Genco Shipping & Trading (Buy, TP: USD8.60) - Attractive time for fleet renewal
Genco’s Q3 results were largely in line with consensus, and the company’s fleet renewal picked up pace, with five vessels agreed sold as of end-Q3. In our view, Genco’s solid balance sheet, coupled with strong underlying market fundamentals, means this looks to be an attractive time for it to renew its fleet with available cash at hand. We reiterate our BUY, while we have lowered our target price to USD8.6 (8.9).
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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