Category Archives: oil tankers

TIL-NO: Initiation (SELL, TP 33)

Originally set up as a well-timed asset play in early 2014, the company managed to divest a small portion of its fleet before the cycle turned to recession in 2016. Thus, the focus has shifted to operations ahead of the next cyclical upturn, which we expect to materialize from 2019E. With further fall in asset prices ahead and the consistent share illiquidity factored in, we initiate coverage of Tanker Investments with a SELL recommendation and target price of NOK 33 (-25%).

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