Eagle Bulk Shipping (Buy, TP: USD57.00) - On course for turbulent winds
5-year Supramax vessels are changing hands for USD29.5m on broker quotes, versus the 2015–2019 average of USD17m when 1-year TCs averaged USD10k/day, compared to USD11k/day currently. Eagle Bulk’s share price implies 5-year Supramax vessels at USD24.8m at 0.85x EV/GAV, in line with our peer group. We believe this likely reflects deteriorating spot rates (
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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