2020 Bulkers (Buy, TP: NOK152.00) - Set to end 2021e on a high note
2020 Bulkers looks set to finish 2021e on a strong note, and we have lifted our 2021e EBITDA by 23% ahead of the Q3 results. We find the recent freight-rate spike has been driven by increased demand alongside elevated congestion, as the resurgence of coal and Brazilian long-haul volumes are having an impact. Supply fundamentals remain tight, which, coupled with our estimated cash generation on rather conservative rate forecasts, underpins our outlook for the sector. We reiterate our BUY and NOK152 target price.2020 Bulkers Ltd is a Bermuda-based owner and operator of cargo ships. The Company owns as subsidiaries 2020 Bulkers I Inc and 2020 Bulkers II Inc in Liberia. Entities are parts to shipbuilding contract with New Times Shipbuilding Co. Ltd. for construction and delivery of Newcastlemax dry bulk vessel. The Company's main shareholders comprise Magni Partners and Titan Opportunities Fund.
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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