MPC Container Ships (Sell, TP: NOK18.20) - Early stages of a longer downturn
MPC Container Ships has capitalised on recent market strength, raising its 2025–2026 coverage to 81–50%. Although we believe this justifies some share-price appreciation, we find the 115% YTD gain excessive. We believe the 13% decline in rates since July marks only the early stage of a prolonged downturn, with years of oversupply likely ahead. Thus, we believe the valuation reflects an overly optimistic outlook, leaving risk skewed to the downside. We reiterate our SELL but have cut our target price to NOK18.2 (19.0).
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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