Genco Shipping & Trading Minor model adjustments
We have updated our estimates following the Q4 results. We do not consider these changes to be material, and have not changed our BUY recommendation or USD10.0 target price. In our recent sector report, we lowered our dry bulk rate forecasts due to Covid-19 disruptions and a general expectation of lower Chinese GDP growth. We have updated our model for the company’s announced average fleet-wide TCE rate of USD10.9k/day for Q1 2020, the sale of Genco Charger, and updated fuel spreads. Genco is currently trading at 0.59x our NAV of USD13.2/share.
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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