Teekay Tankers (Hold, TP: USD13.00) - Market trough dragging on
Ahead of the Q2 results (due prior to market open on 5 August), we are still well below consensus EBITDA for 2021e, as we expect freight markets to stay muted for some time yet. In our view, a larger crude tanker fleet warrants demand surpassing its 2019 level before freight markets could find higher ground, while we wish for materialising export volumes and scrapping by Christmas. We reiterate our HOLD and have cut our target price to USD13 (15).
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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