reports
- ABGSC Shipping & Transport Research
- Oliver Dunvold
- Petter Haugen
Completion of the recommended voluntary cash offer to acquire all issu...
Completion of the recommended voluntary cash offer to acquire all issued and outstanding shares of Belships ASA NOT FOR RELEASE, PUBLICATION OR DISTRIBUTION, IN WHOLE OR IN PART, DIRECTLY OR INDIRECTLY, INTO OR WITHIN CANADA, AUSTRALIA, NEW ZEALAND, SOUTH AFRICA, JAPAN, HONG KONG, SOUTH KOREA, OR ANY JURISDICTION IN WHICH THE RELEASE, PUBLICATION OR DISTRIBUTION WOULD BE UNLAWFUL. Oslo, 28 March 2025 Reference is made to the stock exchange announcement published on 21 January 2025 regarding the launch by Blue Northern BLK Ltd ("Blue Northern" or the "Offeror") of a recommended voluntary c...
- Jørgen Lian
‘The times they are a-changin’
The recurring theme at our 18th Energy & Shipping Conference was geopolitical uncertainty and a potential trade war, warranting a wait-and-see approach, particularly on the Trump 2.0 effect. The consensus view pointed to high asset values, with no rush to the yards, aligning with below-NAV valuations across most of our coverage. However, panellists generally saw less downside risk than the 25% average discount to steel for our Tanker, Dry Bulk and Gas coverage. Overall, the day highlighted uncer...
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.
Settlement notification and result in the recommended voluntary cash o...
Settlement notification and result in the recommended voluntary cash offer to acquire all issued and outstanding shares of Belships ASA NOT FOR RELEASE, PUBLICATION OR DISTRIBUTION, IN WHOLE OR IN PART, DIRECTLY OR INDIRECTLY, INTO OR WITHIN CANADA, AUSTRALIA, NEW ZEALAND, SOUTH AFRICA, JAPAN, HONG KONG, SOUTH KOREA, OR ANY JURISDICTION IN WHICH THE RELEASE, PUBLICATION OR DISTRIBUTION WOULD BE UNLAWFUL. Oslo, 7 March 2025 Reference is made to the stock exchange announcement published on 21 January 2025 regarding the launch by Blue Northern BLK Ltd ("Blue Northern" or the "Offeror") of a ...
Reminder of expiration of the offer period in the recommended voluntar...
Reminder of expiration of the offer period in the recommended voluntary cash offer to acquire all issued and outstanding shares of Belships ASA NOT FOR RELEASE, PUBLICATION OR DISTRIBUTION, IN WHOLE OR IN PART, DIRECTLY OR INDIRECTLY, INTO OR WITHIN CANADA, AUSTRALIA, NEW ZEALAND, SOUTH AFRICA, JAPAN, HONG KONG, SOUTH KOREA, OR ANY JURISDICTION IN WHICH THE RELEASE, PUBLICATION OR DISTRIBUTION WOULD BE UNLAWFUL. Oslo, 7 March 2025 Reference is made to the stock exchange announcement published on 21 January 2025 regarding the launch by Blue Northern BLK Ltd ("Blue Northern" or the "Offeror...
CORR* Belships ASA: Mandatory notification of transactions by primary ...
CORR* Belships ASA: Mandatory notification of transactions by primary insiders and close associates and disclosure of large shareholdings CORR* ATTACHEMENT ENCLOSED Oslo, 21 February 2025 Reference is made to the offer document dated 21 January 2025 issued by Blue Northern BLK Ltd. in respect of the recommended voluntary cash tender offer (the "Offer") to acquire all issued and outstanding shares (the "Shares") of Belships ASA ("Belships" or the "Company") against a cash consideration of NOK 20.50 per Share (the "Offer Price"). Reference is further made to the stock exchange announcement...
Belships ASA: Mandatory notification of transactions by primary inside...
Belships ASA: Mandatory notification of transactions by primary insiders and close associates and disclosure of large shareholdings Oslo, 21 February 2025 Reference is made to the offer document dated 21 January 2025 issued by Blue Northern BLK Ltd. in respect of the recommended voluntary cash tender offer (the "Offer") to acquire all issued and outstanding shares (the "Shares") of Belships ASA ("Belships" or the "Company") against a cash consideration of NOK 20.50 per Share (the "Offer Price"). Reference is further made to the stock exchange announcement on 21 February 2025 regarding the...
Update on acceptances in the recommended voluntary cash offer to acqui...
Update on acceptances in the recommended voluntary cash offer to acquire all issued and outstanding shares of Belships ASA NOT FOR RELEASE, PUBLICATION OR DISTRIBUTION, IN WHOLE OR IN PART, DIRECTLY OR INDIRECTLY, INTO OR WITHIN CANADA, AUSTRALIA, NEW ZEALAND, SOUTH AFRICA, JAPAN, HONG KONG, SOUTH KOREA, OR ANY JURISDICTION IN WHICH THE RELEASE, PUBLICATION OR DISTRIBUTION WOULD BE UNLAWFUL. Oslo, 21 February 2025 Reference is made to the stock exchange announcement published on 21 January 2025 regarding the launch by Blue Northern BLK Ltd ("Blue Northern" or the "Offeror") of a recommend...
