reports
- Douglas Lindahl
- Emil Jonsson
- Håkon Astrup
- Jørgen Lian
- Martin Huseby Karlsen
- Ole Martin Westgaard
- Ole-Andreas Krohn
- Jørgen Lian
Himalaya Shipping (Buy, TP: NOK83.00) - Dual-fuelled & dual-listed
Himalaya Shipping (an LNG-fuelled replica of 2020 Bulkers’ business model) is now fully funded, dual-listed, (still) dual-fuelled, and fully scrubber-fitted with vessels hitting the water ahead of an expected upswing in dry bulk earnings propelled by a 30-year low orderbook-to-fleet ratio. We consider its high financial leverage and favourable terms highly attractive heading into stronger dry bulk markets. We reintroduce a recommendation with a BUY and NOK83 target price.
- Jørgen Lian
- Ole-Andreas Krohn
- Jørgen Lian
- Jørgen Lian
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.
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
COOL COOL COMPANY
WEST WESTERN BULK CHARTERING
HSHIP HIMALAYA SHIPPING
HAFNI HAFNIA
- Jørgen Lian
Himalaya Shipping (Buy, TP: NOK82.00) - Impressive potential
We have made minor changes to our near-term forecasts following the H1 results, but a narrower LNG fuel advantage has prompted negative revisions. We still find Himalaya Shipping’s exposure to post-2023 dry bulk markets attractive, as it offers the opportunity to surpass potential near-term headwinds and maintains what we view as attractive leverage to a fundamental shortage of dry bulk shipping capacity down the road. We reiterate our BUY but have lowered our target price to NOK82 (94).
- Jørgen Lian
Undervalued, with solid returns
A post-pandemic recovery in volumes is proving more elusive than we expected, but a constrained fleet-growth outlook still means the underlying market balance looks set to improve until 2025e. Along the way, roughly 5% excess congestion needs to be ‘consumed’, aided by higher fuel costs and regulations capping sailing speeds. Rates should stay elevated in a historical context, paving the way for solid shareholder returns. Thus, we reiterate our BUYs across our sector coverage.
- Douglas Lindahl
- Emil Jonsson
- Frank Maaø
- Håkon Astrup
- Joachim Gunell
- Jørgen Lian
- Karl-Johan Bonnevier
- Martin Hoang Nguyen
- Mattias Holmberg
- Miika Ihamaki
- Niclas Gehin
- Nicolas McBeath
- Ole Martin Westgaard
- Ole-Andreas Krohn
- Rune Majlund Dahl
- Stefan Gauffin
- Steffen Evjen
- Tomi Railo
KNEBV KONE OYJ CLASS B
YAR YARA INTERNATIONAL ASA
TYRES NOKIAN RENKAAT OYJ
NOVO B NOVO NORDISK A/S CLASS B
EPR EUROPRIS ASA
XXL XXL ASA
SEB A SKANDINAVISKA ENSKILDA BANKEN AB CLASS A
TREL B TRELLEBORG AB CLASS B
TOP TOPDANMARK A/S
RESURS RESURS HOLDING
ASSA B ASSA ABLOY AB CLASS B
SHOT SCANDIC HOTELS GROUP
CGCBV CARGOTEC OYJ CLASS B
KCR KONECRANES OYJ
GJF GJENSIDIGE FORSIKRING ASA
TELIA TELIA COMPANY AB
PARB PARETO BANK
SHB SVENSKA HANDELSBANKEN
MMGRB MOMENTUM GROUP
ELK ELKEM ASA
ENEA ENEA AB
2020 2020 BULKERS LTD
VEFAB VEF
HSHIP HIMALAYA SHIPPING
- Jørgen Lian
Himalaya Shipping - Initiation of coverage - Built for the future of d...
Himalaya Shipping is an LNG-fuelled replica of 2020 Bulkers’ business model. It is fully funded and has vessels on order designed for strict environmental regulations by 2024e, by when we expect limited dry bulk supply growth. We consider its high leverage and prudent cash costs attractive from an historical perspective, and initiate coverage with a BUY and NOK79 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.