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ABGSC Shipping & Transport Research ... (+3)
  • ABGSC Shipping & Transport Research
  • Oliver Dunvold
  • Petter Haugen
PREMIUM
DNORD S NORDEN A/S

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.

04/26/24 April 26, 2024 1 EN
ABGSC Shipping & Transport Research ... (+3)
  • ABGSC Shipping & Transport Research
  • Oliver Dunvold
  • Petter Haugen
PREMIUM
DNORD S NORDEN A/S

"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.

04/25/24 April 25, 2024 1 EN
ABGSC Shipping & Transport Research ... (+3)
  • ABGSC Shipping & Transport Research
  • Oliver Dunvold
  • Petter Haugen
PREMIUM
DNORD S NORDEN A/S
BELCO BELSHIPS ASA ... (+6)

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.

DNORD S NORDEN A/S
BELCO BELSHIPS ASA
KCC KLAVENESS COMBINATION CARRIERS
2020-NO 2020 BULKERS LTD.
GOGL-NO GOLDEN OCEAN GROUP
HSHP-NO HIMALAYA SHIPPING LTD.
04/25/24 April 25, 2024 1 EN
Free Trial
DNORD S NORDEN A/S

DS Norden: 2 directors

A director at DS Norden sold 3,662 shares at 306.540DKK and the significance rating of the trade was 41/100. 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...

12/15/23 December 15, 2023 1 EN
Oliver Dunvold ... (+2)
  • Oliver Dunvold
  • Petter Haugen
PREMIUM
DHT DHT Holdings I...
DNORD S NORDEN A/S ... (+19)

Sector Fast Comment - ABGSC Shipping Daily

Mixed tanker market, dry bulk and LPG down Shipping peer group trades as P/NAV 0.89x US LPG fundamentals still solid

DHT DHT HOLDINGS INC.
DNORD S NORDEN A/S
BELCO BELSHIPS ASA
MAERSK B A.P. MOLLER - MAERSK A/S CLASS B
WAWI WALLENIUS WILHELMSEN LOGISTICS ASA
FRO FRONTLINE LTD.
G2O GOLAR LNG LIMITED
SN6 STOLT-NIELSEN LTD.
BWLPG BW LPG LTD.
GOGLO GOLDEN OCEAN GROUP LTD
AVACF AVANCE GAS HOLDINGS LTD
FLNG FLEX LNG LTD.
OET OKEANIS ECO TANKERS
HAFN HAFNIA
2020 2020 BULKERS LTD
KCC KLAVENESS COMBINATION CARRIERS
HAUTO HOEGH AUTOLINERS ASA
COOL COOL COMPANY LTD
HSHIP HIMALAYA SHIPPING LTD.
11/23/22 November 23, 2022 1 EN
Oliver Dunvold ... (+2)
  • Oliver Dunvold
  • Petter Haugen
PREMIUM
DHT DHT Holdings I...
DNORD S NORDEN A/S ... (+19)

Sector Fast Comment - ABGSC Shipping Daily

Tankers and LPG up, dry bulk down Shipping peer group trades at P/NAV 0.88x Gas prices indicate floating storage only for Oct-Nov’23

DHT DHT HOLDINGS INC.
DNORD S NORDEN A/S
BELCO BELSHIPS ASA
MAERSK B A.P. MOLLER - MAERSK A/S CLASS B
WAWI WALLENIUS WILHELMSEN LOGISTICS ASA
FRO FRONTLINE LTD.
G2O GOLAR LNG LIMITED
SN6 STOLT-NIELSEN LTD.
BWLPG BW LPG LTD.
GOGLO GOLDEN OCEAN GROUP LTD
AVACF AVANCE GAS HOLDINGS LTD
FLNG FLEX LNG LTD.
OET OKEANIS ECO TANKERS
HAFN HAFNIA
2020 2020 BULKERS LTD
KCC KLAVENESS COMBINATION CARRIERS
HAUTO HOEGH AUTOLINERS ASA
COOL COOL COMPANY LTD
HSHIP HIMALAYA SHIPPING LTD.
11/22/22 November 22, 2022 1 EN
Oliver Dunvold ... (+2)
  • Oliver Dunvold
  • Petter Haugen
PREMIUM
DHT DHT Holdings I...
DNORD S NORDEN A/S ... (+19)

