Report
Nicolay Dyvik
EUR 922.98 For Business Accounts Only

LPG shipping (DNB Markets) - BW LPG priced as if equity needed

Based on the WTI forward curve, our rig count model and subsequent US LPG production, we forecast VLGC rates to decline from USD36k/day in 2020 to USD11k/day in 2022. BW LPG is trading as if equity were required, though it has good liquidity, in our view.
Underlyings
AVANCE GAS HOLDINGS LTD

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.

BW LPG Ltd.

Dorian LPG

Provider
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.

 

Analysts
Nicolay Dyvik

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