Just Warming Up
What's new: Updated 4q18 guidance. CMD Today Expect a bullish take on 2019/ 2020. Our take: STNG already capturing surging product tanker rates, with recent months booking suggesting USD 115-120m EBITDA and c. 30% FCF yield.
High Yield Weekly - Week 50
Drillers Weekly - Week 50
Shipping Weekly - Week 50
Nova Austral S.A.
A Hidden Gem In a Booming Market
What's new: Initiating credit coverage on Nova Austral with a Buy recommendation. Our take: Despite conservative assumptions, we find LTV at 46% and comfortable debt service on the back of both strong price outlook and favourable Navarino law subsidies.
E&P Weekly - Week 49
Okeanis Eco Tankers
Final Piece of the (Financing) Puzzle
What's new: USD 30m (NOK 260m) Private Placement and USD 15m RCFOur take: 1bn+ ECO scrubber fleet now fully financed. OET is one of our preferred shipping longs ahead of expected tanker super cycle and IMO 2020 implementation. Buy reiterated.
Seismic Weekly - Week 49
Drillers Weekly - Week 49
High Yield Weekly - Week 49
Trading Like Its 2016
What's new: Unprecedented sell-off leaving 5-year Cape implied at USD 23m (2016 trough) Our take: GNK share is down c. 55% since the summer on softer Capesize rates and trade tension, both factors we believe will be resolved. Buy reiterated, TP USD 17 (USD 20).
Shipping Weekly - Week 49
Thoughts on OPEC Meeting Minor Bump in the Road