A.P. Moller - Maersk AS: 1 director

A director at A.P. Moller - Maersk AS sold 3,801 shares at 15,543.670DKK and the significance rating of the trade was 100/100. Is that information sufficient for you to make an investment decision? This report gives details of those trades and adds context and analysis to them such that you can judge whether these trading decisions are ones worth following. Included in the report is a detailed share price chart which plots discretionary trades by all the company's directors over the last two y...

DS Norden: 1 director

A director at DS Norden sold 6,694 shares at 455.910DKK and the significance rating of the trade was 55/100. Is that information sufficient for you to make an investment decision? This report gives details of those trades and adds context and analysis to them such that you can judge whether these trading decisions are ones worth following. Included in the report is a detailed share price chart which plots discretionary trades by all the company's directors over the last two years clearly showi...

EM Credit Spark/EM credit weekly update: KMG/Tengiz, Ulker, DP World

EM credit spreads were significantly wider while lower-beta IG names outperformed on the back of the move lower in rates this week. In the near term we expect volatility to remain elevated and would maintain a tactically defensive stance.

Generally an optimistic bunch

DNB hosted its 16th annual Energy & Shipping Conference. On day two, we hosted sector panels and presentations for dry bulk, LPG, car carriers, LNG and tankers with senior management representatives from 29 shipping companies. A resurging Chinese economy coupled with tight supply outlook, strong demand growth potential and regulations putting pressure to remove older vessels were among the common themes. Overall, the discussions showcase optimism across the sectors.

Vermilion Compass: Weekly Equity Strategy

In last week's Compass (Feb. 22) we discussed our belief that a pullback has begun, and signs continue to point to more downside ahead on the broad market indexes with three failed attempts to reclaim $190 on the Russell 2000 (IWM) and $297 on the Nasdaq 100 (QQQ) over the last four trading days. These remain important lines in the sand moving forward. S&P 500. Last week we noted we were watching 3940-3990 for signs of support on the S&P 500, citing a significant confluence of support there, in...

Golar LNG (Buy, TP: USD35.00) - The wait continues

Golar LNG is progressing with its next FLNG unit, but so far it is going it alone on a speculative basis as firm project announcements have not yet materialised. However, we continue to see the company’s track record and service offering unique as a fast-track solution to cope with the global gas shortage – a theme we believe will revive next winter. We continue to expect good news in the coming months, and reiterate our BUY and USD35 target price.

BW LPG (Buy, TP: NOK141.00) - Energy shipping at 0.7x EV/GAV

We continue to see BW LPG as the go-to stock for LPG shipping exposure given its scale, track record and discounted valuation to peers (EV/GAV 0.7x). Rates are spiking at a time when freight markets typically slump, as the US is full to the brim with potential volumes for export and demand still looks strong in Asia. As focus turns from bearish tales of substantial deliveries for 2023 to limited fleet growth potential beyond, we believe the valuation gap will close. We reiterate our BUY and have...

Northern Lights

Frontline (Buy, TP: NOK226.00) - Dividends are back

Although Frontline’s shares are up 75% since the trough in January, we believe the bull run should continue based on sound tanker market fundamentals. The elevated freight markets, coupled with limited scope for alternative spending, should in our view lead to consistent and sizeable dividend returns to shareholders. We reiterate our BUY and have raised our target price to NOK226 (200).

Avance Gas (Buy, TP: NOK95.00) - Continued positive outlook

While Q4 adj. EBITDA fell short of our estimate, we see continued strong underlying figures adjusted for a negative USD10.8m IFRS effect, which in turn should support Q1 earnings. In our view, the VLGC market remains robust despite seasonal headwinds, with spot rates above USD80k/day supported by overall positive fundamentals. Hence, our adj. 2023e EBITDA is a solid USD167m, 19% above consensus. We reiterate our BUY and have raised our target price to NOK95 (75).