SHIP-US (BUY, TP 2.9) 3Q17 Review

Highlights: TCE at USD 9.2k/d vs our forecast of 13.5k/d (100% utilization basis). Opex at USD 5.2k/d (+13% q/q) vs our forecast of USD 4.6k/d. Above weakness somewhat mitigated by G&A at USD 1.3m vs our USD 1.6m forecast. EPS…

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