BUYs with much to look forward to
The VLGC market has gone from strength to strength in a year that looked set to be hit by a daunting delivery schedule. Although we are not yet out of the woods, the market’s underlying vigour is building confidence in lasting returns, most notably from elevated US inventory, promising export growth and attractive arbitrage. Current forward FFAs are highly supportive for asset valuations, and we expect VLGC values to increase. Hence, we believe the VLGC equities at ~1.0x EV/GAV represent attractive value and cash-flow potential, resulting in BUYs across our covered peer group.Avance Gas Holding is principally engaged in the transportation of Liquefied Petroleum Gas ("LPG"). Co. operates a fleet of 14 Very Large Gas Carriers, providing transportation services to oil majors and traders of LPG on a global basis. Co. transports LPG from the Middle East and the U.S. Gulf or U.S.loan facility from BCBloan facility from BCB(excludes dividends satisfied by issue of shares) East Coast to destinations in Europe, South America and Asia.
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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