reports
- Jørgen Lian
Stolt-Nielsen (Buy, TP: NOK567.00) - Exceptional market likely to pers...
We believe Stolt-Nielsen is well positioned to capitalise on the strong market for Tankers, with an above-average spot exposure allowing for healthy COA renewals. Furthermore, we see potential for the super-cycle to persist on a 10% orderbook-to-fleet and average fleet age of >17 years. Thus, we estimate an appealing 16% average earnings yield until 2026. We reiterate our BUY and have raised our target price to NOK567 (555).
DHT Holdings, Inc. announces the results of the 2024 Annual Meeting of...
DHT Holdings, Inc. announces the results of the 2024 Annual Meeting of Shareholders HAMILTON, BERMUDA, June 13, 2024 – DHT Holdings, Inc. (NYSE:DHT) (“DHT”) announces the results of its 2024 Annual Meeting of Shareholders (the “Annual Meeting”) held on Wednesday, June 12, 2024. Shareholders holding an aggregate of 111,155,645 common shares of DHT were present or represented by proxy at the Annual Meeting, representing approximately 68.90% of the issued and outstanding common shares of DHT as of the close of business on April 23, 2024, the record date for the Annual Meeting. At the Ann...
Stolt-Nielsen to host Capital Markets Day Today, June 12, 2024
Stolt-Nielsen to host Capital Markets Day Today, June 12, 2024 LONDON, June 12, 2024 – Stolt-Nielsen Limited (Oslo Børs: SNI) announced that it will hold its Capital Markets Day 2024 today at 11.00 CET. Opening, Niels G. Stolt-Nielsen, Chairman, Stolt-NielsenStrategy, Udo Lange, Chief Executive Officer, Stolt-NielsenStolt Tankers, Maren Schroeder, Chief Operating Officer and Bjarke Nissen, Chief Commercial Officer, Stolt TankersStolthaven Terminals, Guy Bessant, President, Stolthaven TerminalsStolt Tank Containers, Hans Augusteijn, President, Stolt Tank ContainersStolt Sea Far...
DSV, 1115 - SHARE BUYBACK IN DSV A/S
DSV, 1115 - SHARE BUYBACK IN DSV A/S Company Announcement No. 1115 On 24 April 2024, we initiated a share buyback programme, as described in Company Announcement No. 1104. According to the programme, the company will in the period from 24 April 2024 until 23 July 2024 purchase own shares up to a maximum value of DKK 1,000 million, and no more than 1,700,000 shares, corresponding to 0.79% of the share capital at commencement of the programme. The programme has been implemented in accordance with Regulation No. 596/2014 of the European Parliament and Council of 16 April 2014 (“MAR”) (save fo...
Stolt-Nielsen to host Capital Markets Day on June 12, 2024
Stolt-Nielsen to host Capital Markets Day on June 12, 2024 LONDON, June 10, 2024 – Stolt-Nielsen Limited (Oslo Børs: SNI) is pleased to invite investors, investment analysts, media and other stakeholders to attend our Capital Markets Day 2024 in London on Wednesday, June 12, 2024 at 11.00 CET. For more information about the day please see the webpage: Please register your attendance by email to The presentation will be made available on the day at and a recording of the event will also be available online from Friday, June 14. For additional information please contact: Elli...
- Jørgen Lian
- ABGSC Shipping & Transport Research
- Oliver Dunvold
- Petter Haugen
- ABGSC Shipping & Transport Research
- Oliver Dunvold
- Petter Haugen
- Ole Martin Westgaard
- ABGSC Shipping & Transport Research
- Ali Shemmari
- Petter Nystrøm
DSV, 1114 - SHARE BUYBACK IN DSV A/S
DSV, 1114 - SHARE BUYBACK IN DSV A/S Company Announcement No. 1114 On 24 April 2024, we initiated a share buyback programme, as described in Company Announcement No. 1104. According to the programme, the company will in the period from 24 April 2024 until 23 July 2024 purchase own shares up to a maximum value of DKK 1,000 million, and no more than 1,700,000 shares, corresponding to 0.79% of the share capital at commencement of the programme. The programme has been implemented in accordance with Regulation No. 596/2014 of the European Parliament and Council of 16 April 2014 (“MAR”) (save fo...
