reports
- ABGSC Shipping & Transport Research
- Martin Mauseth
- Oliver Dunvold
- Petter Haugen
- ABGSC Shipping & Transport Research
- Martin Mauseth
- Oliver Dunvold
- Petter Haugen
- ABGSC Shipping & Transport Research
- Martin Mauseth
- Oliver Dunvold
- Petter Haugen
- ABGSC Shipping & Transport Research
- Martin Mauseth
- Oliver Dunvold
- Petter Haugen
- ABGSC Shipping & Transport Research
- Martin Mauseth
- Oliver Dunvold
- Petter Haugen
- Jørgen Lian
‘The times they are a-changin’
The recurring theme at our 18th Energy & Shipping Conference was geopolitical uncertainty and a potential trade war, warranting a wait-and-see approach, particularly on the Trump 2.0 effect. The consensus view pointed to high asset values, with no rush to the yards, aligning with below-NAV valuations across most of our coverage. However, panellists generally saw less downside risk than the 25% average discount to steel for our Tanker, Dry Bulk and Gas coverage. Overall, the day highlighted uncer...
DHT DHT HOLDINGS INC.
SBL SAFE BULKERS INC.
LPG DORIAN LPG
GNK GENCO SHIPPING & TRADING LTD.
MAERSK B A.P. MOLLER - MAERSK A/S CLASS B
ODF ODFJELL ASA
WAWI WALLENIUS WILHELMSEN LOGISTICS ASA
WWI WILHELM WILHELMSEN HOLDING
SBLK STAR BULK CARRIERS CORP.
FRO FRONTLINE LTD.
G2O GOLAR LNG LIMITED
AMSC AMERICAN SHIPPING COMPANY ASA
SN6 STOLT-NIELSEN LTD.
BWLPG BW LPG LTD.
GOGLO GOLDEN OCEAN GROUP LTD
AVACF AVANCE GAS HOLDINGS LTD
HUNT HUNTER GROUP ASA
STNG SCORPIO TANKERS INC.
FLNG FLEX LNG LTD.
SFL SFL CORPORATION LIMITED
TNK TEEKAY TANKERS
2020 2020 BULKERS LTD
KCC KLAVENESS COMBINATION CARRIERS
EGLE EAGLE BULK SHIPPING
MPCC MPC CONTAINER SHIPS AS
HAUTO HOEGH AUTOLINERS ASA
WEST WESTERN BULK CHARTERING
HAFNI HAFNIA
COOL COOL COMPANY LTD.
HSHP HIMALAYA SHIPPING LTD.
- Jørgen Lian
2020 Bulkers (Hold, TP: NOK125.00) - Potential on HOLD by market lull
Significantly weak Capesize markets continue to test asset valuation support, and even the most robust cash breakevens. Hence, we see 26% downside risk to 5-year-old asset values lagging behind the development in the freight market, while we forecast a muted run-rate dividend yield of ~4% for H1. However, when markets turn, the company provides premium dry bulk exposure, and we see potential for the return to a ~20% dividend yield on improved markets into 2026e. We reiterate our HOLD, but have c...
- ABGSC Shipping & Transport Research
- Martin Mauseth
- Petter Haugen
- ABGSC Shipping & Transport Research
- Martin Mauseth
- Oliver Dunvold
- Petter Haugen
- Jørgen Lian
DHT DHT HOLDINGS INC.
SBL SAFE BULKERS INC.
LPG DORIAN LPG
GNK GENCO SHIPPING & TRADING LTD.
MAERSK B A.P. MOLLER - MAERSK A/S CLASS B
ODF ODFJELL ASA
WAWI WALLENIUS WILHELMSEN LOGISTICS ASA
WWI WILHELM WILHELMSEN HOLDING
SBLK STAR BULK CARRIERS CORP.
FRO FRONTLINE LTD.
G2O GOLAR LNG LIMITED
AMSC AMERICAN SHIPPING COMPANY ASA
SN6 STOLT-NIELSEN LTD.
BWLPG BW LPG LTD.
GOGLO GOLDEN OCEAN GROUP LTD
AVACF AVANCE GAS HOLDINGS LTD
HUNT HUNTER GROUP ASA
STNG SCORPIO TANKERS INC.
FLNG FLEX LNG LTD.
