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ABGSC Shipping & Transport Research ... (+3)
  • ABGSC Shipping & Transport Research
  • Oliver Dunvold
  • Petter Haugen

Trading reset implies upside

Minor short-term adjustments, applying our newest dry bulk outlook. '25e EBITDA of USD 716m, cons. at USD 601m. TP DKK 459 (412) – P/SOP 0.71x.

 PRESS RELEASE

Golar LNG Limited – Q1 2024 results presentation

Golar LNG Limited – Q1 2024 results presentation Golar LNG's 1st Quarter 2024 results will be released before the NASDAQ opens on Tuesday, May 28, 2024. In connection with this a webcast presentation will be held at 1:00 P.M (London Time) on Tuesday May 28, 2024. The presentation will be available to download from the Investor Relations section at We recommend that participants join the conference call via the listen-only live webcast link provided. Sell-side analysts interested in raising a question during the Q&A session that will immediately follow the presentation should access the ev...

Jørgen Lian
  • Jørgen Lian

Höegh Autoliners ASA (Buy, TP: NOK161.00) - Ample shareholder returns ...

We have made limited estimate revisions following the Q1 report. We believe the car carrier market remains tight, leaving strong potential for further legacy contract renewals with more than a doubling of rates to support elevated earnings and cash flow in the years ahead. Given the company’s dividend policy, we forecast a 2024–2026 DPS of cNOK90, covering c85% of the current share price. We reiterate our BUY and have raised our target price to NOK161 (151).

ABGSC Shipping & Transport Research ... (+3)
  • ABGSC Shipping & Transport Research
  • Oliver Dunvold
  • Petter Haugen

"Unexpectedly strong" dry bulk market

Adj. net profit of USD 7m (ABGSCe 53m, cons 62m) .FY'24 guidance reiterated, adds six capesizes. Weak share price reaction warranted.

ABGSC Shipping & Transport Research ... (+3)
  • ABGSC Shipping & Transport Research
  • Oliver Dunvold
  • Petter Haugen

Dry bulk: It's the fleet growth, stupid!

Rates have now appreciated, but new orders have not followed, and low fleet growth is enough for continued optimism.

ABGSC Shipping & Transport Research ... (+3)
  • ABGSC Shipping & Transport Research
  • Oliver Dunvold
  • Petter Haugen

Undervalued optionality

It's the fleet growth, stupid! ABGSCe 11% above cons. for ‘25e EBITDA. TP NOK 41/sh (31) — BUY

ABGSC Shipping & Transport Research ... (+3)
  • ABGSC Shipping & Transport Research
  • Oliver Dunvold
  • Petter Haugen

More upside from the dry bulk market

It's the fleet growth, stupid! ABGSCe 46% above cons. for ’25e net profit. TP NOK 147 (125) – P/NAV 0.91x.

ABGSC Shipping & Transport Research ... (+3)
  • ABGSC Shipping & Transport Research
  • Oliver Dunvold
  • Petter Haugen

Still strong outlook, but later NB deliveries

Short-term estimates up slightly, '25e-'26e down on new NB schedule. 25% above cons. net profit for '25e. TP of NOK 181 (176) – BUY.

ABGSC Shipping & Transport Research ... (+3)
  • ABGSC Shipping & Transport Research
  • Oliver Dunvold
  • Petter Haugen

Red Sea diversions is a smaller problem than expected

EBITDA USD 162m (ABGSC USD 149m, cons USD 167m). Red Sea annual volume loss of "800 000-900 000 cbm" . Share price up 1-3%.

 PRESS RELEASE

Stolt-Nielsen Limited shares trade ex-dividend

Stolt-Nielsen Limited shares trade ex-dividend The shares in Stolt-Nielsen Limited (SNI) will trade ex-dividend $1.50 as from today, Apr.24.2024. This information is subject to the disclosure requirements pursuant to Section 5-12 the Norwegian Securities Trading Act

 PRESS RELEASE

DHT Holdings, Inc. today announced the publication of its 2023 Sustain...

DHT Holdings, Inc. today announced the publication of its 2023 Sustainability Report HAMILTON, BERMUDA, April 23, 2024 – DHT Holdings, Inc. (NYSE:DHT) (“DHT” or the “Company”) today announced the publication of its 2023 Sustainability Report. The report is available on DHT’s website and the below link. About DHT Holdings, Inc.DHT is an independent crude oil tanker company. Our fleet trades internationally and consists of crude oil tankers in the VLCC segment. We operate through our integrated management companies in Monaco, Norway, Singapore, and India. You may recognize us by our reno...

 PRESS RELEASE

Belships ASA: Fleet Expansion

Belships ASA: Fleet Expansion Belships has expanded its newbuilding program with two new 64 000 dwt Ultramax bulk carriers which will be delivered in 2028. The vessels are leased on similar terms as previously announced transactions, and Belships is not required to make any down payments for these vessels. The agreements are conditional upon certain steps to be completed by the parties involved. Belships now has a total of 10x newbuildings under construction at Japanese shipyards with delivery between 2024 and 2028. All vessels are leased on time charter for a period of 7 to 10 years from ...

