Report
Jørgen Lian
EUR 91.87 For Business Accounts Only

Genco Shipping & Trading (Buy, TP: USD18.90) - Early signs of things to come

We have raised our 2021e EBITDA by 19% to reflect Genco’s Q2 TCE rate guidance, fixed timecharters and current market fundamentals. As well as strong Q1 results, the company took several steps towards implementing its new dividend strategy. We also calculate an end-2021e net debt ratio of 16% (including the recently announced quarterly DPS hike to USD0.05), compared to Genco’s target of 20%. We reiterate our BUY and have lifted our target price to USD18.9 (14.6).
Underlying
Genco Shipping & Trading Ltd.

Provider
DnB Markets
DnB Markets

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.

 

Analysts
Jørgen Lian

Other Reports on these Companies
Other Reports from DnB Markets

ResearchPool Subscriptions

Get the most out of your insights

Get in touch