- Jørgen Lian
A. P. Møller Mærsk (Sell, TP: DKK9000.00) - USD3bn added to 2024 guida...
We estimate the raised 2024 guidance leaves cUSD2bn potential upside to consensus EBITDA, or DKK820/share added cash flow. However, since its last guidance was released on 2 May, the shares are up DKK2,400, nearly 2x the potential upside for consensus to match the high end of the new guidance. Hence, we believe much should already be priced in, but that the news could raise the share price on continued strong rate momentum.
- ABGSC Shipping & Transport Research
- Peter Sehested
Okeanis Eco Tankers Corp. – Ex dividend USD 1.10 per common share toda...
Okeanis Eco Tankers Corp. – Ex dividend USD 1.10 per common share today ATHENS, Greece, June 04, 2024 (GLOBE NEWSWIRE) -- Reference is made to the key information relating to Q1 2024 dividend announced by Okeanis Eco Tankers Corp. ("OET" or the "Company") (NYSE: ECO / OSE: OET) on May 16, 2024. The Company's shares will be traded ex dividend USD 1.10 per common share on the Oslo Stock Exchange from today, June 4, 2024 and on the New York Stock Exchange from tomorrow, June 5, 2024. Contacts Company:Iraklis Sbarounis, CFOTel: 0 Investor Relations / Media Contact:Nicolas Bornozis, Presid...
- Ole Martin Westgaard
Norwegian Air Shuttle (Buy, TP: NOK19.00) - Pilot strike called off
Norwegian Air Shuttle announced Saturday morning that it has reached an agreement with the pilots and that the strike is off. We believe the pilots’ salary increase is on the high side, but the cost of a potential strike could have been significantly worse. With the stock trading at a 30% discount to the historical average on P/E and as this has been a key investor concern, we believe a positive share price reaction is warranted.
Okeanis Eco Tankers Corp. – 2024 Annual Meeting of Shareholders held
Okeanis Eco Tankers Corp. – 2024 Annual Meeting of Shareholders held ATHENS, Greece, May 31, 2024 (GLOBE NEWSWIRE) -- Okeanis Eco Tankers Corp. (“OET” or the “Company”) (NYSE:ECO / OSE:OET) today announced that the 2024 Annual Meeting of the Shareholders of the Company (the “Annual Meeting”) was duly held on May 31, 2024 and that all proposals on the agenda were approved. At the Annual Meeting, the shareholders of the Company (i) elected the following seven directors to serve until the next annual meeting of shareholders or until their successors are elected and qualified: Io...
- Ole Martin Westgaard
Norwegian Air Shuttle (Buy, TP: NOK19.00) - Potential pilot strike loo...
We reiterate our BUY on Norwegian Air Shuttle, but have cut our target price to NOK19 (21), reflecting negative estimate revisions due to slightly lower yield assumptions and increased earnings risk from the potential pilot strike.
Belships ASA: Mandatory notification of trade
Belships ASA: Mandatory notification of trade Oslo, 31 May 2024 The following primary insider has today been allocated share options in Belships ASA: • Yngve Aslaksen Gram (CFO): 300 000 share options After the allocation, Gram has a total of 300 000 share options. In addition, Gram and Kryptogram AS combined own 330 000 shares. • 300 000 share options are distributed to other employees of Belships ASA. The strike price of this allocation is set at NOK 21.1 per share, which is equal to 105% of the share price after the general meeting on 8 May 2023, less dividends paid out du...
- Jørgen Lian
BW LPG (Buy, TP: NOK241.00) - Arbitrage suggests upside potential
Ample US inventories have supported the arbitrage, now implying cUSD110k/day, and with deliveries set to slow (28 vessels due until end-H1 2026 (40 in 2023)), we see solid VLGC earnings potential. Assuming shipping captures the entire arbitrage rate, we calculate an average Q3–Q4 dividend yield of ~25%, and still see multiples expansion potential with the peer group trading at a 1.3x P/NAV, which would imply a value of NOK250/share for BW LPG. We reiterate our BUY, and have raised our target pri...
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