Winter season could disappoint
Cash breakeven rates of USD17.3k/day for H2 and USD19.4k/day for 2018e alongside moderate leverage leave DHT Holdings well prepared for a challenging tanker market even after the recent fleet expansion, in our view. We reiterate our HOLD recommendation but have cut our target price to USD4.25 (USD4.7).
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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