DHT Holdings (Hold, TP: USD6.20) - Taking cover for low season
Following the Q1 results, we have updated our estimates for DHT’s recent guidance and vessel divestments, lowering our 2022–2023e EBITDA by 12% on fewer fleet days. Since Q4, the tanker owner has actively reduced its spot exposure through short-term timecharters, with the majority rolling off towards Q4 2021e, and in our view potentially signalling a delayed market recovery. We reiterate our HOLD, but have reduced our target price to USD6.2 (6.6).
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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