Tag Archives: NAT

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 , , , , , , , , , , , | 3 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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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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NAT-US: Initiation (SELL, TP 4.8)

Nordic American Tankers has a fleet of  33 Suezmaxes (incl. three newbuldings) and a 23% ownership in Nordic American Offshore worth USD 15m (USD 0.15/sh). The company is currently priced at a P/NAV of 1.8 (peer avg of 0.9) and a dividend yield...

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