Eagle Bulk Shipping (Buy, TP: USD66.00) - Enduring mid-size strength
Eagle Bulk’s solid Q1 TCE rate guidance underscored a return to benchmark outperformance, with mid-size strength seemingly defying the potential negative effects of the ongoing conflict in Ukraine. In our view, Eagle Bulk’s scrubber uptake provides it with an unintended conflict hedge as we calculate premiums in excess of USD3k/day. We reiterate our BUY and have lifted our target price to USD66 (65).
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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