Fuelled by China’s steel appetite
We have raised our 2017e EBITDA forecast by 6% on stronger than expected rates QTD, fuelled by an 18% YOY increase in Chinese steel consumption in July. Healthy scrapping, low order intake and a record-low order book-to-fleet ratio offer visibility for supply growth. We reiterate our BUY recommendation, but have trimmed our target price to NOK79 (NOK82) on an updated USD/NOK rate.
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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