Report
Jørgen Lian
EUR 92.20 For Business Accounts Only

Himalaya Shipping (Sell, TP: NOK67.00) - Markets hinder near-term potential

Despite Himalaya Shipping now having a fully delivered top-modern fleet, with limited need for further capital investment, we remain concerned about what we view as material headwinds for dry bulk in the months ahead. Moreover, asset values are at 15-year highs and are unsupported by current freight markets. Hence, we find the risk skewed to the downside, with asset values most likely to correct lower. We have downgraded to SELL (HOLD) and cut our target price to NOK67 (91).
Underlying
HIMALAYA SHIPPING LTD.

Provider
DnB Markets
DnB Markets

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.

 

Analysts
Jørgen Lian

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