SFL SFL CORPORATION LIMITED
TNK TEEKAY TANKERS
2020 2020 BULKERS LTD
KCC KLAVENESS COMBINATION CARRIERS
EGLE EAGLE BULK SHIPPING
MPCC MPC CONTAINER SHIPS AS
HAUTO HOEGH AUTOLINERS ASA
WEST WESTERN BULK CHARTERING
HAFNI HAFNIA
COOL COOL COMPANY LTD.
HSHP HIMALAYA SHIPPING LTD.
- Jørgen Lian
2020 Bulkers (Hold, TP: NOK127.00) - A balanced risk/reward
We expect the monthly DPS of USD0.05 for December (modest 5% run-rate yield) to stick, given likely lacklustre Capesize markets in the next six months. However, we find a more balanced risk/reward since our previous update, with the share price down ~19% since the recent peak in October, and due to the company’s low cash breakeven, highly transactable assets and favourable debt profile. Hence, we have upgraded to HOLD (SELL) but reiterate our NOK127 target price.
- ABGSC Shipping & Transport Research
- Martin Mauseth
- Petter Haugen
- ABGSC Shipping & Transport Research
- Martin Mauseth
- Petter Haugen
- ABGSC Small Cap Research
- Karl Bokvist
- Nikola Kalanoski
- Simon Jönsson
CTT CTT SYSTEMS AB
PREV B PREVAS B
CATE CATENA AB
GENI GENERIC SWEDEN AB PUBL
DUST DUSTIN GROUP AB
EKTA B ELEKTA AB CLASS B
STEF B STENDOERREN FASTIGHETER AB CLASS B
BONEX BONESUPPORT HOLDING AB
MIPS MIPS AB
BOOZT BOOZT AB
A2DRL9 SDIPTECH AB B
2020 2020 BULKERS LTD
FRACTL FRACTAL GAMING GROUP AB
RUG RUGVISTA GROUP AB
PACT PROACT IT GROUP
SFAB SOLID FORSAKRINGSAKTIEBOLAG
NOLA B NOLATO AB
HEM HEMNET GROUP AB (PUBL)
SLP B SWEDISH LOGISTIC PROPERTY AB
ITECH I-TECH AB
VESTUM VESTUM AB
ACAST-SE ACAST
SECT.B-SE SECTRA
GREEN GREEN LANDSCAPING GROUP AB (PUBL)
- ABGSC Shipping & Transport Research
- Martin Mauseth
- Oliver Dunvold
- Petter Haugen
- ABGSC Shipping & Transport Research
- Martin Mauseth
- Oliver Dunvold
- Petter Haugen
- Jørgen Lian
2020 Bulkers Minor model adjustments
We have updated our estimates following the Q3 results and latest business update. We continue to see significant risk to what we view as an imbalance between China’s excessive raw material imports and its underlying demand, showcased by ~5% growth in iron ore imports YTD being met by rapidly growing steel exports, with October up 41% YOY, while coal inventories are setting new highs. Bottom line, all else being equal, we calculate the current NAV/share would drop from NOK151 to NOK119 by applyi...
- ABGSC Shipping & Transport Research
- Martin Mauseth
- Oliver Dunvold
- Petter Haugen
- ABGSC Shipping & Transport Research
- Martin Mauseth
- Oliver Dunvold
- Petter Haugen
- ABGSC Small Cap Research
- Karl Bokvist
- Nikola Kalanoski
- Simon Jönsson
CTT CTT SYSTEMS AB
PREV B PREVAS B
CATE CATENA AB
GENI GENERIC SWEDEN AB PUBL
DUST DUSTIN GROUP AB
EKTA B ELEKTA AB CLASS B
STEF B STENDOERREN FASTIGHETER AB CLASS B
BONEX BONESUPPORT HOLDING AB
MIPS MIPS AB
BOOZT BOOZT AB
A2DRL9 SDIPTECH AB B
2020 2020 BULKERS LTD
FRACTL FRACTAL GAMING GROUP AB
RUG RUGVISTA GROUP AB
PACT PROACT IT GROUP
SFAB SOLID FORSAKRINGSAKTIEBOLAG
NOLA B NOLATO AB
HEM HEMNET GROUP AB (PUBL)
SLP B SWEDISH LOGISTIC PROPERTY AB
ITECH I-TECH AB
VESTUM VESTUM AB
ACAST-SE ACAST
SECT.B-SE SECTRA
GREEN GREEN LANDSCAPING GROUP AB (PUBL)
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