Shipping — November 2023
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Når man ser på Torms resultat i forhold til DS Nordens, så syntes jeg Norden er blevet straffet hårdt. Torm Ca 18 mia DKKværd og et resultat på 124,3 Mio US. DS Norden 10 mia DKK værd og resultet på 98,6 mio US. DS Nordens Cash beholding er også ca 4 gange så stor som Torms.
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Shipping Morning Report
LPG: Following a sharp increase in freight rates on the back of issues in the Panama Canal and strong USG exports, VLGC freight rates have stabilised at around USD 137k/d, rising 4% w/w yesterday. In the AG, there have already been reports of 4 confirmed fixtures for December – which is unusual as fixtures seldom is done this early there.
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This points to a continued strong market moving forward, and the Panama situation may lead to a theoretically longer position list in the East as more vessels will have to sail via Suez or the Cape. Hence, we may see freight rates in the East trading at a discount to the West going forward.
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The momentum is also strong in the West, and the position list for December remains firm with only one available vessel in the first half and a handful for the entire month. As the market digest the Panama issues, we are now seeing that every vessel in the West is ballasting via Suez or the Cape.
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OKEANIS ECO TANKERS: Fearnley øker kursmålet til NOK 355 (320), gjentar kjøp.
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Torm: Oversigt over analytikernes
ændringer efter regnskab https://www.proinvestor.com/investornyt/1077302/torm-oversigt-over-analytikernes-aendringer-efter-regnskab -
DFDS får sænket kursmålet til 310 kr. hos Nordea https://www.proinvestor.com/investornyt/1077307/dfds-far-saenket-kursmalet-til-310-kr-hos-nordea
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LPG/Panama..Denne artikel fra Fra New York times er bare for vild: "Drought Saps the Panama Canal, Disrupting Global Trade
The number of ships that can travel through the vital route has fallen sharply this year because of a lack of water for the locks, raising costs and slowing deliveries". https://www.nytimes.com/2023/11/01/business/economy/panama-canal-drought-shipping.html?unlocked_article_code=1.7kw.SrLZ.DT7bN_jc6JrL&smid=url-share
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Nyd den korte video.
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Og de smukke billeder.
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Shipping Morning Report
LPG: Following a sharp increase in freight rates on the back of issues in the Panama Canal and strong USG exports, VLGC freight rates have stabilised at around USD 137k/d, rising 4% w/w yesterday. In the AG, there have already been reports of 4 confirmed fixtures for December – which is unusual as fixtures seldom is done this early there.
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This points to a continued strong market moving forward, and the Panama situation may lead to a theoretically longer position list in the East as more vessels will have to sail via Suez or the Cape. Hence, we may see freight rates in the East trading at a discount to the West going forward.
The momentum is also strong in the West, and the position list for December remains firm with only one available vessel in the first half and a handful for the entire month.
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A
s the market digest the Panama issues, we are now seeing that every vessel in the West is ballasting via Suez or the Cape. -
DNB Markets Q3 preview for BW-LPG
Q3e EBITDA 4% above consensus
Ahead of the Q3 results (due before market open on 14 November), we expect BW LPG to
report a TCE income of USD234m, 3% above Bloomberg consensus, on an average rate of
USD64.7k/day. Our TCE income estimate also includes earnings from trading activity. -
This runs
down to our Q3e adj. EBITDA of USD188m, 4% above consensus. For Q4, we model USD85k/
day in sailed-in rates, and our USD239m EBITDA is 22% above Bloomberg consensus’
USD196m, which leaves upside potential to the Q4 guidance. -
Danske Bank ser fortsat stort pontiale i attraktivt værdisat Torm-aktie https://www.proinvestor.com/investornyt/1078070/danske-bank-ser-fortsat-stort-pontiale-i-attraktivt-vaerdisat-torm-aktie
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Godmorgen
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Oslo (Infront TDN Direkt): Det er ganske bred oppgang på Oslo Børs mandag ledet an av oljerelaterte aksjer og flere shippingaksjer.
I shippingsektoren på Oslo Børs mandag har LPG-rederiene BW LPG og Avance Gas best utvikling. Førstnevnte legger frem kvartalsrapport tirsdag, der konsensus er ebitda på 182 millioner dollar og nettoresultat på 124 millioner dollar.
Pareto Securities' estimater på ebitda og resultat pr aksje ligger rundt fem prosent over konsensus. Meglerhuset venter en sterk gui
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guiding for fjerde kvartal 2023, og tror fokuset vil være på en sterk start i 2024. Pareto modellerer for tiden en spotsnittrate på 50.000 dollar pr dag i 2024.
Fearnley Securities har også tredjekvartalsestimater litt over konsensus, og ser en oppside i deres estimater for fjerde kvartal 2023 og første kvartal 2024. For fjerde kvartal antar Fearnley "konservativt" en spotsnittrate på 80.000 dollar pr dag gitt at rederne ofte dekker inn på vei opp og estimerer resultat pr aksje på 1,02 dollar,
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DFDS får sænket kursmålet til 422 kr. hos Carnegie https://www.proinvestor.com/investornyt/1078567/dfds-far-saenket-kursmalet-til-422-kr-hos-carnegie
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