DHT Holdings (Hold, TP: USD5.70) - Trough persisting
The crude tanker market remains oversupplied, and DHT’s days of significant timecharter coverage are nearing an end as its coverage shrinks to 23% for Q4. However, it still enjoys meaningful scrubber and ECO premiums, which, coupled with an almost non-existent near-term amortisation schedule, solid liquidity, and efficient fleet management, see it well positioned to navigate through the trough. We reiterate our HOLD but have trimmed our target price to USD5.7 (6.1).
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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