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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
HAFNI-NO HAFNIA LTD

Higher TP on higher earnings

We make only minor adjustments to our estimates. ABGSCe 33% above cons. EBITDA for 2025e. TP of NOK 112 (108) – BUY reiterated.

05/15/24 May 15, 2024 1 EN
ABGSC Shipping & Transport Research ... (+3)
  • ABGSC Shipping & Transport Research
  • Oliver Dunvold
  • Petter Haugen
PREMIUM
DHT-US DHT HOLDINGS

"...expect rewarding times ahead"

DHT's Q1 report much as expected. Q2 guidance slightly above ABGSCe. BUY, TP of USD 16 (15).

05/15/24 May 15, 2024 1 EN
ABGSC Shipping & Transport Research ... (+3)
  • ABGSC Shipping & Transport Research
  • Oliver Dunvold
  • Petter Haugen
PREMIUM
HAFNI-NO HAFNIA LTD

Q1 slightly below, Q2 guiding slightly above

EBITDA USD 287m (-5% vs. ABGSC, -4% vs. cons.). 5% upside to cons. Q2'24 EBITDA. Share to trade flat vs. peers.

05/15/24 May 15, 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
DHT-US DHT HOLDINGS

More newbuilds into the upcycle

Near-term estimates down, adding NBs to our estimates. 69% above cons '25e EBITDA. BUY, TP of USD 15

05/12/24 May 12, 2024 1 EN
ABGSC Shipping & Transport Research ... (+3)
  • ABGSC Shipping & Transport Research
  • Oliver Dunvold
  • Petter Haugen
PREMIUM
HAFNI-NO HAFNIA LTD

Q1'24e EBITDA reiterated, Q2'24e up 5%

Minor adjustments. ABGSCe 34% above cons. EBITDA for 2025e. TP of NOK 108 (107) – BUY reiterated.

05/06/24 May 6, 2024 1 EN
ABGSC Shipping & Transport Research ... (+3)
  • ABGSC Shipping & Transport Research
  • Oliver Dunvold
  • Petter Haugen
PREMIUM
TRMD.A-DK TORM

Strong guidance lifts Q1 estimates

Strong guidance – lifting Q1 estimates. ABGSC '25e EBITDA of USD 1,121m (+39% vs. cons.). TP of DKK 314 (276) – BUY.

03/07/24 March 7, 2024 1 EN
ABGSC Shipping & Transport Research ... (+3)
  • ABGSC Shipping & Transport Research
  • Oliver Dunvold
  • Petter Haugen
PREMIUM
TRMD.A-DK TORM

Miss on Q4, strong guidance

Adj. EBITDA of USD 206m (-9% vs. ABGSCe, -7% vs cons.). Solid mid FY'24 guidance, ~13% upside to cons Q1 EBITDA. Q4 below expectations, strong FY'24 guidance.

03/07/24 March 7, 2024 1 EN
ABGSC Shipping & Transport Research ... (+3)
  • ABGSC Shipping & Transport Research
  • Oliver Dunvold
  • Petter Haugen
PREMIUM
HAFNI-NO HAFNIA LTD

A strong start to 2024

Q1'24e up, long-term estimates reiterated. ABGSCe 38% above cons. net profit for 2025e. TP of NOK 107 (104) – BUY reiterated.

03/05/24 March 5, 2024 1 EN
ABGSC Shipping & Transport Research ... (+3)
  • ABGSC Shipping & Transport Research
  • Oliver Dunvold
  • Petter Haugen
PREMIUM
HAFNI-NO HAFNIA LTD

Q4 in-line, strong Q1 guidance

EBITDA USD 235m (-1% vs. ABGSC, -3% vs. cons.). Strong Q1'24 guidance. Share to trade up 1-3% vs. peers.

03/05/24 March 5, 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
FRO-NO FRONTLINE

Q1'24 revised down, long-term as-is

Q1'24 down on guidance, long-term reiterated. ABGSC +75% vs. cons '25e EBITDA. BUY, TP NOK 330 (315).

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

Q4 as we expected, but weak Q1 guiding

Q4 EBITDA of USD 198m (0% vs. ABGSCe, -8% vs. cons). Q1e guidance below expectations. Share to trade down 1-3% vs. peers.

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
DHT-US DHT HOLDINGS

Q4 as expected, minor estimate changes

DHT's Q4 report much as expected. Q1 guidance slightly above ABGSCe. BUY, TP of USD 15 (14.4).

02/07/24 February 7, 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
DHT-US DHT HOLDINGS

When VLCC rates work, the last shall be first

Low fleet growth is guaranteed throughout 2025. Q4 TCE pre-announced - ABGSC 80% above cons. for '25e. BUY, TP of USD 14.4 (16.2).

01/28/24 January 28, 2024 1 EN
ABGSC Shipping & Transport Research ... (+3)
  • ABGSC Shipping & Transport Research
  • Oliver Dunvold
  • Petter Haugen
PREMIUM
TRMD.A-DK TORM

On its way into yield heaven

Low fleet growth is guaranteed throughout 2025. ABGSC '25e EBITDA of USD 1,113m (+31% vs. cons.). TP of NOK 276 (275) – BUY.

01/28/24 January 28, 2024 1 EN
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