Dorian LPG (Hold, TP: USD8.20) - Bareboat antipasti, now main dish
Dorian LPG announced another sale leaseback financing in Q3 to boost cash, which is set to fall below its debt covenants by December without alternative financing for its Bridge Loan. We believe further sale leasebacks will be the solution as alternatives appear limited. Despite Dorian’s strong operational performance and our positive view on the VLGC freight market supported by US production statistics YTD, we keep our HOLD due to its unresolved liquidity issues; we have raised our target price, to USD8.20 (8.10).
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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