MPC Container Ships (Hold, TP: NOK15.00) - Conflict boosting its risk profile
Increasing Red Sea tensions have seen feeder rates and durations improve materially versus pre-conflict levels, which we believe de-risks MPCC’s charter backlog and solidifies the NOK5.7/share we model the company has left in its dividend ‘cannon’. We remain cautious on the long-term fundamentals of the wider container space and subsequent cascading to the intraregional trades, but consider MPCC’s earnings potential improved for the time being. We reiterate our HOLD, but have raised our target price to NOK15.0 (14.7).
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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