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
- Petter Haugen
- ABGSC Shipping & Transport Research
- Martin Mauseth
- Oliver Dunvold
- Petter Haugen
- ABGSC Shipping & Transport Research
- Martin Mauseth
- Petter Haugen
- ABGSC Shipping & Transport Research
- Martin Mauseth
- Petter Haugen
- ABGSC Shipping & Transport Research
- Martin Mauseth
- Petter Haugen
- ABGSC Shipping & Transport Research
- Martin Mauseth
- Petter Haugen
- Jørgen Lian
2020 Bulkers Minor model adjustments
We have updated our estimates for the Q1 results, the company’s latest business update, and other minor model adjustments. Hence, we have raised our 2025e EBITDA by 2%, lowered 2026e by 1%, and maintain 2027e. We continue to believe that 2020 Bulkers’ highly transactable assets, robust financial set-up, and current discount to underlying values (EV/GAV of 0.87x) should cap the downside risk related to our cautious stance on the dry bulk segment near-term and find the risk/reward balanced. We do ...
- ABGSC Shipping & Transport Research
- Martin Mauseth
- Petter Haugen
- Jørgen Lian
2020 Bulkers (Hold, TP: NOK116.00) - Tempered for now
We believe the outlook for the dry bulk segment remains muted near-term, entailing downside risk to current asset valuations (we see ~25% downside risk on 2010–2024 EV/EBITDA multiples). With 2020 Bulkers’ current valuation (0.87x EV/GAV), its highly transactable assets and robust set-up, we believe this should cap its downside potential near-term and that the risk/reward appears balanced. Hence, we reiterate our HOLD but have lowered our target price to NOK116 (125).
- ABGSC Shipping & Transport Research
- Martin Mauseth
- Petter Haugen
- Jørgen Lian
Another abrupt change
The US Trade Representative on 17 April published revised US port fees with significant changes to the initial proposal based on industry feedback. In its current form, the fees will primarily discourage use of Chinese-controlled maritime trade services to the US, and directly affect the use of Chinese-built vessels in US ports (with several considerable exemptions to avoid harm to US trade). The previous broader fees based on fleet composition and share of Chinese-built vessels has been scrappe...
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
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- 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
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