63 days left to IMO 2020
There are 63 days left to IMO 2020 and the IMO fuel spread is close to a year-high of USD260/tonne. We have already seen how finely-tuned the supply/demand balance is to disruptions (Cosco sanctions), which have propelled VLCC rates close to an all-time high in October. We forecast 2019 VLCC rates of USD38k/day (YTD USD34k/day), increasing to USD51k/day for 2020, which makes us optimistic on pay-out ratios for 2020. In this note we also publish our Q3 previews and ESG sections.
Euronav is a provider of maritime shipping and offshore services engaged primarily in the transportation and storage of crude oil. As of Apr. 4, 2017, Co. owned and operated a modern fleet of 55 vessels (including four chartered-in vessels) with an aggregate carrying capacity of approximately 13.7 million deadweight tons, or dwt, consisting of 31 very large crude carriers, one ultra large crude carrier, 21 Suezmax vessels, and two floating, storage and offloading vessels. Co. has two operating segments: the operation of crude oil tankers on the international markets (tankers) and the floating production, storage and offloading operations.
Hunter Group is developing the Badger Explorer, a revolutionary technology for exploration and verification of hydrocarbon prospects, without the risks, cost and complexity of drilling an exploration well with a rig. The Badger Explorer tool acquires exploration data as it drills, and once installed at its target depth, can continue to monitor subsurface parameters to enhance development and production activities.
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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