Sector Fast Comment - ABGSC Shipping Daily

Tankers and LPG up, dry bulk down Shipping peer group trades at P/NAV 0.88x Oil tanker sector report: Not enough tankers in ‘24

DHT DHT HOLDINGS INC.
DNORD S NORDEN A/S
BELCO BELSHIPS ASA
MAERSK B A.P. MOLLER - MAERSK A/S CLASS B
WAWI WALLENIUS WILHELMSEN LOGISTICS ASA
FRO FRONTLINE LTD.
G2O GOLAR LNG LIMITED
SN6 STOLT-NIELSEN LTD.
BWLPG BW LPG LTD.
GOGLO GOLDEN OCEAN GROUP LTD
AVACF AVANCE GAS HOLDINGS LTD
FLNG FLEX LNG LTD.
OET OKEANIS ECO TANKERS
HAFN HAFNIA
2020 2020 BULKERS LTD
KCC KLAVENESS COMBINATION CARRIERS
HAUTO HOEGH AUTOLINERS ASA
COOL COOL COMPANY LTD
HSHIP HIMALAYA SHIPPING LTD.
11/21/22 November 21, 2022 1 EN
Oliver Dunvold ... (+2)
  • Oliver Dunvold
  • Petter Haugen
PREMIUM
DHT DHT Holdings I...
DNORD S NORDEN A/S ... (+18)

Sector Fast Comment - ABGSC Shipping Daily

Tankers and LPG up, dry bulk down Shipping peer group trades at P/NAV 0.91x Russian product ban induces a ~6% tonne-mile increase

DHT DHT HOLDINGS INC.
DNORD S NORDEN A/S
BELCO BELSHIPS ASA
MAERSK B A.P. MOLLER - MAERSK A/S CLASS B
WAWI WALLENIUS WILHELMSEN LOGISTICS ASA
FRO FRONTLINE LTD.
G2O GOLAR LNG LIMITED
SN6 STOLT-NIELSEN LTD.
BWLPG BW LPG LTD.
GOGLO GOLDEN OCEAN GROUP LTD
AVACF AVANCE GAS HOLDINGS LTD
FLNG FLEX LNG LTD.
OET OKEANIS ECO TANKERS
2020 2020 BULKERS LTD
KCC KLAVENESS COMBINATION CARRIERS
HAUTO HOEGH AUTOLINERS ASA
COOL COOL COMPANY LTD
HSHIP HIMALAYA SHIPPING LTD.
11/18/22 November 18, 2022 1 EN
Oliver Dunvold ... (+2)
  • Oliver Dunvold
  • Petter Haugen
PREMIUM
DHT DHT Holdings I...
DNORD S NORDEN A/S ... (+18)

Sector Fast Comment - ABGSC Shipping Daily

Tankers and LPG up, dry bulk down Shipping peer group trades at P/NAV 0.9x Stop in SPR draws not likely to reduce US export much

DHT DHT HOLDINGS INC.
DNORD S NORDEN A/S
BELCO BELSHIPS ASA
MAERSK B A.P. MOLLER - MAERSK A/S CLASS B
WAWI WALLENIUS WILHELMSEN LOGISTICS ASA
FRO FRONTLINE LTD.
G2O GOLAR LNG LIMITED
SN6 STOLT-NIELSEN LTD.
BWLPG BW LPG LTD.
GOGLO GOLDEN OCEAN GROUP LTD
AVACF AVANCE GAS HOLDINGS LTD
FLNG FLEX LNG LTD.
OET OKEANIS ECO TANKERS
2020 2020 BULKERS LTD
KCC KLAVENESS COMBINATION CARRIERS
HAUTO HOEGH AUTOLINERS ASA
COOL COOL COMPANY LTD
HSHIP HIMALAYA SHIPPING LTD.
11/17/22 November 17, 2022 1 EN
Oliver Dunvold ... (+2)
  • Oliver Dunvold
  • Petter Haugen
PREMIUM
DHT DHT Holdings I...
DNORD S NORDEN A/S ... (+18)

Sector Fast Comment - ABGSC Shipping Daily

Tankers and LPG up, dry bulk down Shipping peer group trades at P/NAV 0.92x VLGC spot at USD 130k/day, LPG still cheaper than oil

