Scorpio Tankers (Buy, TP: USD4.00) - Weathering the storm
Market headwinds for tanker earnings look set to continue near-term, but the latest refinancing means Scorpio Tankers appears set to weather the storm and navigate into a more favourable freight market in 2019/2020. YTD tanker scrapping aims for 2x DNB’s full-year estimate and is digging into the oversupply of vessels as deliveries and contracting decline YOY. We reiterate our BUY and USD4.00 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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