Scorpio Tankers (Buy, TP: USD35.00) - Promising Q1 ahead of IMO 2020
We have updated our estimates following the Q1 results for the extensions of chartered-in vessels and updated near-term rate forecasts. The Q1 freight market showed promising improvements to a shipping segment that has been in a slump for the past three years, but the low season and considerable vessel deliveries is still ahead of us as markets look to an expected IMO 2020 effect. We reiterate our BUY recommendation and USD35 target price.
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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