Eagle Bulk Shipping (Buy, TP: USD65.00) - Sailing towards a re-pricing
We have lifted our near-term spot rate assumptions significantly on the sustained market strength, which we believe stems from increased demand coinciding with elevated congestion. In our view, Eagle Bulk’s recent refinancing should secure capital discipline through steep amortisation and shareholder returns, which we believe will grow in tandem with future de-leveraging. We remain conservative on 2022e, but still find Eagle Bulk attractively priced, and thus reiterate our BUY with a new target price of USD65 (57).
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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