst

Weekly Calendar for 10-14 August: Norwegian, Swedish and US inflation

Weekly Calendar for 10-14 August: Norwegian, Swedish and US inflation (2 pages)

FICC Analyst FICC Analyst

Daily Macro Brief 7 August: Higher loan demand in Norway

Daily Macro Brief 7 August: Higher loan demand in Norway (2 pages)

Ingvild Borgen Gjerde

Market Matters: What is behind the weak dollar?

Market Matters: What is behind the weak dollar? (2 pages)

Knut Magnussen

UK Snapshot: No monetary policy changes from BoE

UK Snapshot: No monetary policy changes from BoE (2 pages)

Ole-Andreas Krohn

Morning Presentation

Håkon Astrup ...
  • Jesper Ingildsen
  • Jørgen Lian
  • Mats Bye
  • Ole-Andreas Krohn
  • Rune Majlund Dahl

Northern Lights

Ole-Andreas Krohn

Morning Presentation

Håkon Astrup ...
  • Mats Bye
  • Ole-Andreas Krohn
  • Rune Majlund Dahl
  • Tomi Railo

Northern Lights

Ole-Andreas Krohn

Morning Presentation

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