Hafnia (Buy, TP: NOK77.00) - Sentiment reinforces attractive entry point
In our view, tanker markets remain attractive, with healthy supply/demand fundamentals and potential positive catalysts in increasing OPEC+ volumes and a successful phasing out of the shadow fleet. Coupled with overdone market concerns, leaving the implied value of a 5-year-old MR in Hafnia at ~USD30m (broker quotes were last at this level in Q1 2022, when rates averaged ~USD10k/day), we believe risk is skewed to the upside. We reiterate our BUY, but have lowered our target price to NOK77 (85), largely due to FX.
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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