Category Archives: LPG shipping

LPG Shipping (BUY): Do Not Liquidate Palatable Growth (34-page report)

Recent chatter on the street is that the cyclical VLGC expansion has been cancelled for 2018. Shares fell 8% today and are down 16% since our March sector report. Thus, it would be prudent to reiterate why we believe 3Q...

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LPG Shipping: Imminent Seasonal & Cyclical Upside (31-page report)

We see the cycle turning to expansion in 2018 as supply growth turn negative and annualized demand growth continues around 10%. We also see signs of seasonal factors materializing, including more US LPG available for export, a rising price differential...

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Posted in LPG shipping, shipping, VLGC | Tagged , , , , , , | 10 Comments

AVANCE (BUY, TP 60) 4Q17 review: Massive upside ahead

The 4Q17 numbers were in-line with expectations, with few surprises emerging in the report or presentation. Avance rallied 7% on the day amongst a general appreciation of the VLGC segment. As we enter the seasonally strong period from April to...

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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

LPG-US: Initiation (Neutral, TP 6.9)

Dorian LPGĀ has a fleet of 22 modern Very Large Gas Carriers (VLGC) with four on long time charters and the rest by large exposed to the current lackluster spot market. Recent corporate actions highlights the continued necessity of shoring up...

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Posted in LPG shipping, shipping, VLGC | Tagged , | 4 Comments

BWLPG-NO: Initiation (BUY, TP 37)

BW LPGĀ controls a massive fleet of 51 Very Large Gas Carriers (VLGC) fully delivered in addition to four LGCs. The company has a history that exceeds most of its peers in addition to a differentiating industrial approach to LPG shipping,...

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Posted in LPG shipping, shipping, VLGC | Tagged | 1 Comment