Jørgen Lian
EUR 91.70 For Business Accounts Only

2020 Bulkers (Buy, TP: NOK162.00) - Good things come to those who wait

We have reduced our near-term EBITDA estimates to reflect the current headwinds for the bulkers segment, but foresee potential for a rapid turnaround in 2023e as easing inefficiencies are increasingly absorbed and Chinese demand reactivates. In our view, 2020 Bulkers is an attractive way to gain discounted exposure to premium-earning tonnage, softening the blow of soft near-term rates. We reiterate our BUY but have cut our target price to NOK162 (164).
2020 Bulkers Ltd

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
DnB Markets

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

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