Teekay Tankers (Hold, TP: USD16.50) - Market strength on disruptions
We have increased our near-term rate estimate due to market strength. Our Q1e EBITDA is 5% below consensus, but we are bullish on likely Q2 guidance. While our AIS data suggests an ambiguous impact on tonne-mile demand thus far, we find pockets of strength supporting the increase in benchmark Suezmax spot rates seen since the start of the Ukraine war. In addition, we believe Teekay Tankers’ Q2 guidance could surprise on the upside. We reiterate our HOLD, but have raised our target price to USD16.5 (13).
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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