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ABGSC Shipping & Transport Research ... (+3)
  • ABGSC Shipping & Transport Research
  • Oliver Dunvold
  • Petter Haugen
PREMIUM
OET-NO Okeanis Eco Tan...

Outperformance ahead

Q2'24 estimates up on strong guidance - continues to outperform. ABGSCe ‘25 EBITDA 46% above cons. TP of NOK 449 (427) – BUY.

OET-NO OKEANIS ECO TANKERS CORP.
05/21/24 May 21, 2024 1 EN
ABGSC Shipping & Transport Research ... (+3)
  • ABGSC Shipping & Transport Research
  • Oliver Dunvold
  • Petter Haugen
PREMIUM
OET-NO Okeanis Eco Tan...

Q1 inline, Q2e guiding ~30% above cons EBITDA

EBIDTA of USD 65m (ABGSCe at 65m, cons at 64m). Strong guidance, ~32% above cons Q2'24 EBITDA. Stock up 2-4% relative to peers

OET-NO OKEANIS ECO TANKERS CORP.
05/16/24 May 16, 2024 1 EN
ABGSC Shipping & Transport Research ... (+3)
  • ABGSC Shipping & Transport Research
  • Oliver Dunvold
  • Petter Haugen
PREMIUM
OET-NO Okeanis Eco Tan...

Crude tanker fleet growth now at 0.8% y-o-y

Q1e and Q2e down, long-term reiterated. ABGSCe ‘25 EBITDA 46% above cons. TP of NOK 427 (422) – BUY

OET-NO OKEANIS ECO TANKERS CORP.
05/12/24 May 12, 2024 1 EN
ABGSC Shipping & Transport Research ... (+3)
  • ABGSC Shipping & Transport Research
  • Oliver Dunvold
  • Petter Haugen
PREMIUM
OET-NO Okeanis Eco Tan...

Continues to outperform

Q1'24 estimates up, long-term reiterated. ABGSCe ‘25 EBITDA 40% above cons. TP of NOK 422 (398) – BUY.

OET-NO OKEANIS ECO TANKERS CORP.
02/29/24 February 29, 2024 1 EN
ABGSC Shipping & Transport Research ... (+3)
  • ABGSC Shipping & Transport Research
  • Oliver Dunvold
  • Petter Haugen
PREMIUM
OET-NO Okeanis Eco Tan...

100% payout in Q4 and solid Q1 guiding

EBIDTA of USD 44.2m (ABGSCe at 44.3m, cons at 44.7m). Strong guidance, ~10% above cons Q1'24 EBITDA. Stock up 1-3% relative to peers.

OET-NO OKEANIS ECO TANKERS CORP.
02/29/24 February 29, 2024 1 EN
ABGSC Shipping & Transport Research ... (+3)
  • ABGSC Shipping & Transport Research
  • Oliver Dunvold
  • Petter Haugen
PREMIUM
FRO-NO FRONTLINE
HAFNI-NO HAFNIA LTD ... (+5)

Nine women can't produce a child in one month

All but VLCC rates are already at or close to ATH. Fleet growth will remain miniscule in '24-'25e. Average total return of ~70% in 2023, but more to come.

FRO-NO FRONTLINE
HAFNI-NO HAFNIA LTD
TRMD.A-DK TORM
OET-NO OKEANIS ECO TANKERS CORP.
DHT-US DHT HOLDINGS
01/28/24 January 28, 2024 1 EN
ABGSC Shipping & Transport Research ... (+3)
  • ABGSC Shipping & Transport Research
  • Oliver Dunvold
  • Petter Haugen
PREMIUM
OET-NO Okeanis Eco Tan...

Operational excellence on display

Low fleet growth is guaranteed throughout 2025. ABGSCe ‘25 EBITDA 54% above consensus. TP of NOK 398 (455) – BUY.

OET-NO OKEANIS ECO TANKERS CORP.
01/28/24 January 28, 2024 1 EN
ABGSC Shipping & Transport Research ... (+3)
  • ABGSC Shipping & Transport Research
  • Oliver Dunvold
  • Petter Haugen
PREMIUM
OET-NO Okeanis Eco Tan...

Not the best quarter, but still a bright future

Q4 down, long-term estimates reiterated. ABGSCe ‘24 net profit 49% above cons. TP of NOK 455 (448) – BUY.

