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Research – Aurania Resources Ltd. (ARU:CA) – Initial Results Inform and Refine Direction of Drilling

Posted on by Admin

Friday, January 31, 2020

Aurania Resources Ltd. (ARU:CA)

Initial Results Inform and Refine Direction of Drilling

Aurania Resources Ltd. is a Canada-based junior mining exploration company engaged in the identification, evaluation, acquisition, and exploration of mineral property interests, with a focus on precious metals and copper. Its flagship asset, The Lost Cities-Cutucu Project, is in southeastern Ecuador in the Province of Morona-Santiago. The company also has several minor projects in Switzerland.

Mark Reichman, Senior Research Analyst, Noble Capital Markets, Inc.

Refer to the full report for the price target, fundamental analysis, and rating.

Initial assay results yield more information than gold. Six drill holes, representing approximately 2,500 meters of drilling, have been completed on the first three of four targets at Yawi. Assay results received for the first four holes indicated no significant gold or silver was intersected. Findings are being used to refine…

Aurania applies for mineral concessions in Peru. Aurania recently applied for mineral concessions in northern Peru. The applications are associated with the company’s non-refundable but transferable advance of C$2.4 million to acquire additional mineral property interests disclosed in third quarter 2019 financial reports. We believe the property interests encompass portions of the mineral belt that extend from…    



Get the full report on Channelchek desktop.

This Company Sponsored Research is provided by Noble Capital Markets, Inc., a FINRA and S.E.C. registered broker-dealer (B/D).

*Analyst
certification and important disclosures included in the full report. 
NOTE: investment decisions should not be based upon the content of
this research summary.  Proper due diligence is required before
making any investment decision. 

The Investor Conference at the Guitar Hotel in Florida offers More than New Ideas

Posted on by Admin

The Investor Conference at the Guitar Hotel in Florida offers More than New Ideas

           Seek continuous improvement and renewal
professionally and personally. – Stephen Covey

Does it make sense to not go to the largest investment conference of its kind?

Mixing work and pleasure is seldom as easy as we’d like. On the one hand, we’re looking to maximize our productivity in ways that enhance security and options in our life (make money). On the other hand, we need to recharge, rest, or take time to learn new skills and gain clarity-of-mind to find fresh opportunities (prepare).

Investors, business owners, athletes, and anyone faced with big drawdowns in some area of their life usually finds they benefit from a break. In reality, many business owners won’t allow themselves time off. This is especially common among “A” type personalities, and “A” type personalities are common among business leaders. As for investors, they may feel they always need to be engaged in monitoring, acting, and learning.

One solution to the need to step away yet need to be involved may be going to a conference that allows both. An option taken by many each Winter is to follow investors who flock to Florida for combined work and play. This Winter, approximately a thousand investors will be at the new Hard Rock “Guitar Hotel” to discover high potential growth investments, networking with others from across the globe, and solid play. For the purpose of full disclosure, Channelchek, where you are likely reading this, is a product of Noble Financial Group who meticulously plans this particular conference down to the last detail. The conference named NobleCon16 is their 16th annual investor conference. So, we have some insight and know that in addition to their having an agenda that appeals to both self-directed and professional investors, there is fun and surprise both on the agenda and off. The learning and networking event takes place over two full days, one of these days the market and most businesses are closed. So those attending may only miss one workday away from their desk.

Admittedly, we’re biased as to how we believe serious investors should recharge, regroup, and prepare. We also understand there are many different investment styles. What is presented at NobleCon16 may not suit your interests. However, the idea of a learning vacation is still something worth looking into. There is simply less guilt associated with being away when your leaning and making new contacts.

For those that feel they cannot comfortably keep away from “business” for even a few days, we hope that you’re at least relaxing as we are this weekend during the Superbowl.  Enjoy a fruitful week.

