reports
Scandi Standard AB: 2 directors
Two Directors at Scandi Standard AB bought 152,534 shares at between 71.800SEK and 72.560SEK. The significance rating of the trade was 81/100. 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 ove...
- Jørgen Lian
BW LPG (Buy, TP: NOK199.00) - US listed, but still at a discount
Strong US inventories have supported the US-Far East arbitrage, currently implying a cUSD90k/day rate. Thus, spot rates have persistently stayed above USD50k/day, and we believe 2024 will be another solid year for VLGC earnings. We estimate BW LPG will distribute c16% of its market cap in 2024 DPS. With its US listing in place, we still see multiples expansion potential, with the peer group trading at c1.10x P/NAV, which would imply a cNOK200 share price for BW LPG. We reiterate our BUY and have...
- ABGSC Food & Beverage Research
- Martin Kaland
- Simon Brun
- Jørgen Lian
Yard response and dry bulk qualms
Our trip to South Korea and China revealed Chinese shipbuilders are seeking growth to take on Korea’s established yards who are facing constraints. An eagerness to add capacity is one of our takeaways, as well as a gloomy outlook for Chinese real estate, which in our view should inevitably weigh on dry bulk demand.
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
WEST WESTERN BULK CHARTERING
HAFNI HAFNIA
COOL COOL COMPANY LTD.
HSHP HIMALAYA SHIPPING LTD.
FRO – Filing of Annual Report
FRO – Filing of Annual Report Frontline plc (the “Company”) announces the filing of its annual report for the year ended December 31, 2023. The annual report can be downloaded from the Company’s website or from the link below. Additionally, shareholders can request a hard copy of our complete audited financial statements free of charge by writing to us at:John Kennedy 8 Iris Building, 7th floor, Flat/Office 740B, 3106, Limassol, Cyprus. or sending an e-mail to April 26, 2024 Frontline plc Limassol, Cyprus. ...
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...
Golar LNG Limited - Announcement of filing of Form 20-F Annual Report
Golar LNG Limited - Announcement of filing of Form 20-F Annual Report Golar LNG Limited announces that it has filed its Form 20-F for the year ended December 31, 2023 with the Securities and Exchange Commission in the U.S. Form 20-F can be downloaded from the link below, is available on our website () and shareholders may receive a hard copy free of charge upon request. March 28, 2024 The Board of Directors Hamilton, BermudaEnquiries:Golar Management Limited: 00Stuart Buchanan This information is subject to the disclosure requirements pursuant to Section 5-12 the Norwegian Securities ...
- Jørgen Lian
A brewing challenge for the yards
Our 17th Annual Energy & Shipping Conference was well attended by investors and industry executives showcasing the still-growing interest for the sectors. Limited yard capacity is fuelling high newbuilding prices and raising freight rate expectations for the vast fleet renewal necessary in the coming decade. Long lead times underpin a bullish supply story for much of shipping in the coming years, albeit exposed to geopolitical risks affecting trade patterns. Our overall impression was general op...
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
WEST WESTERN BULK CHARTERING
HAFNI HAFNIA
COOL COOL COMPANY LTD.
HSHP HIMALAYA SHIPPING LTD.
- Jørgen Lian
BW LPG (Buy, TP: NOK196.00) - Bound to rebound
Despite a disappointing Q4 report and weaker market for US propane exports hampering recent rate momentum, we still believe BW LPG is attractively valued and freight markets should stay healthy on rebounding US production and slowing demand. We forecast cNOK50 DPS and net cash position of cNOK20/share by end-2026. Even on all-time low asset values leaves another cNOK75/share and limited downside risk, with attractive exposure to the market recovery. We reiterate our BUY, but have cut our target ...
- Jørgen Lian
Golar LNG Minor model adjustments
We have updated our estimates, owing to the Q4 report. The company is progressing discussions for its next FLNG contracts, and we still find it well-placed to secure additional business that we believe is not currently reflected in the share price, which could prompt a re-rating. While we wait, we have made only minor adjustments to our estimates. We do not consider these changes to be material, and we have not changed our BUY recommendation. We reiterate our USD31 target price.
- Jørgen Lian
Frontline Minor model adjustments
We have updated our estimates, owing to the Q4 results and QTD fixtures. We do not consider these changes to be material, and we have not changed our BUY recommendation. We retain our positive outlook for VLCCs given growing freight demand, low orderbook and high fleet renewal requirements due to strict environmental regulations. Frontline’s well-timed acquisition of 24 VLCCs from Euronav has already gained USD200m for its shareholders (~NOK10/share) since the transaction, while also increasing ...
