Dry bulk: It's the fleet growth, stupid!

Rates have now appreciated, but new orders have not followed, and low fleet growth is enough for continued optimism.

Attractively levered Capesizes

It's the fleet growth, stupid! ABGSCe 66-106% vs. cons. for ’24e-‘25e EBITDA. TP of NOK 130 (88) – BUY.

All 12 ATMs on water by June

Minor changes to estimates. ABGSCe 45-95% above consensus for ’24e-‘25e EBITDA. TP of NOK 88 (85) – BUY.

As expected, still strong outlook

EBITDA of USD 13m (ABGSCe at USD 14, cons. at USD 15m). No material news, management remains positive. Share to trade in-line with peers.

Current NAV up ~30% from Q3, still trading at a discount

Quality at a discount

Minor adjustments - Q4e slightly down. ABGSCe 55-95% above consensus for ’24e-‘25e EBITDA. TP of NOK 82 (78) – BUY.

Slightly below expectations

EBITDA of USD 6m (ABGSCe at USD 10, cons. at USD 11m). No material changes to estimates. Share to trade down 1-2% vs peers.