OET-NO OKEANIS ECO TANKERS CORP.
11/10/23 November 10, 2023 1 EN
ABGSC Shipping & Transport Research ... (+3)
  • ABGSC Shipping & Transport Research
  • Oliver Dunvold
  • Petter Haugen
PREMIUM
OET-NO Okeanis Eco Tan...

Below expectations

EBIDTA of USD 45.5m (ABGSCe at 50.5m, cons at 52.0m). Q4 guided TCE ~10% cons. Stock down 2-4% relative to peers.

OET-NO OKEANIS ECO TANKERS CORP.
11/09/23 November 9, 2023 1 EN
ABGSC Shipping & Transport Research ... (+3)
  • ABGSC Shipping & Transport Research
  • Oliver Dunvold
  • Petter Haugen
PREMIUM
OET-NO Okeanis Eco Tan...

Oil in transit held steady by less Atlantic cargos

Minor adjustments to estimates, Q3 EBITDA of USD 51m. Oil in transit flat past five weeks, should have been on the rise. TP of NOK 448 (438) – BUY.

OET-NO OKEANIS ECO TANKERS CORP.
11/06/23 November 6, 2023 1 EN
ABGSC Shipping & Transport Research ... (+3)
  • ABGSC Shipping & Transport Research
  • Oliver Dunvold
  • Petter Haugen
PREMIUM
OET-NO Okeanis Eco Tan...

Outperformance once again

Minor adjustments to estimates. ABGSC 22% above cons. for ‘24e net profit. TP of NOK 438 (438) – BUY.

OET-NO OKEANIS ECO TANKERS CORP.
08/11/23 August 11, 2023 1 EN
ABGSC Shipping & Transport Research ... (+3)
  • ABGSC Shipping & Transport Research
  • Oliver Dunvold
  • Petter Haugen
PREMIUM
OET-NO Okeanis Eco Tan...

Bullish indicators for Q4 and onwards

EBIDTA of USD 77.4m (ABGSCe at 68.2m, cons at 70.2m). Q3 guided TCE above ABGSCe, utilisation below. Bullish indicators for Q4 and onwards. Stock up 2-4% relative to peers.

OET-NO OKEANIS ECO TANKERS CORP.
08/11/23 August 11, 2023 1 EN
ABGSC Shipping & Transport Research ... (+3)
  • ABGSC Shipping & Transport Research
  • Oliver Dunvold
  • Petter Haugen
PREMIUM
OET-NO Okeanis Eco Tan...

Q3e EBITDA up 54%

Volatile tanker rates and increasing asset prices. ABGSC 23% above cons. for ‘24e net profit. TP of NOK 438 (444) – BUY.

OET-NO OKEANIS ECO TANKERS CORP.
07/02/23 July 2, 2023 1 EN
ABGSC Shipping & Transport Research ... (+3)
  • ABGSC Shipping & Transport Research
  • Oliver Dunvold
  • Petter Haugen
PREMIUM
OET-NO Okeanis Eco Tan...

Seasonal uncertainty

Fundamentals look solid, potentially mitigating normally weak season. ABGSC 27% above cons. for ‘24e net profit. TP of NOK 444 (433) — BUY.

OET-NO OKEANIS ECO TANKERS CORP.
05/15/23 May 15, 2023 1 EN
ABGSC Shipping & Transport Research ... (+3)
  • ABGSC Shipping & Transport Research
  • Oliver Dunvold
  • Petter Haugen
PREMIUM
OET-NO Okeanis Eco Tan...

Q1 TCE miss, Q1 DPS and Q2 guiding just below

EBIDTA of USD 74.4m (ABGSCe at 89.4m, cons at 87.5m). Q2'23 EBITDA estimates down 3-5%. Stock down 1-3% relative to peers.

OET-NO OKEANIS ECO TANKERS CORP.
05/12/23 May 12, 2023 1 EN
ABGSC Shipping & Transport Research ... (+3)
  • ABGSC Shipping & Transport Research
  • Oliver Dunvold
  • Petter Haugen
PREMIUM
OET-NO Okeanis Eco Tan...

In line with cons. for Q1, still above for '24-'25e

Minor adjustments to Q1'23e. ABGSC 34% above cons. for ‘24e net profit. TP of NOK 433 (423) – BUY.

OET-NO OKEANIS ECO TANKERS CORP.
04/28/23 April 28, 2023 1 EN
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