Genco Shipping & Trading (Buy, TP: USD20.70) - Bulkers at a considerable discount
We believe Genco offers investors an attractive entry into dry bulk exposure, with its material NAV discount offsetting what we see as elevated vessel values in light of modest prevailing TC rates. We reiterate our BUY and have raised our target price to USD20.7 (19.0).
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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