LPG: Kursfesten forsætter
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Præcis. Som medlem af J. Mintzmyers Value Investor's Egde fik jeg denne artikel for nogle dage siden. Og jeg bed også mærke James Catlins sætning om LPG:
"The most overlooked and underfollowed segment that I cover could be a legitimate "dark horse" candidate for best-performing segment through 2020."
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Følge Joakim Hannisdahl på twitter.
https://twitter.com/JHannisdahl
Registrer dig på Seeking Alpha og følg J. Mintzmyer og Joeri van der Sman. Så er du dækket ind.
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Et godt råd er at følge raterne MEGET tæt !
Joakim har et glimrende skriv hver uge hvor de bliver fremlagt og du kan følge futures her : https://www.cmegroup.com/trading/energy/freight/freight-route-lpg-baltic-futures.html
Du ganger prisen med kapasitet på 84000 m3 for VLGC og dividerer med 100 så har du dagsraten i $ -
LPG: Nordea øker kursmålet i Avance Gas til NOK 49 (38) og BW LPG til NOK 75 (67), kjøp gjentas for begge.
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Nye kursmål i Avance og BW-LPG.
Cleaves:
Avance: 81 NOK. (fra 67)
BW-LPG: 108 NOK (fra 89)
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DNB: LPG stocks upgraded to BUY (HOLD)
We have raised our target prices to NOK75 (NOK50) for BW LPG, NOK52 (NOK31) for Avance Gas, and USD16.3 (USD9.8) for Dorian LPG. We have applied a 20% discount to our 1-year forward NAVs, so if stocks were to trade to 1.0x our 1-year forward NAV there could be further upside potential.
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Her er så forklaringen hvorfor Avance to dage i træk er blevet banket ned efter flotte morgenstigninger.
STOLT-NIELSEN GAS LTD, a company controlled by STOLT-NIELSEN LIMITED, has sold a total of 2,252,800 shares of AVANCE GAS HOLDING in market trades. As a result of these trades, STOLT-NIELSEN GAS LTD has today, October 17, 2019, passed below the 5% notification threshold. The holding following this sale is 3,225,999 shares, corresponding to 4.99% of the shares in AVANCE GAS HOLDING.
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Stolt Nielsen er nede på 2.47 procent her til morgen 4-11 de har temligt sikkert solgt ud inden 29-11 hvor q3 bliver fremlagt. Jeg tror på en højre belægning og opnåede rater end Dorian Og Bw igen iøvrigt og et guide for Q4 som vil være kanon stærkt. Kursfesten skal helt sikkert fortsætte den er bare lige på hold for nuværende.
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LPG shipping sector is flying high
It's hard to deploy trade barriers against highly fungible commodities; they simply reflow like a brook around a stone. Consider propane. China needs a lot of it, both for heating and for its propane dehydrogenation (PDH) plants as a feedstock for propylene, which is used to manufacture plastics.
China slapped a 25% retaliatory tariff on U.S. liquefied petroleum gas (LPG), including propane, in mid-2018. You might think U.S LPG exports would have suffered. They haven't - they're growing rapidly.
The large majority of the world's LPG is exported from either the U.S. or the Middle East. All the Chinese tariffs have done is redirect the flows.
Most of China's LPG now comes from the Middle East. U.S. cargoes go primarily to Japan and Korea via the Panama Canal - and those volumes are increasing because China's LPG buys in the Middle East leave less supply from that source for Japan and Korea. If Chinese tariffs were curbing U.S. exports, Panama Canal transits would decrease, but LPG volumes transiting the waterway rose 8% in the fiscal year that ended Sept. 30.
The long-haul LPG routes are served by vessels called very large gas carriers (VLGCs), which have a capacity of 84,000 cubic meters each. The largest U.S.-listed owner of VLGCs - with a fleet of 21 owned ships plus one chartered-in - is Dorian LPG (NYSE: LPG). On Oct. 31, Dorian reported net income of $40.7 million for the second quarter of its fiscal year compared with a loss of $8.2 million in the same period last year. Adjusted earnings in the most recent period were $0.75 per share, well above the consensus forecast of $0.59.
VLGC spot rates are currently averaging the equivalent of around $60,000 per day, higher than they usually are at this time of year. The winter months typically herald lower VLGC spot rates. Buyers of LPG generally bring in cargoes for the winter ahead of time, while higher winter propane commodity pricing in Asia makes it more attractive to import naphtha as an alternate feedstock for propylene production.
During the conference call with analysts on Oct. 31, Dorian CEO John Hadjipateras highlighted the unusually strong spot rates for LPG (which are measured in dollars per ton, not dollars per day).
"On this date last year, the Baltic rate [for LPG spot shipping] was $41 a ton and the year before it was $30," said Hadjipateras. "Today, the Baltic is above $70. The market appears to have reached a degree of stability, having traded above $50 a ton since April of this year. And just this quarter, the Baltic struck its highest level since 2015, at $81 a couple of weeks ago."
Dorian President John Lycouris highlighted the broader market positives. "Seaborne LPG has grown 15% year to date over 2018, while U.S. export volumes in recent months have for the first time ever taken the global supply lead over Middle East exports. This might be a direct result of the attacks last month in Saudi Arabia, which affected lifting volumes in September and October."
Dorian President John Lycouris highlighted the broader market positives. "Seaborne LPG has grown 15% year to date over 2018, while U.S. export volumes in recent months have for the first time ever taken the global supply lead over Middle East exports. This might be a direct result of the attacks last month in Saudi Arabia, which affected lifting volumes in September and October."
He continued, "U.S. LPG supply has grown by 4.8 million tons year-over-year and the rest of the world supply has kept pace, growing 4.4 million tons year-over-year."
Lycouris added, "During the third quarter, we saw 187 VLGC liftings out of the U.S. - about six monthly cargoes on average more than last year - and we expect an increased number of liftings in the fourth quarter and next year on account of expanding U.S. export capacity."
On the demand front, he pointed to two new PDH units recently opened in China and facilities in South Korea that have operations with increased propane feedstock intake capacity.
Source: FreightWaves, Greg Miller -
Avance Gas ' har det ælste skib ud af 14 til salg for 40 mill $ kunne de sælge hele flåden til 45 mill $ stk i snit = 5600 mill nkr trække kontant beholdning ved årsskifte fra gæld ( 180 mill $ - 380 = 200 ) 1800 mill nrk aktuel børsværdi 2700 mill nrk = 4500 mill nrk forskel 1100 mill nrk i forhold til dagen kurs på skibsværdien alene hurtigt regnet ! Men hvorfor dog sælge når de næste år fremover bliver kanon gode ' 3Q d. 29-11 bliver spændende.
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Hovedet på blokken - "same procedure as last year"!
Som vanligt har jeg givet mit bud på kursraketter i det kommende år. Senest i december 2019 i Dansk Aktionærforenings medlemsblad. Mit bud blev som forrige år LPG-rederierne Avance Gas Holding og BW-LPG. De steg i 2019 henholdvis 350% og 211% i kurs.
2020 har har startet formiddabelt.På de første to børsdage i januar har Avance Gas Holding steget 15% og BW-LPG 12,39%.
Disclaimer: Jeg har aktier i begge selskaber.
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