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Nicolay Dyvik
- Nicolay Dyvik
Fuelled by China’s steel appetite
We have raised our 2017e EBITDA forecast by 6% on stronger than expected rates QTD, fuelled by an 18% YOY increase in Chinese steel consumption in July. Healthy scrapping, low order intake and a record-low order book-to-fleet ratio offer visibility for supply growth. We reiterate our BUY recommendation, but have trimmed our target price to NOK79 (NOK82) on an updated USD/NOK rate.
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