 PRESS RELEASE

Belships ASA: Notice of Annual General Meeting 2024

Belships ASA: Notice of Annual General Meeting 2024 The Annual General Meeting will be held on 8 May 2024 at 11:00 CEST. The meeting will be held as a digital meeting and can be accessed using the following link: Notice, registration/proxy form and relevant attachments are included in this message and will also be made available on , together with a guide for attendance of the digital meeting. The Company kindly ask that shareholders who have still not consented to electronic communication from Euronext Securities Oslo, update their communications information as described in the atta...

 PRESS RELEASE

DHT Holdings, Inc. Business Update

DHT Holdings, Inc. Business Update HAMILTON, BERMUDA, April 11, 2024 – DHT Holdings, Inc. (NYSE:DHT) (“DHT” or the “Company”) today provides the following business update: For the first quarter of 2024, the Company estimates time charter equivalent earnings for its fleet at $50,900 per day, comprising of 54,000 per day for the Company’s VLCCs operating in the spot market and $39,500 per day for the Company’s VLCCs on time-charter. The estimated time charter equivalent earnings are based on 2,091 revenue days for the first quarter, of which 1,636 days are spot days. Thus far in the second ...

Jørgen Lian
  • Jørgen Lian

Wallenius Wilhelmsen ASA Minor model adjustments

We have marginally lowered our 2024-2026 estimates (results due at 07:00 CET on 8 May), on the more impactful Red Sea disruptions and the company’s estimated USD5m–10m negative EBITDA effect from the Baltimore bridge collapse. We believe WAWI could further renew its contract portfolio at significantly higher levels and build earnings momentum for the years ahead. So far in 2024, the company has announced USD2.8bn of committed contracts (nearly USD1bn in annual revenues, or 19% of 2023, for the n...

Jørgen Lian
  • Jørgen Lian

Höegh Autoliners ASA (Buy, TP: NOK151.00) - Cost of disruption in focu...

Höegh Autoliners has released its Q1 headline revenues in its monthly updates, but costs relating to the Red Sea disruptions remain unknown. We expect a Q1 EBITDA margin of 49%, which we find favourable despite being the lowest since Q1 2023. We have also cut our estimates, owing to the announced sale of two vessels. In our view, the car carrier markets remain healthy and supportive of future contract renewals and positive earnings momentum. We reiterate our BUY, but have reduced our target pric...

Jørgen Lian
  • Jørgen Lian

Stolt-Nielsen (Buy, TP: NOK555.00) - Solid earnings yield potential

We believe the strong Q2 TCE earnings guidance will set a new ‘normal’ for Tankers, with a low orderbook coupled with strong MR rates and Canal disruption fuelling the strong chemical rates c65% above the five-year average YTD. Hence, we believe the lower COA share provides attractive spot exposure and renewal opportunities. Thus, we calculate a NOK76 EPS over the next four quarters, or an 18% earnings yield. We reiterate our BUY and have raised our target price to NOK555 (500).

 PRESS RELEASE

Belships ASA: Annual Report 2023

Belships ASA: Annual Report 2023 Oslo, 11 April 2024 The Board of Directors of Belships ASA has approved the annual accounts for 2023. Today, both the Annual Report 2023 and the ESG Performance Report have been published. “We are pleased to present you with our Annual Report for 2023 which represents a year of solid profitability, with a net result of USD 86m and dividends to the shareholders totalling USD 56m. We maintained a high degree of contract coverage which reduced short-term risks and we continued to develop and expand our fleet for the future,” says Belships’ Chairman and CEO ...

 PRESS RELEASE

Stolt-Nielsen Limited Reports Unaudited Results For the First Quarter ...

Stolt-Nielsen Limited Reports Unaudited Results For the First Quarter of 2024 Stolt-Nielsen Limited Reports Unaudited ResultsFor the First Quarter of 2024 A strong quarter marks a solid start to 2024 LONDON, April 10, 2024 – Stolt-Nielsen Limited (Oslo Børs ticker: SNI) today reported unaudited results for the first quarter ending February 29, 2024. The Company reported a first-quarter net profit of $104.0 million with revenue of $707.3 million, compared with a net profit of $99.8 million with revenue of $708.7 million in the first quarter of 2023. Highlights for the first quarter ...

 PRESS RELEASE

GOGL – Notice of 2024 Annual General Meeting

GOGL – Notice of 2024 Annual General Meeting Golden Ocean Group Limited (the “Company”) announces that its 2024 Annual General Meeting will be held on April 29, 2024. A copy of the Notice of Annual General Meeting and associated information including the Company`s Consolidated Financial Statements on Form 20-F for 2023 can be found on our website at and in the links below. April 5, 2024 The Board of Directors Golden Ocean Group Limited Hamilton, Bermuda This information is subject of the disclosure requirements pursuant to section 5-12 of the Norwegian Securities Trading A...

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