Himalaya Shipping (Buy, TP: NOK83.00) - Dual-fuelled & dual-listed
Himalaya Shipping (an LNG-fuelled replica of 2020 Bulkers’ business model) is now fully funded, dual-listed, (still) dual-fuelled, and fully scrubber-fitted with vessels hitting the water ahead of an expected upswing in dry bulk earnings propelled by a 30-year low orderbook-to-fleet ratio. We consider its high financial leverage and favourable terms highly attractive heading into stronger dry bulk markets. We reintroduce a recommendation with a BUY and NOK83 target price.
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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