Analyst Coverage
| Name | company | Phone | Latest report | |
| 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 72 | j.naess@fearnleys.no | |
Fearnleys – Shipping morning report – August 24, 2017
Belships (Buy, TP NOK 7.90)
* 2Q17 results as expected
Belships report an EBITDA of USD 3m, in line with FS estimates and previous quarters. Other P&L items spot on previous quarters, leaving a positive net result of USD 0.7. All vessels performed well in the quarter, leaving no unscheduled downtime for the 100% contracted fleet. Two of three Supramaxes are covered at 16k/day through Aug/May 18/19, whilst the final one rolls of its USD 7.7k/d TC in November (+2m options). For the Ultras, M/S Beliforest (BB-in) is set to roll off next month, whilst M/S Belisland (BBin) is expected to remain on its current USD 17.3k/day TC out to Canpotex through 1q21. Reiterate Buy, TP NOK 7.9.
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.