Information and Registration for NobleCon16: www.nobleconference.com

Research comtech telecommunications corp- cmtl gilat satellite a transformational acquisition

Posted on by Admin

Thursday, January 30, 2020

Comtech Telecommunications Corp. (CMTL)

Gilat Satellite: A Transformational Acquisition

Comtech Telecommunications Corp. engages in the design, development, production, and marketing of products, systems, and services for advanced communications solutions in the United States and internationally. It operates in three segments: Telecommunications Transmission, Mobile Data Communications, and RF Microwave Amplifiers. The Telecommunications Transmission segment provides satellite earth station equipment and systems, over-the-horizon microwave systems, and forward error correction technology, which are used in various commercial and government applications, including backhaul of wireless and cellular traffic, broadcasting (including HDTV), IP-based communications traffic, long distance telephony, and secure defense applications. The Mobile Data Communications segment provides mobile satellite transceivers, and computers and satellite earth station network gateways and associated installation, training, and maintenance services; supplies and operates satellite packet data networks, including arranging and providing satellite capacity; and offers microsatellites and related components. The RF Microwave Amplifiers segment designs, develops, manufactures, and markets satellite earth station traveling wave tube amplifiers (TWTA) and broadband amplifiers. Its amplifiers are used in broadcast and broadband satellite communication; defense applications, such as telecommunications systems and electronic warfare systems; and commercial applications comprising oncology treatment systems, as well as to amplify signals carrying voice, video, or data for air-to-satellite-to-ground communications. The company serves satellite systems integrators, wireless and other communication service providers, broadcasters, defense contractors, military, governments, and oil companies. Comtech markets its products through independent representatives and value-added resellers. The company was founded in 1967 and is headquartered in Melville, New York.

Joe Gomes, Senior Research Analyst, Noble Capital Markets, Inc.

Refer to the full report for the price target, fundamental analysis, and rating.

Gilat Acquisition. Gilat Acquisition. Yesterday, Comtech announced the acquisition of Gilat Satellite Networks, which we believe is a transformational acquisition for Comtech. On a pro forma combined basis, Comtech would have revenue of $926.1 million and adjusted EBITDA of $130.2 million.

The Deal. Comtech is paying $10.25/sh, with 70% in cash and 30% in stock. Total EV is $532.5 million resulting in an EV/TTM sales of 2.1x and…


Get the full report on Channelchek desktop.


This research is provided by Noble Capital Markets, Inc., a FINRA and S.E.C. registered broker-dealer (B/D).

*Analyst
certification and important disclosures included in the full report. 
NOTE: investment decisions should not be based upon the content of
this research summary.  Proper due diligence is required before
making any investment decision. 

Research genco shipping trading limited gnk scrubbers done quarterly dividend tempers weakness

Posted on by Admin

Thursday, January 30, 2020

Genco Shipping & Trading Limited (GNK)

Scrubbers Done, Quarterly Dividend Tempers Weakness

Genco Shipping & Trading Limited, incorporated on September 27, 2004, transports iron ore, coal, grain, steel products and other drybulk cargoes along shipping routes through the ownership and operation of drybulk carrier vessels. The Company is engaged in the ocean transportation of drybulk cargoes around the world through the ownership and operation of drybulk carrier vessels. As of December 31, 2016, its fleet consisted of 61 drybulk carriers, including 13 Capesize, six Panamax, four Ultramax, 21 Supramax, two Handymax and 15 Handysize drybulk carriers, with an aggregate carrying capacity of approximately 4,735,000 deadweight tons (dwt). Of the vessels in its fleet, 15 are on spot market-related time charters, and 27 are on fixed-rate time charter contracts. As of December 31, 2016, additionally, 19 of the vessels in its fleet were operating in vessel pools.

Poe Fratt, Senior Research Analyst, Noble Capital Markets, Inc.

Refer to the full report for the price target, fundamental analysis, and rating.

Scrubber program completed and all 17 Cape scrubbers ready now. Last installation done in mid-January. Capes are capturing value from IMO2020 changes and cape volatility adds upside optionality to bar bell strategy.

Dry bulk market weakness accelerating into 1Q2020. The Baltic Capesize Index (BCI) average of 822 so far in 1Q2020 is down 71% from 2,837 in 4Q2019, and the Baltic Supramax Index (BSI) average of 578 so far in 1Q2020 is down 40% from 956 in 4Q2019. While IMO2020 adjustments to the indices are partially to blame, the dry bulk market has clearly been weaker than expected and…


Get the full report on Channelchek desktop.


This research is provided by Noble Capital Markets, Inc., a FINRA and S.E.C. registered broker-dealer (B/D).

*Analyst
certification and important disclosures included in the full report. 
NOTE: investment decisions should not be based upon the content of
this research summary.  Proper due diligence is required before
making any investment decision. 