FRO – Q4 2023 Presentation
FRO – Q4 2023 Presentation Please find enclosed the presentation of Frontline plc´s fourth quarter 2023 results to be held on the webcast / conference call 29 February, 2024 at 15:00 CET. This information is subject to the disclosure requirements pursuant to Section 5-12 the Norwegian Securities Trading Act Attachment
Key information relating to the cash dividend to be paid by Golar LNG ...
Key information relating to the cash dividend to be paid by Golar LNG Limited Reference is made to the fourth quarter 2023 report released on February 29, 2024. Golar LNG Limited (“Golar”), NASDAQ ticker: GLNG, has declared a total dividend of $0.25 per share to be paid on or around March 20, 2024. The record date will be March 12, 2024. Due to the implementation of the Central Securities Depository Regulation (“CSDR”), please note the information below on the payment date for the small number of Golar shares registered in Norway’s central securities depository (“VPS”): Dividend amount: $...
Golar LNG Limited preliminary fourth quarter and financial year 2023 r...
Golar LNG Limited preliminary fourth quarter and financial year 2023 results Highlights and subsequent events Golar LNG Limited (“Golar” or “the Company”) reports full year 2023 total operating revenues of $298 million, a net loss attributable to Golar of $47 million inclusive of $331 million of non-cash items1, and Adjusted EBITDA1 of $356 million.Q4 2023 total operating revenues of $80 million, a net loss attributable to Golar of $33 million inclusive of $117 million of non-cash items1, and Adjusted EBITDA1 of $114 million.Total Golar Cash1 of $753 million.FLNG Hilli maintained market le...
FRO – Fourth Quarter and Full Year 2023 Results
FRO – Fourth Quarter and Full Year 2023 Results FRONTLINE PLC REPORTS RESULTS FOR THE FOURTH QUARTER ENDED DECEMBER 31, 2023 Frontline plc (the “Company” or “Frontline”), today reported unaudited results for the three and twelve months ended December 31, 2023: Highlights Profit of $118.4 million, or $0.53 per share for the fourth quarter of 2023. Adjusted profit of $102.2 million, or $0.46 per share for the fourth quarter of 2023. Declared a cash dividend of $0.37 per share for the fourth quarter of 2023.Reported revenues of $415.0 million for the fourth quarter of 2023.Took delivery of...
FRO – Invitation to Q4 2023 Results Conference Call and Webcast
FRO – Invitation to Q4 2023 Results Conference Call and Webcast Frontline plc.’s preliminary fourth quarter 2023 results will be released on Thursday February 29, 2024, and a webcast and conference call will be held at 3:00 p.m. CET (9:00 a.m. U.S. Eastern Time). The results presentation will be available for download from the Investor Relations section at ahead of the conference call. In order to attend the conference call you may do one of the following: a. WebcastGo to the Investor Relations section at and follow the “Webcast” link, or access directly from the link below. b. Confe...
FRO – Invitation to Q4 2023 Results Conference Call and Webcast
FRO – Invitation to Q4 2023 Results Conference Call and Webcast Frontline plc.’s preliminary fourth quarter 2024 results will be released on Thursday February 29, 2024, and a webcast and conference call will be held at 3:00 p.m. CET (9:00 a.m. U.S. Eastern Time). The results presentation will be available for download from the Investor Relations section at ahead of the conference call. In order to attend the conference call you may do one of the following: a. WebcastGo to the Investor Relations section at and follow the “Webcast” link, or access directly from the link below. ...
- Jørgen Lian
Golar LNG (Buy, TP: USD31.00) - Gimi ready, focus on project leads
Golar LNG is in the process of delivering Gimi for its 20-year contract with BP, and although the exact timing is still uncertain, the focus is turning towards what may be next. The company has not announced a fruitful FLNG project since 2018, which we view as a long-awaited potential catalyst to illustrate the value of its leading liquefaction offering. We reiterate our BUY, but have trimmed our target price to USD31 (32).
- Karl-Johan Bonnevier
Bergman & Beving (Buy, TP: SEK200.00) - New target ‘500/10/45’ by 2025...
The Q3 report showed stronger profit margins and FCF generation, which we believe allows for a continued acquisition focus (six deals YTD), offsetting weaker demand indicators and FX. We have raised our 2023/24–2025/26e EPS by 4–7%. We see potential in the ‘focus model’ to reach a 10% EBIT margin and EBIT of SEK500m by 2025/26 and P/working capital of 45% by 2026/27, now in our value gap analysis. We reiterate our BUY and have raised our target price to SEK200 (170).
Golar LNG Limited – Q4 2023 results presentation
Golar LNG Limited – Q4 2023 results presentation Golar LNG's 4th Quarter 2023 results will be released before the NASDAQ opens on Thursday, February 29, 2024. In connection with this a webcast presentation will be held at 1:00 P.M (London Time) on Thursday February 29, 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 a...
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