reports
- Nicolay Dyvik
At bottom or early recovery
Takeaways from DNB Markets’ 11th Oil, Offshore and Shipping conference following panel debates in Tankers, Dry bulk, LNG and LPG. Scrapping is viewed as important for freight improvements, but like “putting down the family dogâ€. We are either at the bottom or early recovery, according to the panellists.
TK4 TSAKOS ENERGY NAVIGATION LTD.
GLOG GASLOG LTD.
EURN EURONAV NV
DHT DHT HOLDINGS INC.
S0QA SCORPIO TANKERS INC.
SBL SAFE BULKERS INC.
LPG DORIAN LPG
KNOP KNOT OFFSHORE PARTNERS
DSX DIANA SHIPPING INC.
GMLP GOLAR LNG PARTNERS LP
3TKA TEEKAY TANKERS
ODF ODFJELL ASA
WWI WILHELM WILHELMSEN HOLDING
FRO FRONTLINE LTD.
TANKER INVESTMENTS
G2O GOLAR LNG LIMITED
SN6 STOLT-NIELSEN LTD.
HLNG HOEGH LNG AS
BWLPG BW LPG LTD.
GOGLO GOLDEN OCEAN GROUP LTD
AVACF AVANCE GAS HOLDINGS LTD
DNORD D/S NORDEN
WWL WALLENIUS WILHELMSEN LOGISTICS
maerskb A. P. MØLLER MÆRSK
EPIC EPIC GAS
GOGLOLD GOLDEN OCEAN NO
ALNG AWILCO LNG
FRNT FRONTLINE 2012
AURLPG AURORA LPG
EIGHT NAVIG8 PRODUCT TANKERS
- Joachim Gunell
- Jon Masdal
- Marius Knudssøn
- Martin Arnell
- Martin Huseby Karlsen
- Nicolay Dyvik
- Ole Martin Westgaard
- Ole-Andreas Krohn
- Patrik Ling
- Simen Mortensen
- Nicolay Dyvik
Epic Gas (Buy, TP: NOK19.40) - On the right course
We wrote in our latest company update that 2017 would be another challenging year, but that 2018 would see improvements. Q4 2017 was on the right course, with EBITDA up 37% QOQ and up 45% for 2017 over 2016. We reiterate our BUY recommendation and NOK19.4 target price.
- Nicolay Dyvik
Epic Gas (Buy, TP: NOK19.40) - Gradual improvement into 2018e
2017 was another challenging year for EPIC but we expect 2018 to be better than 2017, with improved utilisation and increased spot rates. We reiterate our BUY recommendation and have adjusted our target price to NOK19.4 (NOK23), based on 2018e EBITDA of 6.0x, or a P/E of 9.5x.
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