Himalaya Shipping (Hold, TP: NOK94.00) - Modern fleet to face softer markets
Himalaya Shipping provides highly leveraged exposure to what we believe are elevated asset values and freight markets set to be challenged by weaker fundamentals. However, its attractive financing and superior modern assets leave it fairly well placed to weather the storm and leverage on the recovery, in our view. We reiterate our HOLD, but have cut our target price to NOK94 (99).
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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