Genco Shipping & Trading (Buy, TP: USD28.30) - Through the cycles
Following Genco’s Q1 results, we have made minor changes to our estimates as the company continues to succeed in its strategy. As of Q2, the company is reporting a cash breakeven of USD8.1k/day (excluding drydock), which in our view should ensure limited downside and the potential for significant dividends. We reiterate our BUY but have tweaked our target price to USD28.3 (29.0).
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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