Genco Shipping & Trading (Buy, TP: USD11.90) - Fleet profile on point
Genco’s renewal programme has left it with a pro forma fleet of 39 vessels, split between the attractive Capesize and Ultra/Supramax segments – which in our view provides interesting exposure to a global GDP recovery while maintaining optionality on a revamped iron ore trade post-Q1e. We believe Genco’s solid cash position offers scope for accretive vessel transactions; hence we reiterate our BUY with a higher target price of USD11.9 (10.3).
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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