Star Bulk Minor model adjustments
We have updated our estimates post the Q4 results. We do not consider these changes to be material, and have not changed our BUY recommendation or USD10.4 target price. In our sector report (dated 13 February 2020), we lowered our dry bulk rate forecasts due to coronavirus disruption and a general expectation of lower Chinese GDP growth. We have now updated our model for the company’s reported average TCE rate of USD12.6k/day for 72% of its fleet in Q1, delayed scrubber installations, and updated fuel spreads. Star Bulk is trading at 0.63x our NAV of USD13.3/share.Star Bulk Carriers is an international company providing worldwide transportation solutions in the drybulk sector through its vessels-owning subsidiaries for a range of customers of major and minor bulk cargoes including iron ore, coal, grain, cement, fertilizer, along worldwide shipping routes. As of Dec 31 2016, Co. owned and operated a fleet of 73 vessels consisting primarily of Newcastlemax, Capesize as well as Kamsarmax, Ultramax and Supramax vessels with a carrying capacity between 52,055 dwt and 209,537 dwt. Co.'s vessels transport a range of major and minor bulk commodities, including ores, coal, grains and fertilizers, along worldwide shipping routes.
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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