Tag Archives: EURN

Oil Tanker Sector Upgraded to BUY: Finally, Time to Tank Up

We upgrade the Oil Tanker sector from HOLD to BUY  So far, we have perfectly timed our recommendations as far back as 2015 as we foresaw the cyclical peak and have since been awaiting the expected mid’18 inflection point.  Given...

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Posted in Oil services, shipping | Tagged , , , , , , , , , , , | 4 Comments

TNK (SELL, TP 0.5) 4Q17 Review: Liquidity Concerns Remain

Teekay Tankers posted 4Q17 numbers slightly above or forecast and far above consensus. More important was a liquidity position in-line with our expectations, which assuming a successful refinancing of the Aug/18 balloon payment still leaves the company in a very...

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Oil Tanker Sector Update (SELL): Disappointing Winter Market

Although we cannot rule out another dead cat bounce, this year’s winter market has been disappointing. As we predicted, VLCC spot rates peaked at $32k/d, and volatility created opportunities for the attentive investor. However, oil tanker spot rates have averaged...

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Posted in oil tankers, shipping | Tagged , , , , , , , , , , , | 4 Comments

Suezmax Resales 10% Below Current Valuation

Summary Dong-A Spica & Dong-A Capella said to have been sold @ $48 each to two sperate Greek buyers. 10% below our current generic fair value for a similar vessel, which is under revision for downgrade. Consistent with our September...

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Oil Tanker Sector Upgraded to HOLD (SELL): Trade on Volatility as Recovery Looms

From being ready to write off the upcoming winter season a very short time ago and looking to mid-2018 for any meaningful recovery in share prices, the recent surge in scrapping has left us with a newfound cautious optimism. Using...

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Posted in oil tankers, shipping | Tagged , , , , , , , , , , , | 2 Comments

EURN-US: Initiation (SELL, TP 6.2)

Euronav has a large fleet of crude tankers, consisting of 32 VLCCs, 23 Suezmaxes and a 50% ownership in two FSOs on long term charters. The company enjoys a large liquidity reserve and could play to role as consolidator in the...

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