GOGL - Skipsverdiene på vei opp?
PAS er ute med en sektorrapport på shipping i dag, hvor de øker kursmålet på GOGL til $11,50 ($10,00). De skriver blant annet følgende:
"Despite some early Q2 nervousness, spot rates are now increasing and period rates are pushing cape-values higher – with the first sizeable uplift here since early 2017. We have raised estimates and asset values, and now see the sector trading in line – or below NAVs. At this point of the year this is attractive in our view, and we recommend to stock up on drybulk equities for the coming late Q3 spot rate rally. BUY, TPs lifted; GOGL and SBLK are top picks."
I tillegg gjør Genco en emisjon I forbindelse med at de kjøper fire skip; to caper og to ultramaxer:
"GENCO:KJØPER TO CAPESIZE, TO ULTRAMAX FOR USD 141M
Oslo (TDN Direkt): Genco Shipping & Trading kjøper to 2015-bygde capesizer og to ultramaxer, bygget henholdsvis i 2014 og 2016, for en samlet sum av 141 millioner dollar, ifølge Splash fredag.
Alle skipene er bygget med en drivstoffbesparende "eco"-motor.
HH, finans@tdn.no
TDN Direkt, +47 21 95 60 70"
*****************************************************************************
Verdiene på denne transaksjonen er også kommentert på twitter:
"$GNK (#BUY, TP 26) w equity raise to finance fleet renewal. 2x #Capesize & 2x #Ultramax bought 14% above our latest valuation & confirms our view of rising prices. Positive read-across for #drybulk #shipping $DSX $EGLE $GOGL $SALT $SB $SBLK $SBULK $SHIP"
Personlig tror jeg dette skal løfte kursen i GOGL videre i dag, men og at vi kan få se en kraftig reprising av aksjen dersom både skipsverdiene og ratene fortsetter nordover.
"Despite some early Q2 nervousness, spot rates are now increasing and period rates are pushing cape-values higher – with the first sizeable uplift here since early 2017. We have raised estimates and asset values, and now see the sector trading in line – or below NAVs. At this point of the year this is attractive in our view, and we recommend to stock up on drybulk equities for the coming late Q3 spot rate rally. BUY, TPs lifted; GOGL and SBLK are top picks."
I tillegg gjør Genco en emisjon I forbindelse med at de kjøper fire skip; to caper og to ultramaxer:
"GENCO:KJØPER TO CAPESIZE, TO ULTRAMAX FOR USD 141M
Oslo (TDN Direkt): Genco Shipping & Trading kjøper to 2015-bygde capesizer og to ultramaxer, bygget henholdsvis i 2014 og 2016, for en samlet sum av 141 millioner dollar, ifølge Splash fredag.
Alle skipene er bygget med en drivstoffbesparende "eco"-motor.
HH, finans@tdn.no
TDN Direkt, +47 21 95 60 70"
*****************************************************************************
Verdiene på denne transaksjonen er også kommentert på twitter:
"$GNK (#BUY, TP 26) w equity raise to finance fleet renewal. 2x #Capesize & 2x #Ultramax bought 14% above our latest valuation & confirms our view of rising prices. Positive read-across for #drybulk #shipping $DSX $EGLE $GOGL $SALT $SB $SBLK $SBULK $SHIP"
Personlig tror jeg dette skal løfte kursen i GOGL videre i dag, men og at vi kan få se en kraftig reprising av aksjen dersom både skipsverdiene og ratene fortsetter nordover.
KJEPET
15.06.2018 kl 08:07
2342
Takk for den Sa2ri. Dette underbygger utviklingen vi har sett den siste tiden. De to Ultramaxene er maksimalt verdt $48M. Da får vi en snittpris på $46,5M på Capene, noe som er fantastisk bra:-)
Sa2ri
15.06.2018 kl 10:00
2151
Her er et lite klipp fra PAS sin Shipping Daily i dag hvor de gjentar noe av det som står i den større sektorrapporten de ga ut i dag:
"Genco raising equity to buy four ships at another value uplift
- After close yesterday, Genco announced that it intends to raise equity to fund in part four ships; 2x 2015-built capes and 2x ultramaxes built 2014 and 2016
- Both capes and one ultramax built in China, but no further specifics revealed about the fleet. The price is set at USD 141m, which is 6% above our quote for those vintages/asset classes. As we just revised values up based on the CBC-sale of the 2015-cape ‘Red Cherry’ this then marks another uptick which we will have to review
- We maintain our positive view on the drybulk markets, having published a sector update earlier this morning with BUY-recommendations on all the four names we cover (DSX, SALT, SBLK and GOGL)"
"Genco raising equity to buy four ships at another value uplift
- After close yesterday, Genco announced that it intends to raise equity to fund in part four ships; 2x 2015-built capes and 2x ultramaxes built 2014 and 2016
- Both capes and one ultramax built in China, but no further specifics revealed about the fleet. The price is set at USD 141m, which is 6% above our quote for those vintages/asset classes. As we just revised values up based on the CBC-sale of the 2015-cape ‘Red Cherry’ this then marks another uptick which we will have to review
- We maintain our positive view on the drybulk markets, having published a sector update earlier this morning with BUY-recommendations on all the four names we cover (DSX, SALT, SBLK and GOGL)"
Gull i pungen
15.06.2018 kl 13:47
1956
Sakset fra TradeWinds
Genco in $141m deal for four bulkers
UPDATE: Bulker owner readies stock offering as it enters agreement for en-bloc purchase of four bulkers.
