|Marius Magelie||ABG Sundal collier asa||+47 22 01 61 62||MARIUS.MAGELIE@ABGSC.NO|
|Jan Andreas Næss||fearnley securities as||+47 22 93 63 email@example.com|
Fearnleys – Newsflash – 18 August 2016
Belships (BUY / TP NOK 4.00)
* 2Q16 results
BEL delivered second quarter results which were operationally above our expectations. The positive net result for the quarter ascribes to the company’s solid contract coverage, with the entire fleet fixed on TCs. From this we also expect continued positive results going forward, which is a rare in the current dry bulk market. The company is thus nicely set up to weather this downcycle, and we upgrade the share to Buy (Reduce, TP NOK 2) with a NOK 4/share target price given our view that the market balance is set to improve going forward.
Fearnleys – Shipping morning report – October 28, 2014
Belships (Reduce, TP NOK 5.0)
* 3q14 results
Belships reported better than expected results, with EBITDA of USD 2.2m vs. FS est. of USD 1.5m, and net income adjusted for a USD 3.2m impairment on vessel values came to USD 0.8m vs. FS est. of USD 0.1m. The better than expected results relates to lower than expected operating costs. After re-delivering an MR tanker earlier this year, the company is now focused on the dry bulk market, with three sailing Supramaxes, and three under construction in Japan. The company comments that “focus will be to further develop Belships as an owner/operator of modern bulk carriers to reputable counterparts,” where the ambition is to further build a high quality fleet with robust charter parties. With solid charters on its sailing fleet, the company is well positioned through what we see as uncertain dry bulk market conditions going forward.
Fearnleys – Shipping Weekly – Week 34, 2014
Belships (BUY, TP NOK 9)
Reported 2q14 results slightly above expectations with EBITDA of USD 1.8m vs. FSest of USD 1.5m, and net income of USD 0.4m vs FSest of USD 0.1m. The better than expected results were largely due to lower than expected operating expenses. We maintain that BEL is well positioned with above market level TCs and a modern fleet including NBs.