Search Results for: SBLK

Private Network Weekly Wrap: GNK, SBLK, GoodBulk, OET

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Private Network: SBLK (BUY, TP 23) 1Q18 Review

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SBLK-US (BUY, TP $23) Vessel Acquisition: The Star Shines Stronger (20-page report)

The company adds 16 vessels to one of the largest listed fleets in the industry to create a dry bulk behemoth. The deal is neutral on NAV but adds some value per share in terms of forward NAV and earnings...

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SBLK-US (BUY, TP 14) 3Q17 Review: Weak 3Q17 but TP unchanged

The 3Q17 report was a bit soft in our view, with average TCE of $9.6k/d vs our 10.7 forecast and G&A $2m higher than expected. Thus, EBITDA of $26m came in below our $35m forecast and consensus at 30m. EPS...

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SBLK-US: Initiation (SELL, TP 5.2)

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GBLK-US (BUY, TP $26/NOK 212), IPO Launched: All Systems Go for GoodBulk (v2)

As we wrote in our initial IPO update in early June, we assumed 8m new shares at $15.8/sh, or a 5% discount to NAV. Today, GoodBulk launched the IPO for 8.5m shares at a range of $15.5-$17.5/sh, well in time...

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Posted in dry bulk, shipping | Tagged , , , , | 1 Comment

Genco Shipping (BUY, TP 26): Equity Raise Amidst Fleet Renewal (short comment)

Genco Shipping files for equity raise amidst fleet renewal 2xCape + 2xUltra firm 14% above our latest generic valuation. Mainly a sign of rising asset prices Positive read-across to the dry bulk sector in general...

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BULK-NS (BUY, TP NOK 212), IPO Announced: All Systems Go for GoodBulk

As we highlighted in our Get Ready for Launch update in March, the then expected Q2/Q3 New York listing was announced on Friday through an F-1. Assuming a 5% discount to our current NAV, we forecast 8m new shares to...

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Posted in _Public, dry bulk, shipping | Tagged , , , , | 4 Comments

Private Network: Weekly Wrap-up

Portfolio reached a new all-time-high (CAGR = 34%). A myriad of changes to the portfolio. Updated Dry Bulk valuation and peer table....

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Dry Bulk Shipping: Enough Dry Powder Left for the Next Boom (78 page report)

As we stand in the seasonally weakest dry bulk market of the year, we cannot help notice that spot rates YTD are up 25%, 1y time charters are at 3y highs and that FFAs reflect the same. The only pieces...

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Posted in dry bulk, shipping | Tagged , , , , , , , , , , , , , | 3 Comments

GOGL (BUY, TP 12.5) 4Q17 review: Dividends Begin

Golden Ocean declared a $0.10 DPS for 4Q17, spot on our forecast but taking consensus by surprise. The numbers were roughly in-line with our estimates but above consensus. The share price reacted accordingly and ended the day +2.8% d/d in...

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2018: Firing on all Cylinders (26-page report)

Never before have we been so optimistic across all sub-segments of the shipping/oil service sectors simultaneously as we now are for 2018. All segments have either just entered the expansionary phase of the business cycle, or will experience the inflection...

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Posted in _Public, dry bulk, LNG carriers, LPG shipping, Oil services, oil tankers, rig, shipping, VLGC | Tagged , , , , , , , , , , , , , , , , , , , , , , , , , , , | Leave a comment

2020 Bulkers Initiation (Hold, TP NOK 31)

2020 Bulkers is the newly established dry bulk investment vehicle of Mr Tor Olav Trøim (50% ownership), in partnership with Titan Opportunities Fund (20%) and former Clarksons Platou partner Fredrik Halvorsen (20%). We estimate a NAV of NOK 16.3/sh, but...

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Dry Bulk: Sector Upgraded to BUY

As we argued in our Dry Bulk: Sector Update in early April, share prices had moved too far too fast, disconnecting from the underlying fundamentals of the early expansionary phase of the cycle. We highlighted that the risk was skewed to the...

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GNK-US: Initiation (Neutral, TP 10.9)

We initiate coverage of Genco Shipping with a Neutral recommendation and target price of USD 10.9

We find the dry cargo space very interesting and believe that the trough was 1Q16. The company is recently restructured, in a sound liquidity position and well placed to take advantage of the ongoing cyclical upturn. We find the share very reasonably priced comparative to steeper valued peers such as GOGL or SBLK, and could be contemplating a rating upgrade if the share price continues to slide.

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Posted in Uncategorized | 1 Comment

EGLE-US: Initiation (Neutral, TP 5.5)

We initiate coverage of Eagle Bulk with a Neutral recommendation and target price of USD 5.5

We find the dry cargo space very interesting and believe that the trough was 1Q16. The share is attractively priced comparative to peers, but we deem its fleet to have strong industrial qualities which is less opportune in the current point of the cycle.

Something that could spark the stagnant and peer-trailing share price into life is further corporate actions (accretive equity issuances & vessel acquisitions) in addition to increased focus from positive investment banker analysts. We do believe the share will outperform peers in the short to medium term, and suggest the hedged dry bulk investor to go long EGLE and short steeper valued peers such as GOGL or SBLK.

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