Eagle Bulk Shipping (Buy, TP: USD38.70) - Gaining momentum
A cold winter, coupled with strong agricultural and minor bulk trade, saw benchmark Supramax TCE rates rise above USD21.0k/day in what is typically seen as a slow quarter. While we see rates coming off current highs, we believe 2021 will be a strong year for mid-size bulkers and expect a mean reversion regarding today’s decoupled timecharter rates and asset values. We reiterate our BUY and have lifted our target price to USD38.7 (27.4).Eagle Bulk Shipping is a holding company. Through its subsidiaries, the company is engaged in the ocean transportation of dry bulk cargoes through the ownership, charter and operation of dry bulk vessels. The company owns a fleet of Supramax/Ultramax dry bulk vessels. Supramax/Ultramax dry bulk vessels are equipped with cargo-handling cranes and grabs. The company provides transportation solutions to a group of customers, including miners, producers, traders, and end users. Typical cargoes the company transports include both bulk cargoes, such as coal, grain, and iron ore, and minor bulk cargoes such as fertilizer, steel products, petcoke, cement, and forest products.
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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