DHT DHT HOLDINGS INC.
DNORD S NORDEN A/S
BELCO BELSHIPS ASA
MAERSK B A.P. MOLLER - MAERSK A/S CLASS B
WAWI WALLENIUS WILHELMSEN LOGISTICS ASA
FRO FRONTLINE LTD.
G2O GOLAR LNG LIMITED
SN6 STOLT-NIELSEN LTD.
BWLPG BW LPG LTD.
GOGLO GOLDEN OCEAN GROUP LTD
AVACF AVANCE GAS HOLDINGS LTD
FLNG FLEX LNG LTD.
OET OKEANIS ECO TANKERS
2020 2020 BULKERS LTD
KCC KLAVENESS COMBINATION CARRIERS
HAUTO HOEGH AUTOLINERS ASA
COOL COOL COMPANY LTD
HSHIP HIMALAYA SHIPPING LTD.
11/16/22 November 16, 2022 1 EN
Oliver Dunvold ... (+2)
  • Oliver Dunvold
  • Petter Haugen
PREMIUM
DHT DHT Holdings I...
DNORD S NORDEN A/S ... (+18)

Sector Fast Comment - ABGSC Shipping Daily

Tankers and dry bulk down, LPG up to USD 125k/day Shipping peer group trades at P/NAV 0.9x Record amount of LNG on water

DHT DHT HOLDINGS INC.
DNORD S NORDEN A/S
BELCO BELSHIPS ASA
MAERSK B A.P. MOLLER - MAERSK A/S CLASS B
WAWI WALLENIUS WILHELMSEN LOGISTICS ASA
FRO FRONTLINE LTD.
G2O GOLAR LNG LIMITED
SN6 STOLT-NIELSEN LTD.
BWLPG BW LPG LTD.
GOGLO GOLDEN OCEAN GROUP LTD
AVACF AVANCE GAS HOLDINGS LTD
FLNG FLEX LNG LTD.
OET OKEANIS ECO TANKERS
2020 2020 BULKERS LTD
KCC KLAVENESS COMBINATION CARRIERS
HAUTO HOEGH AUTOLINERS ASA
COOL COOL COMPANY LTD
HSHIP HIMALAYA SHIPPING LTD.
11/15/22 November 15, 2022 1 EN
Oliver Dunvold ... (+2)
  • Oliver Dunvold
  • Petter Haugen
PREMIUM
DHT DHT Holdings I...
DNORD S NORDEN A/S ... (+18)

Sector Fast Comment - ABGSC Shipping Daily

Mixed tanker market, dry bulk down, LPG up, LNG flat Shipping peer group trades at P/NAV 0.9x Container volumes down 7% m-o-m in September

DHT DHT HOLDINGS INC.
DNORD S NORDEN A/S
BELCO BELSHIPS ASA
MAERSK B A.P. MOLLER - MAERSK A/S CLASS B
WAWI WALLENIUS WILHELMSEN LOGISTICS ASA
FRO FRONTLINE LTD.
G2O GOLAR LNG LIMITED
SN6 STOLT-NIELSEN LTD.
BWLPG BW LPG LTD.
GOGLO GOLDEN OCEAN GROUP LTD
AVACF AVANCE GAS HOLDINGS LTD
FLNG FLEX LNG LTD.
OET OKEANIS ECO TANKERS
2020 2020 BULKERS LTD
KCC KLAVENESS COMBINATION CARRIERS
HAUTO HOEGH AUTOLINERS ASA
COOL COOL COMPANY LTD
HSHIP HIMALAYA SHIPPING LTD.
11/14/22 November 14, 2022 1 EN
Oliver Dunvold ... (+2)
  • Oliver Dunvold
  • Petter Haugen
PREMIUM
DHT DHT Holdings I...
DNORD S NORDEN A/S ... (+18)

Sector Fast Comment - ABGSC Shipping Daily

Mixed tanker and dry bulk market, LPG up Shipping peer group trades at P/NAV 0.88x Re-routing of ~2m bpd of Russian crude

