DHT Holdings (Hold, TP: USD6.00) - Manoeuvring near-term turmoil
We have updated our near-term rate estimates due to weaker market rates, and our Q1e EBITDA is now 29% below consensus. Spot VLCC earnings have been in some turmoil in 2022, both exceeding the highs and falling below the record-lows seen in 2021. However, we expect the company’s time-charter contracts to lend a helping hand, as we remain conservative on the spot market near-term. We reiterate our HOLD, but have raised our target price to USD6.0 (5.8).
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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