LNG Carriers: The Best Is yet to Come (25 page report)

As expected, LNG Carrier earnings have fallen since the peak in December. The start of the year is nevertheless the best over the past four years and spot rates are 60% above 2017 YTD. We see continuously rising annualized utilization towards the end of this decade, with corresponding improvements in earnings, vessel values and share prices. We reiterate our BUY recommendation on LNG Carriers and highlight Flex LNG (TP 18) and GasLog (TP 25) as our top picks.