Dorian LPG (Buy, TP: USD12.20) - Nearing peak high season
Dorian reported weak quarterly numbers, on the back of sailed-in TCE rates 19% below our forecast. The company has chartered in a 2018-built vessel on what we believe are sub-market rates, building market presence ahead of peak high season. Rates are currently USD46k/day, up 19% since mid-May, and the third quarter is normally 122% of annual average rates. We reiterate our BUY and USD12.2 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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