reports
- ABGSC Shipping & Transport Research
- Martin Mauseth
- Oliver Dunvold
- Petter Haugen
- Jørgen Lian
Höegh Autoliners ASA (Buy, TP: NOK90.00) - Solidity of distributions i...
The markets reacted positively to the Q1 dividend, and we believe most of the current market cap will be distributed over our forecast period. This should offset the long-term structural risks to the sector, as its backlog should fend off any dramatic decline to cash flows. We find the risk/reward still attractive, with potential for re-rating on favourable news flow from a weighty sentiment. Hence, we reiterate our BUY and NOK90 target price.
- ABGSC Shipping & Transport Research
- Martin Mauseth
- Oliver Dunvold
- Petter Haugen
- Emil Jonsson
Norion Bank (Buy, TP: SEK49.00) - Signs of recovery in past-due loans
Past-due real-estate loans have started to come down, with Q1 profit boosted by the recognition of accrued interest revenues. We expect this to trend to continue over time, and see continued upside potential from this, along with our forecast 15–20% average annual total yield. We reiterate our BUY and target price of SEK49.
- ABGSC Shipping & Transport Research
- Oliver Dunvold
- Petter Haugen
- ABGSC Food & Beverage Research
- Benjamin Wahlstedt
- Fredrik Ivarsson
- ABGSC Food & Beverage Research
- Benjamin Wahlstedt
- Fredrik Ivarsson
- ABGSC Shipping & Transport Research
- Martin Mauseth
- Oliver Dunvold
- Petter Haugen
- Jørgen Lian
Höegh Autoliners ASA (Buy, TP: NOK90.00) - Leaning against the storm
The car carriers are seeing a string of bad news hitting an already fragile fundamental S&D outlook. However, we believe the sell-off has more than priced in the potential headwinds and we find the valuation attractive, with significant potential to the upside on possible trade deals and port-fee revisions. We have upgraded to BUY (HOLD), but cut our target price to NOK90 (104).
- ABGSC Shipping & Transport Research
- Martin Mauseth
- Oliver Dunvold
- Petter Haugen
- Jørgen Lian
Another abrupt change
The US Trade Representative on 17 April published revised US port fees with significant changes to the initial proposal based on industry feedback. In its current form, the fees will primarily discourage use of Chinese-controlled maritime trade services to the US, and directly affect the use of Chinese-built vessels in US ports (with several considerable exemptions to avoid harm to US trade). The previous broader fees based on fleet composition and share of Chinese-built vessels has been scrappe...
DHT DHT HOLDINGS INC.
SBL SAFE BULKERS INC.
LPG DORIAN LPG
GNK GENCO SHIPPING & TRADING LTD.
MAERSK B A.P. MOLLER - MAERSK A/S CLASS B
ODF ODFJELL ASA
WAWI WALLENIUS WILHELMSEN LOGISTICS ASA
WWI WILHELM WILHELMSEN HOLDING
SBLK STAR BULK CARRIERS CORP.
FRO FRONTLINE LTD.
G2O GOLAR LNG LIMITED
AMSC AMERICAN SHIPPING COMPANY ASA
SN6 STOLT-NIELSEN LTD.
BWLPG BW LPG LTD.
GOGLO GOLDEN OCEAN GROUP LTD
AVACF AVANCE GAS HOLDINGS LTD
HUNT HUNTER GROUP ASA
STNG SCORPIO TANKERS INC.
FLNG FLEX LNG LTD.
SFL SFL CORPORATION LIMITED
TNK TEEKAY TANKERS
2020 2020 BULKERS LTD
KCC KLAVENESS COMBINATION CARRIERS
EGLE EAGLE BULK SHIPPING
MPCC MPC CONTAINER SHIPS AS
HAUTO HOEGH AUTOLINERS ASA
WEST WESTERN BULK CHARTERING
HAFNI HAFNIA
COOL COOL COMPANY LTD.
HSHP HIMALAYA SHIPPING LTD.
- Jørgen Lian
Odfjell SE (Buy, TP: NOK180.00) - On course for a solid rebound
With chemical volumes up 8% MOM in March and accelerated unwinding of OPEC+ cuts, coupled with only 3% tanker deliveries in 2025e and a record-high average fleet age, we see healthy prospects. Hence, we believe Odfjell screens attractively on an 18% 2025–2026e dividend yield, trading at a 2.4x average 2025–2026e P/E (tanker peers: 4.7x). We reiterate our BUY, but have cut our target price to NOK180 (200).
- ABGSC Shipping & Transport Research
- Martin Mauseth
- Oliver Dunvold
- Petter Haugen
- ABGSC Shipping & Transport Research
- Martin Mauseth
- Oliver Dunvold
- Petter Haugen
- ABGSC Shipping & Transport Research
- Martin Mauseth
- Oliver Dunvold
- Petter Haugen
- Emil Jonsson
Norion Bank (Buy, TP: SEK49.00) - A storm in a teapot
Q1 looks set to be an uneventful quarter – we still await reductions in past-due loans and a Q4 dividend announcement. We believe the market has overreacted to news of Norion’s use of consultants. We reiterate our BUY but have cut our target price to SEK49 (52).
- Jørgen Lian
- ABGSC Food & Beverage Research
- Benjamin Wahlstedt
- Fredrik Ivarsson
- Jørgen Lian
‘The times they are a-changin’
The recurring theme at our 18th Energy & Shipping Conference was geopolitical uncertainty and a potential trade war, warranting a wait-and-see approach, particularly on the Trump 2.0 effect. The consensus view pointed to high asset values, with no rush to the yards, aligning with below-NAV valuations across most of our coverage. However, panellists generally saw less downside risk than the 25% average discount to steel for our Tanker, Dry Bulk and Gas coverage. Overall, the day highlighted uncer...
DHT DHT HOLDINGS INC.
SBL SAFE BULKERS INC.
LPG DORIAN LPG
GNK GENCO SHIPPING & TRADING LTD.
MAERSK B A.P. MOLLER - MAERSK A/S CLASS B
ODF ODFJELL ASA
WAWI WALLENIUS WILHELMSEN LOGISTICS ASA
WWI WILHELM WILHELMSEN HOLDING
SBLK STAR BULK CARRIERS CORP.
FRO FRONTLINE LTD.
G2O GOLAR LNG LIMITED
AMSC AMERICAN SHIPPING COMPANY ASA
SN6 STOLT-NIELSEN LTD.
BWLPG BW LPG LTD.
GOGLO GOLDEN OCEAN GROUP LTD
AVACF AVANCE GAS HOLDINGS LTD
HUNT HUNTER GROUP ASA
STNG SCORPIO TANKERS INC.
FLNG FLEX LNG LTD.
SFL SFL CORPORATION LIMITED
TNK TEEKAY TANKERS
2020 2020 BULKERS LTD
KCC KLAVENESS COMBINATION CARRIERS
EGLE EAGLE BULK SHIPPING
MPCC MPC CONTAINER SHIPS AS
HAUTO HOEGH AUTOLINERS ASA
WEST WESTERN BULK CHARTERING
HAFNI HAFNIA
COOL COOL COMPANY LTD.
HSHP HIMALAYA SHIPPING LTD.
- ABGSC Shipping & Transport Research
- Martin Mauseth
- Oliver Dunvold
- Petter Haugen
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