Research – Comtech Telecommunications Corp. (CMTL) – Gilat Satellite: A Transformational Acquisition

Posted on by Admin

Thursday, January 30, 2020

Comtech Telecommunications Corp. (CMTL)

Gilat Satellite: A Transformational Acquisition

Comtech Telecommunications Corp. engages in the design, development, production, and marketing of products, systems, and services for advanced communications solutions in the United States and internationally. It operates in three segments: Telecommunications Transmission, Mobile Data Communications, and RF Microwave Amplifiers. The Telecommunications Transmission segment provides satellite earth station equipment and systems, over-the-horizon microwave systems, and forward error correction technology, which are used in various commercial and government applications, including backhaul of wireless and cellular traffic, broadcasting (including HDTV), IP-based communications traffic, long distance telephony, and secure defense applications. The Mobile Data Communications segment provides mobile satellite transceivers, and computers and satellite earth station network gateways and associated installation, training, and maintenance services; supplies and operates satellite packet data networks, including arranging and providing satellite capacity; and offers microsatellites and related components. The RF Microwave Amplifiers segment designs, develops, manufactures, and markets satellite earth station traveling wave tube amplifiers (TWTA) and broadband amplifiers. Its amplifiers are used in broadcast and broadband satellite communication; defense applications, such as telecommunications systems and electronic warfare systems; and commercial applications comprising oncology treatment systems, as well as to amplify signals carrying voice, video, or data for air-to-satellite-to-ground communications. The company serves satellite systems integrators, wireless and other communication service providers, broadcasters, defense contractors, military, governments, and oil companies. Comtech markets its products through independent representatives and value-added resellers. The company was founded in 1967 and is headquartered in Melville, New York.

Joe Gomes, Senior Research Analyst, Noble Capital Markets, Inc.

Refer to the full report for the price target, fundamental analysis, and rating.

Gilat Acquisition. Gilat Acquisition. Yesterday, Comtech announced the acquisition of Gilat Satellite Networks, which we believe is a transformational acquisition for Comtech. On a pro forma combined basis, Comtech would have revenue of $926.1 million and adjusted EBITDA of $130.2 million.

The Deal. Comtech is paying $10.25/sh, with 70% in cash and 30% in stock. Total EV is $532.5 million resulting in an EV/TTM sales of 2.1x and…


Get the full report on Channelchek desktop.


This research is provided by Noble Capital Markets, Inc., a FINRA and S.E.C. registered broker-dealer (B/D).

*Analyst
certification and important disclosures included in the full report. 
NOTE: investment decisions should not be based upon the content of
this research summary.  Proper due diligence is required before
making any investment decision. 

Research – Genco Shipping & Trading Limited (GNK) – Scrubbers Done, Quarterly Dividend Tempers Weakness

Posted on by Admin

Thursday, January 30, 2020

Genco Shipping & Trading Limited (GNK)

Scrubbers Done, Quarterly Dividend Tempers Weakness

Genco Shipping & Trading Limited, incorporated on September 27, 2004, transports iron ore, coal, grain, steel products and other drybulk cargoes along shipping routes through the ownership and operation of drybulk carrier vessels. The Company is engaged in the ocean transportation of drybulk cargoes around the world through the ownership and operation of drybulk carrier vessels. As of December 31, 2016, its fleet consisted of 61 drybulk carriers, including 13 Capesize, six Panamax, four Ultramax, 21 Supramax, two Handymax and 15 Handysize drybulk carriers, with an aggregate carrying capacity of approximately 4,735,000 deadweight tons (dwt). Of the vessels in its fleet, 15 are on spot market-related time charters, and 27 are on fixed-rate time charter contracts. As of December 31, 2016, additionally, 19 of the vessels in its fleet were operating in vessel pools.

Poe Fratt, Senior Research Analyst, Noble Capital Markets, Inc.

Refer to the full report for the price target, fundamental analysis, and rating.

Scrubber program completed and all 17 Cape scrubbers ready now. Last installation done in mid-January. Capes are capturing value from IMO2020 changes and cape volatility adds upside optionality to bar bell strategy.

