Scorpio Tankers (Hold, TP: USD13.00) - When the tide turns
The product tanker segment’s attractive supply fundamentals are effectively being negated by the current market weakness. However, once the tide turns, Scorpio Tanker’s operational leverage implies that the company is ideally situated to leverage on the upswing. Ahead of the Q4 report, we have updated our estimates for the prolonged market weakness and reiterate our HOLD with a USD13.0 (11.0) 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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