Hunter Group ASA (Buy, TP: NOK5.30) - Top-tier IMO 2020 VLCC owner
Hunter’s modern scrubber-fitted VLCCs are set to deliver into an improving tanker market as the implications on tanker earnings from IMO 2020 are unveiled. At the current forward curve, we believe the company’s vessels could demand a USD12k/day premium – with additional upside from increasing fuel spreads. We initiate coverage with a BUY recommendation and a NOK5.3 target price, based on 1x our 1-year forward NAV.Hunter Group is developing the Badger Explorer, a revolutionary technology for exploration and verification of hydrocarbon prospects, without the risks, cost and complexity of drilling an exploration well with a rig. The Badger Explorer tool acquires exploration data as it drills, and once installed at its target depth, can continue to monitor subsurface parameters to enhance development and production activities.
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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