Genco Shipping & Trading (Hold, TP: USD4.90) - Well capitalised if downturn lasts
Genco provided soft Q2 TCE rate guidance, albeit in line with current market conditions. We have lowered our 2020e EBITDA adj. by 4% and now expect a full-year net loss of USD49m. Despite the weakening outlook, we believe that Genco is taking the necessary precautions while maintaining a strong liquidity position, and reiterate our view of Genco as a preferred holding if positioning for a rebound. We reiterate our HOLD, but have cut our target price to USD4.9 (5.9).
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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