MPC Container Ships (Hold, TP: NOK10.00) - Cash preservation mode
We have cut our freight rate for 2020e from USD8.6k/day to USD7.1k/day, as we believe the feeder space is set for another challenging year. Cash preservation should be a priority in our view, with recent vessel sales and short-term employment visibility a positive. We reiterate our HOLD, but have cut our target price to NOK10 (20), based on a 25% discount to our one-year forward NAV.
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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