Teekay Tankers (Buy, TP: USD41.20) - Rigged and ready
We have reduced our 2022e EBITDA by 16% after softer Q2 fixtures hit Q3, especially for the Suezmax segment, and eagerly await incoming Q4 strength as Europe scrambles for Russian oil alternatives, dragging already stretched tonnage capacity over longer distances. We expect the effects of the impending EU embargo on Russian oil to be amplified this winter ahead of the December and February 5th cut-off dates. We reiterate our BUY and have raised our target price to USD41.2 (39.3).
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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