Fearnley Securities
Where industry experts go for advice.
Fearnley Securities
Where industry experts go for advice.


Reports
Date
Date
Comp Name
Doc Title")
Text
2018-12-11T14:39:56+1
Scorpio Tankers
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.
2018-12-11T08:43:19+1
High Yield Weekly - Week 50
2018-12-11T08:37:32+1
Drillers Weekly - Week 50
2018-12-10T09:06:59+1
Shipping Weekly - Week 50
2018-12-06T08:33:55+1
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.
2018-12-06T08:31:01+1
E&P Weekly - Week 49
2018-12-06T07:36:14+1
Okeanis Eco Tankers
Final Piece of the (Financing) Puzzle
What's new: USD 30m (NOK 260m) Private Placement and USD 15m RCF
Our 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.
2018-12-05T08:54:57+1
Seismic Weekly - Week 49
2018-12-04T08:54:04+1
Drillers Weekly - Week 49
2018-12-04T08:08:00+1
High Yield Weekly - Week 49
2018-12-03T23:50:10+1
Genco Shipping
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).
2018-12-03T09:07:30+1
Shipping Weekly - Week 49
2018-12-03T08:33:00+1
Crude Tankers
Thoughts on OPEC Meeting Minor Bump in the Road
Changes in estimates
Most read last 5 days
yesterday
Shipping Weekly - Week 50
about 21 hours ago
Drillers Weekly - Week 50
about 15 hours ago
Scorpio Tankers
Just Warming Up
yesterday
Shipping Morning Report
about 21 hours ago
Shipping Morning Report
yesterday
Energy Morning Report
about 21 hours ago
Energy Morning Report
yesterday
Fixed Income Morning Report
about 21 hours ago
High Yield Weekly - Week 50
about 21 hours ago
Fixed Income Morning Report
Fearnley Securities AS was established in 1987 as an independent full service investment bank within the Astrup Fearnley Group.
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Fearnley Securities was founded in 1987 on the premise to capitalize on the long maritime traditions, strengths and resources within Astrup Fearnley.
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