Genco Shipping & Trading plans a common stock offering as it looks to finance an $141m deal for four modern bulkers.
The diversified bulker owner announced late Thursday it "commenced a public offering of common stock" with the proceeds from sales pegged for "future vessel acquisitions."
In the follow-on prospectus, Genco said it entered an agreement for the "en-bloc" purchase of four dry bulk vessels for approximately $141m using cash in hand.
The deal includes two 2015-built capesizes and a 2014-built ultramax from "First-tier" Chinese shipyards and 2016-built ultramax from a first-tier Japanese shipyard.
Genco said the two capesizes came from among three offered by the seller.
The seller and names were not immediately available. But VesselsValue shows Zodiac Maritime and Golden Ocean each having at least three capesizes built at Shanghai Waigaoqiao in 2015.
Genco said it may look to lever the purchases through debt financing and "to finance or refinance a portion of potential future vessel acquisitions."
The size of the equity offering, which is being managed by Jefferies and Fearnley Securities, was not announced
The news sent Genco's stock price down just under 5% in after hours trading.
The offering comes as Genco's shares have been buoyed by resurgent demand for dry bulk shipping.
Genco's shares have risen some 37% this year, compared to Star Bulk Carriers' 22% and Golden Ocean's 10% gain.
Chief executive John Wobensmith has been a vocal advocate of bringing the fragmented industry together, saying last year at an investor forum "the industry needs consolidation."
The offering comes after other steps Genco has taken to boost its firepower. The company signaled plans to sell 15 vessels which, along with its $200m cash position, presents "a significant war chest" said Deutsche Bank analyst Amit Mehrotra in an earlier note.
Peers, though, have been quicker off the mark in that regard with Star Bulk Carriers paying $331m for the 15-strong fleet of Songa Bulk earlier this year.
Genco in $141m deal for four bulkers
UPDATE: Bulker owner readies stock offering as it enters agreement for en-bloc purchase of four bulkers.
Genco Shipping & Trading plans a common stock offering as it looks to finance an $141m deal for four modern bulkers.
The diversified bulker owner announced late Thursday it "commenced a public offering of common stock" with the proceeds from sales pegged for "future vessel acquisitions."
In the follow-on prospectus, Genco said it entered an agreement for the "en-bloc" purchase of four dry bulk vessels for approximately $141m using cash in hand.
The deal includes two 2015-built capesizes and a 2014-built ultramax from "First-tier" Chinese shipyards and 2016-built ultramax from a first-tier Japanese shipyard.
Genco said the two capesizes came from among three offered by the seller.
The seller and names were not immediately available. But VesselsValue shows Zodiac Maritime and Golden Ocean each having at least three capesizes built at Shanghai Waigaoqiao in 2015.
Genco said it may look to lever the purchases through debt financing and "to finance or refinance a portion of potential future vessel acquisitions."
The size of the equity offering, which is being managed by Jefferies and Fearnley Securities, was not announced
The news sent Genco's stock price down just under 5% in after hours trading.
The offering comes as Genco's shares have been buoyed by resurgent demand for dry bulk shipping.
Genco's shares have risen some 37% this year, compared to Star Bulk Carriers' 22% and Golden Ocean's 10% gain.
Chief executive John Wobensmith has been a vocal advocate of bringing the fragmented industry together, saying last year at an investor forum "the industry needs consolidation."
The offering comes after other steps Genco has taken to boost its firepower. The company signaled plans to sell 15 vessels which, along with its $200m cash position, presents "a significant war chest" said Deutsche Bank analyst Amit Mehrotra in an earlier note.
Peers, though, have been quicker off the mark in that regard with Star Bulk Carriers paying $331m for the 15-strong fleet of Songa Bulk earlier this year.