DHT Holdings Minor model adjustments
We have updated our estimates following the Q2 results, having made only minor changes to our rate forecasts based on the company’s rate guidance and our Q3 outlook. We continue to believe tanker freight rates will improve through H2 2019 and into 2020, as we expect refineries’ demand for crude to increase after larger outages in H1 and in preparation for IMO 2020. We do not consider these changes to be material, and have not changed our BUY recommendation. We reiterate our USD7.90 target price.
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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