Category Archives: _Public

Cleaves Securities acquires Gersemi Research

We are pleased to announce that Cleaves Securities AS has acquired Gersemi Research and appointed the founder and CEO of Gersemi Research, Joakim Hannisdahl, as Head of Research. Cleaves Securities AS is a specialized investment bank focused primarily on the … Continue reading

Posted in _Public | 2 Comments

Quarterly Shipping Update: Q2 Actuals vs Forecast

As Q2 came to an end, we analyse the actual data vs our forecast sector by sector, including latest developments going into Q3. We have also added updated peer tables for each sector. Key takes: Oil Tankers (BUY) and Dry … Continue reading

Posted in _Public | 2 Comments

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 … Continue reading

Posted in _Public | Tagged , | 12 Comments

LPG Shipping (BUY): Trump’s Total Trade War (27-page report)

With an escalating trade war between the US and China seemingly gathering momentum, we estimate VLGCs to be one of the hardest hit shipping sectors (excl. containers). The US-Sino trade constitutes ~8% of the global VLGC demand, but we find … Continue reading

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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...

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Posted in _Public, dry bulk, shipping | 9 Comments

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 , , , , | 10 Comments

Gersemi Membership

We do currently not accept new public subscribers. Feel free to contact us for more information

Posted in _Public | 6 Comments

Sign up for free membership

Sign up today to take advantage of our limited time offer for a free membership and for unlimited access to all our content. We have extensive experience from equity research at Fearnley Securities and Nordea Markets Be the first to … Continue reading

Posted in _Public | 8 Comments

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 , , , , , , , , , , , , , , , , , , , , , , , , , , , | 2 Comments