Genco Shipping & Trading (Buy, TP: USD27.20) - Positive on fundamentals
Ahead of the Q3 results (due after market close on 3 November), we have lifted our near-term rate forecasts to better reflect the recent market strength and thus have raised our 2021e EBITDA by 34%. We believe the recent freight-rate spike has been driven by increased demand along with elevated congestion, but we remain positive on the long-term prospects in the dry bulk market, as our conservative rate forecasts imply healthy shareholder returns, underpinned by still-constrained supply-side fundamentals. We reiterate our BUY and have lifted our target price to USD27.2 (24.6).
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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