MPC Container Ships (Hold, TP: NOK20.00) - Market headwinds set to persist
Average feeder freight rates are 18% above where they were at the start of 2019, but we view this as a result of intermediate effects from scrubber offhire. We reiterate our muted view on a trade agreement between the US and China, and we have made no changes to our rate forecasts of USD8.5k/day in 2020 and USD8.2k/day in 2021. We calculate a current NAV of NOK23/share, or NOK21/share adjusted for our net scrubber valuation. We reiterate our HOLD recommendation and have reduced our target price to NOK20 (22).
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.
Unfortunately, this report is not available for the investor type or country you selected.
Browse all ResearchPool reportsReport is subscription only.
Thank you, your report is ready.
Thank you, your report is ready.