Extension of the offer period in the recommended voluntary cash offer ...
Extension of the offer period in the recommended voluntary cash offer to acquire all issued and outstanding shares of Belships ASA NOT FOR RELEASE, PUBLICATION OR DISTRIBUTION, IN WHOLE OR IN PART, DIRECTLY OR INDIRECTLY, INTO OR WITHIN CANADA, AUSTRALIA, NEW ZEALAND, SOUTH AFRICA, JAPAN, HONG KONG, SOUTH KOREA, OR ANY JURISDICTION IN WHICH THE RELEASE, PUBLICATION OR DISTRIBUTION WOULD BE UNLAWFUL. Oslo, 20 February 2025 Reference is made to the stock exchange announcement published on 21 January 2025 regarding the launch by Blue Northern BLK Ltd ("Blue Northern" or the "Offeror") of a r...
- Jørgen Lian
Klaveness Combination Carriers (Buy, TP: NOK125.00) - Undervalued busi...
Despite negative revisions to our 2025e EBITDA on the Q1 guidance and weaker underlying markets, we still believe Klaveness Combination Carriers has a superior risk profile from its dynamic market exposure (dry bulk, tanker and fuel prices), while also achieving 2025–2026e earning yields in line with or above its pure sector peers. Thus, we find the stock remains undervalued, and we reiterate our BUY. We have lowered our target price to NOK125 (128).
- ABGSC Shipping & Transport Research
- Martin Mauseth
- Oliver Dunvold
- Petter Haugen
- ABGSC Shipping & Transport Research
- Martin Mauseth
- Petter Haugen
Belships ASA: Report 4th quarter 2024
Belships ASA: Report 4th quarter 2024 LIQUIDITY EVENT FOR SHAREHOLDERS HIGHLIGHTS Q4 EBITDA of USD 19.4mNet result of USD 7.5mTCE of USD 15 552 gross per day for owned fleetAgreement for recommended voluntary cash offerNo dividend declared72 per cent of ship days in Q1 2025 are fixed at USD 13 600 gross per day27 per cent of ship days in the next four quarters are fixed at USD 14 350 gross per dayUniform fleet of 42x Ultramax vessels including 12x newbuildings Overview of voluntary cash offer by Blue Northern BLK to acquire all shares in Belships On December 19, 2024, Belships ASA (...
- ABGSC Shipping & Transport Research
- Martin Mauseth
- Petter Haugen
- ABGSC Shipping & Transport Research
- Martin Mauseth
- Oliver Dunvold
- Petter Haugen
- Jørgen Lian
Klaveness Combination Carriers (Buy, TP: NOK128.00) - Attractive risk/...
KCC’s operational outperformance during challenging underlying dry bulk and tanker markets in Q4 was further testament to its business model. We believe this leaves an attractive risk/reward relative to its pure-play sector peers, particularly given our cautious view on the dry bulk space and a possible drag on product tanker sentiment from prospects of an end to disruption in the Red Sea. Hence, we reiterate our BUY, but have cut our target price to NOK128 (141).
- Jørgen Lian
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.
Belships ASA: Update on pre-acceptances
Belships ASA: Update on pre-acceptances Oslo, 22 January 2025 Reference is made to the stock exchange announcement made by Belships ASA ("Belships" or the "Company") on 21 January 2025, regarding the approval of the offer document (the "Offer Document") by Blue Northern BLK Ltd. ("Blue Northern" or the "Offeror") for the recommended voluntary cash tender offer (the "Offer") to acquire all issued and outstanding shares of Belships (the "Shares") against a cash consideration of NOK 20.50 (the "Offer Price") per Share, and commencement of the offer period today, 22 January 2025. Reference is...
Launch of recommended voluntary cash offer to acquire all outstanding ...
Launch of recommended voluntary cash offer to acquire all outstanding shares of Belships ASA and commencement of offer period NOT FOR RELEASE, PUBLICATION OR DISTRIBUTION, IN WHOLE OR IN PART, DIRECTLY OR INDIRECTLY, INTO OR WITHIN CANADA, AUSTRALIA, NEW ZEALAND, SOUTH AFRICA, JAPAN, HONG KONG, SOUTH KOREA, OR ANY JURISDICTION IN WHICH THE RELEASE, PUBLICATION OR DISTRIBUTION WOULD BE UNLAWFUL. Oslo, 21 January 2025 Reference is made to the stock exchange announcement published on 19 December 2024 regarding the agreement with Blue Northern BLK Ltd (“Blue Northern” or the “Offeror”) fo...
- ABGSC Shipping & Transport Research
- Martin Mauseth
- Petter Haugen
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