DHT DHT HOLDINGS INC.
DNORD S NORDEN A/S
BELCO BELSHIPS ASA
MAERSK B A.P. MOLLER - MAERSK A/S CLASS B
WAWI WALLENIUS WILHELMSEN LOGISTICS ASA
FRO FRONTLINE LTD.
G2O GOLAR LNG LIMITED
SN6 STOLT-NIELSEN LTD.
BWLPG BW LPG LTD.
GOGLO GOLDEN OCEAN GROUP LTD
AVACF AVANCE GAS HOLDINGS LTD
FLNG FLEX LNG LTD.
OET OKEANIS ECO TANKERS
2020 2020 BULKERS LTD
KCC KLAVENESS COMBINATION CARRIERS
HAUTO HOEGH AUTOLINERS ASA
COOL COOL COMPANY LTD
HSHIP HIMALAYA SHIPPING LTD.
11/11/22 November 11, 2022 1 EN
Oliver Dunvold ... (+2)
  • Oliver Dunvold
  • Petter Haugen
PREMIUM
DHT DHT Holdings I...
DNORD S NORDEN A/S ... (+18)

Sector Fast Comment - ABGSC Shipping Daily

Mixed tanker and dry bulk market, LPG up Shipping peer group trades at P/NAV 0.87x US crude oil export down 4% m-o-m, up 19% YTD

DHT DHT HOLDINGS INC.
DNORD S NORDEN A/S
BELCO BELSHIPS ASA
MAERSK B A.P. MOLLER - MAERSK A/S CLASS B
WAWI WALLENIUS WILHELMSEN LOGISTICS ASA
FRO FRONTLINE LTD.
G2O GOLAR LNG LIMITED
SN6 STOLT-NIELSEN LTD.
BWLPG BW LPG LTD.
GOGLO GOLDEN OCEAN GROUP LTD
AVACF AVANCE GAS HOLDINGS LTD
FLNG FLEX LNG LTD.
OET OKEANIS ECO TANKERS
2020 2020 BULKERS LTD
KCC KLAVENESS COMBINATION CARRIERS
HAUTO HOEGH AUTOLINERS ASA
COOL COOL COMPANY LTD
HSHIP HIMALAYA SHIPPING LTD.
11/10/22 November 10, 2022 1 EN
Oliver Dunvold ... (+2)
  • Oliver Dunvold
  • Petter Haugen
PREMIUM
DHT DHT Holdings I...
DNORD S NORDEN A/S ... (+18)

Sector Fast Comment - ABGSC Shipping Daily

Mixed tanker and dry bulk market, LPG up Shipping peer group trades at P/NAV 0.88x EIA STEO with negative revisions of oil supply for ‘23

DHT DHT HOLDINGS INC.
DNORD S NORDEN A/S
BELCO BELSHIPS ASA
MAERSK B A.P. MOLLER - MAERSK A/S CLASS B
WAWI WALLENIUS WILHELMSEN LOGISTICS ASA
FRO FRONTLINE LTD.
G2O GOLAR LNG LIMITED
SN6 STOLT-NIELSEN LTD.
BWLPG BW LPG LTD.
GOGLO GOLDEN OCEAN GROUP LTD
AVACF AVANCE GAS HOLDINGS LTD
FLNG FLEX LNG LTD.
OET OKEANIS ECO TANKERS
2020 2020 BULKERS LTD
KCC KLAVENESS COMBINATION CARRIERS
HAUTO HOEGH AUTOLINERS ASA
COOL COOL COMPANY LTD
HSHIP HIMALAYA SHIPPING LTD.
11/09/22 November 9, 2022 1 EN
Oliver Dunvold ... (+2)
  • Oliver Dunvold
  • Petter Haugen
PREMIUM
DHT DHT Holdings I...
DNORD S NORDEN A/S ... (+18)

Sector Fast Comment - ABGSC Shipping Daily

Mixed tanker and dry bulk markets, LPG up Shipping peer group trades at P/NAV 0.87x HAUTO trading update confirm car carrier bonanza

DHT DHT HOLDINGS INC.
DNORD S NORDEN A/S
BELCO BELSHIPS ASA
MAERSK B A.P. MOLLER - MAERSK A/S CLASS B
WAWI WALLENIUS WILHELMSEN LOGISTICS ASA
FRO FRONTLINE LTD.
G2O GOLAR LNG LIMITED
SN6 STOLT-NIELSEN LTD.
BWLPG BW LPG LTD.
GOGLO GOLDEN OCEAN GROUP LTD
AVACF AVANCE GAS HOLDINGS LTD
FLNG FLEX LNG LTD.
OET OKEANIS ECO TANKERS
2020 2020 BULKERS LTD
KCC KLAVENESS COMBINATION CARRIERS
HAUTO HOEGH AUTOLINERS ASA
COOL COOL COMPANY LTD
HSHIP HIMALAYA SHIPPING LTD.
11/08/22 November 8, 2022 1 EN
Oliver Dunvold ... (+2)
  • Oliver Dunvold
  • Petter Haugen
PREMIUM
DHT DHT Holdings I...
DNORD S NORDEN A/S ... (+18)

