MPC Container Ships (Hold, TP: NOK8.00) - Rates around cash break-even
As of end-Q1, MPC’s equity ratio stood at 57% with available liquidity of USD52m. For the rest of 2020, we estimate an average TCE rate adjusted for utilisation of USD7.6k/day, slightly above MPC’s reported Q1 cash breakeven (excluding recurring capex and financing) of USD6.6k/day, but below our estimated cash breakeven for Q1 (excluding non-recurring capex and based on ownership days) of USD7.7k/day. We reiterate our HOLD but have cut our target price to NOK8 (NOK10).
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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