Ocean Yield (Buy, TP: NOK36.00) - Stepping up its distribution
We reiterate our BUY, but have lifted our target price to NOK36 (31), as we see increasing dividends into 2022e. The legacy portfolio is managed, and we believe the FPSO could be viewed as an option on a continued oil price recovery, with limited downside risk attached. Q1 run-rate orders in the container shipping space represented 30% of the fleet, which should see new transactions emerge over the next few quarters, further strengthening the distribution capacity.Ocean Yield provides investments in vessels within oil-service and industrial shipping industry. Co. is a ship-owning company with investments in vessels on long-term charters.
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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