Search Results for: gnk
Private Network: Bought GLOG, GNK, GoodBulk, LPG/BWLPG, General news, Portfolio update
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Posted in Uncategorized
13 Comments
Private Network: Another all-time-high, SOFF, GNK, updated dry bulk peer table
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Posted in Private Nework
8 Comments
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.
Posted in Uncategorized
5 Comments
Private Network: LNGC earnings rally, VLGC/LPG update, Portfolio update
LNG Carrier earnings rally! Latest broker quotes are for LNG spot rates at $77.5k/d (+19% w/w, +38% m/m, +94% y/y) with 1y TC at $80k/d (+14% w/w). Spot rates are close to five-year-highs in what is usually the seasonally low...
Posted in Private Nework
9 Comments
Genco Shipping (BUY, TP 24): Value Destruction
Genco Shipping raised new equity this week with concurrent vessel acquisitions, which were highly dilutive towards existing shareholders. We calculate a direct loss of $0.86/sh (-4.7%) for existing shareholders and reduce our target price to $24/sh (from $26) based on...
Posted in _Public, dry bulk, shipping
9 Comments
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...
Posted in dry bulk, shipping
6 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....
Posted in Private Nework
11 Comments
Gersemi Membership
We do currently not accept new public subscribers. Feel free to contact us for more information
Posted in _Public
6 Comments
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...
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...
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...
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...
Posted in _Public, dry bulk, LNG carriers, LPG shipping, Oil services, oil tankers, rig, shipping, VLGC
Tagged 2020-no, ALNG-NO, avance-no, BDRILL-NO, bulk-no, BWLPG-NO, DHT-US, dsx-us, egle-us, ESV-US, EURN-US, FLNG-NO, FRO-US, GLOG-US, gnk-us, gogl-us, LPG-US, NAT-US, NE-US, NODL-NO, RDC US, salt-us, sb-us, sblk-us, sbulk-no, ship-us, SOFF-NO, tnk-us
2 Comments
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...
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...
