Western Bulk Chartering - Initiation of coverage - Non-directional dry bulk exposure
Western Bulk Chartering trades vessels with an asset-light structure to generate margins in volatile dry bulk markets. Its earnings are directionally independent of freight markets, and it targets meaningful shareholder returns, with a quarterly payout policy of 80% from Q1 2022e. Still, we believe it is reasonable to assume a mean reversion of its net time-charter margin to its cUSD1,000/day average, thus we initiate coverage with a HOLD and NOK52 target price.
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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