Sector Fast Comment - ABGSC Shipping Daily

Mixed tanker market, dry bulk and LPG up, LNG flat Shipping peer group trades at P/NAV 0.87x US fossil supremacy, again

DHT DHT HOLDINGS INC.
DNORD S NORDEN A/S
BELCO BELSHIPS ASA
MAERSK B A.P. MOLLER - MAERSK A/S CLASS B
WAWI WALLENIUS WILHELMSEN LOGISTICS ASA
FRO FRONTLINE LTD.
G2O GOLAR LNG LIMITED
SN6 STOLT-NIELSEN LTD.
BWLPG BW LPG LTD.
GOGLO GOLDEN OCEAN GROUP LTD
AVACF AVANCE GAS HOLDINGS LTD
FLNG FLEX LNG LTD.
OET OKEANIS ECO TANKERS
2020 2020 BULKERS LTD
KCC KLAVENESS COMBINATION CARRIERS
HAUTO HOEGH AUTOLINERS ASA
COOL COOL COMPANY LTD
HSHIP HIMALAYA SHIPPING LTD.
11/07/22 November 7, 2022 1 EN
Oliver Dunvold ... (+2)
  • Oliver Dunvold
  • Petter Haugen
PREMIUM
DHT DHT Holdings I...
DNORD S NORDEN A/S ... (+18)

Sector Fast Comment - ABGSC Shiping Daily

Mixed tanker and bulk markets, LPG up Shipping peer group trades at P/NAV 0.85x Global crude oil export at post-pandemic high in October

DHT DHT HOLDINGS INC.
DNORD S NORDEN A/S
BELCO BELSHIPS ASA
MAERSK B A.P. MOLLER - MAERSK A/S CLASS B
WAWI WALLENIUS WILHELMSEN LOGISTICS ASA
FRO FRONTLINE LTD.
G2O GOLAR LNG LIMITED
SN6 STOLT-NIELSEN LTD.
BWLPG BW LPG LTD.
GOGLO GOLDEN OCEAN GROUP LTD
AVACF AVANCE GAS HOLDINGS LTD
FLNG FLEX LNG LTD.
OET OKEANIS ECO TANKERS
2020 2020 BULKERS LTD
KCC KLAVENESS COMBINATION CARRIERS
HAUTO HOEGH AUTOLINERS ASA
COOL COOL COMPANY LTD
HSHIP HIMALAYA SHIPPING LTD.
11/04/22 November 4, 2022 1 EN
Petter Haugen
  • Petter Haugen
PREMIUM
DNORD S NORDEN A/S

D/S Norden - Another guidance upgrade in the making

Another solid quarter, EBITDA at USD 348m ABGSCe 3%-20% above cons. net profit for ’23e-‘24e TP DKK 488 (479) – BUY reiterated

11/03/22 November 3, 2022 1 EN
Oliver Dunvold ... (+2)
  • Oliver Dunvold
  • Petter Haugen
PREMIUM
DHT DHT Holdings I...
DNORD S NORDEN A/S ... (+18)

Sector Fast Comment - ABGSC Shipping Daily

VLCC and LPG up, Suezmax and dry bulk down Shipping peer group trades at P/NAV 0.85x Click and type one line bullet

DHT DHT HOLDINGS INC.
DNORD S NORDEN A/S
BELCO BELSHIPS ASA
MAERSK B A.P. MOLLER - MAERSK A/S CLASS B
WAWI WALLENIUS WILHELMSEN LOGISTICS ASA
FRO FRONTLINE LTD.
G2O GOLAR LNG LIMITED
SN6 STOLT-NIELSEN LTD.
BWLPG BW LPG LTD.
GOGLO GOLDEN OCEAN GROUP LTD
AVACF AVANCE GAS HOLDINGS LTD
FLNG FLEX LNG LTD.
OET OKEANIS ECO TANKERS
2020 2020 BULKERS LTD
KCC KLAVENESS COMBINATION CARRIERS
HAUTO HOEGH AUTOLINERS ASA
COOL COOL COMPANY LTD
HSHIP HIMALAYA SHIPPING LTD.
11/03/22 November 3, 2022 1 EN
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