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
- 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
BW LPG (Buy, TP: NOK190.00) - Well placed for US terminal boost
We believe the VLGC freight market outlook screens favourably on a c40% export capacity increase in the US by 2026e which, by assuming sufficient molecules to fill the terminals, is on track to outpace the delivery schedule through our forecast period. We find BW LPG attractive, trading at a 28% discount to steel, and believe the potential risks are skewed to the upside for our 16% average 2025–2026e earnings yield. We reiterate our BUY, but have cut our target price to NOK190 (200).
- ABGSC Shipping & Transport Research
- Martin Mauseth
- Petter Haugen
- ABGSC Shipping & Transport Research
- Martin Mauseth
- Petter Haugen
- 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.
- ABGSC Shipping & Transport Research
- Martin Mauseth
- Oliver Dunvold
- Petter Haugen
- ABGSC Shipping & Transport Research
- Martin Mauseth
- Petter Haugen
- 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.
Unfortunately, this report is not available for the investor type or country you selected.
Report is subscription only.
Thank you, your report is ready.
Thank you, your report is ready.