Teekay Tankers (Buy, TP: USD39.30) - Primed for tanker boom
Exceptional fundamentals more than counter any immediate recession effects on the tanker space in our view, and is supported long term by the 25-year low ~4% orderbook-to-fleet ratio. 5-year Suezmax values have climbed 25% YTD on volume displacements boosting sailing distances even before the impending EU embargo on Russian oil. We find Teekay’s Suez-/Aframax-heavy fleet in a prime position to harvest the gains from higher tonne-mile demand. We reiterate our BUY and have raised our target price to USD39.3 (30.8).
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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