Dorian LPG (Buy, TP: USD20.00) - Inflection point in view
We have raised our near-term rate estimates to reflect the market momentum and recent fuel-spreads. We expect a sailed-in VLGC TCE rate of USD35.3k/day for 2023e and believe the favourable market could continue to improve given recent inventory builds and the increased rig count so far in 2022. Despite the recent fall in rates, we see considerable upside potential for Dorian LPG as the next 12 months should see the inflection point for larger US export volumes. We reiterate our BUY but have cut our target price to USD20 (21).
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.
Unfortunately, this report is not available for the investor type or country you selected.
Browse all ResearchPool reportsReport is subscription only.
Thank you, your report is ready.
Thank you, your report is ready.