OET-NO (BUY, TP NOK 136/$17): Okeanis Eco Tankers Initiation

Okeanis Eco Tankers just concluded a $100m IPO in Oslo and is expected to start trading July 4. The timing is exquisite in our view, with 77% of the fleet to be delivered from now until YE’19, just as the cyclical expansion is expected to unfold. We initiate coverage with a BUY rating on the cheapest crude tanker recovery bet. Target Price NOK 136/$17 (IPO +90%)

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