Eagle Bulk Shipping (Hold, TP: USD1.80) - Strong Q2 rate guidance
Eagle Bulk provided strong Q2 TCE rate guidance, and reported a small beat on our Q1 TCE rate estimate, highlighting the strength of its active fleet management and scrubber earnings. April marked the end of the company’s scrubber programme that, together with a satisfactory liquidity position of USD94.7m, is a positive as current adverse market conditions could take their toll on the company’s cash position. We reiterate our HOLD but have lowered our target price to USD1.8 (2.0).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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