Dry bulk market weakness accelerating into 1Q2020. The Baltic Capesize Index (BCI) average of 822 so far in 1Q2020 is down 71% from 2,837 in 4Q2019, and the Baltic Supramax Index (BSI) average of 578 so far in 1Q2020 is down 40% from 956 in 4Q2019. While IMO2020 adjustments to the indices are partially to blame, the dry bulk market has clearly been weaker than expected and…


Get the full report on Channelchek desktop.


This research is provided by Noble Capital Markets, Inc., a FINRA and S.E.C. registered broker-dealer (B/D).

*Analyst
certification and important disclosures included in the full report. 
NOTE: investment decisions should not be based upon the content of
this research summary.  Proper due diligence is required before
making any investment decision. 

Research dyadic international inc- dyai c1 technologys potential to manufacture candidate vaccines against coronavirus

Posted on by Admin

Wednesday, January 29, 2020

Dyadic International Inc. (DYAI)

C1 Technology’s Potential to Manufacture Candidate Vaccines Against Coronavirus

Dyadic International, Inc. is a global biotechnology company which is developing what it believes will be a potentially significant biopharmaceutical gene expression platform based on the industrially proven hyper productive engineered fungus Thermothelomyces heterothallica (formerly Myceliophthora thermophila), named C1.
The C1 microorganism, which enables the development and large scale manufacture of low cost proteins, has the potential to be further developed into a safe and efficient expression system that may help speed up the development, lower production costs and improve the performance of biologic vaccines and drugs at flexible commercial scales. Dyadic is using the C1 technology and other technologies to conduct research, development and commercial activities for the development and manufacturing of human and animal vaccines and drugs, such as virus like particles (VLPs) and antigens, monoclonal antibodies, Fab antibody fragments, Fc-Fusion proteins, biosimilars and/or biobetters, and other therapeutic proteins. Dyadic pursues research and development collaborations, licensing arrangements and other commercial opportunities with its partners and collaborators to leverage the value and benefits of these technologies in development and manufacture of biopharmaceuticals. In particular, as the aging population grows in developed and undeveloped countries, Dyadic believes the C1 technology may help bring biologic vaccines, drugs and other biologic products to market faster, in greater volumes, at lower cost, and with new properties to drug developers and manufacturers, and improve access and cost to patients and the healthcare system, but most importantly save lives.

Ahu Demir, Ph.D., Biotechnology Research Analyst, Noble Capital Markets, Inc.

Refer to the full report for the price target, fundamental analysis, and rating.

Rapidly growing epidemic and concerns on coronavirus outbreak. The deadly new virus, coronavirus, is a fast-growing epidemic in China. The number of confirmed cases increased from 2,835 on Monday (January 27) to 4,515 on Tuesday (January 28), according to the National Health Commission, jumping nearly 60 percent overnight. Epidemic is now expanding to other countries, including the United States. There are currently five cases in the U.S.

Potential higher rate of spread, but less deadly than SARS. Severe acute respiratory syndrome (SARS) is a related infectious disease, which erupted in China in 2002 and spread globally in 2003. SARS killed about 10% of the people it infected, while thus far coronavirus has killed about 3% of those infected. There are many unknowns regarding this new deadly strain of coronavirus; however,…


Get the full report on Channelchek desktop.

This Company Sponsored Research is provided by Noble Capital Markets, Inc., a FINRA and S.E.C. registered broker-dealer (B/D).

*Analyst
certification and important disclosures included in the full report. 
NOTE: investment decisions should not be based upon the content of
this research summary.  Proper due diligence is required before
making any investment decision. 

Research great panther mining limited gpl exploration activity in mexico carries momentum into 2020

Posted on by Admin

Wednesday, January 29, 2020

Great Panther Mining Limited (GPL)

Exploration Activity in Mexico Carries Momentum into 2020

Great Panther Mining Limited, headquartered in Vancouver, Canada, is a precious metals mining and exploration company that operates three mines. These include: 1) the Tucano gold mine in Amapa State, Brazil, 2) the Guanajuato mine complex which includes the Guanajuato and San Ignacio mines in Mexico, and 3) the Topia mine in Mexico. Great Panther also owns the Coricancha Mine in Peru, which is expected to restart operations in 2020. The shares are traded under the ticker “GPR” on the Toronto Stock Exchange and under the ticker “GPL” on the NYSE American.

Mark Reichman, Senior Research Analyst, Noble Capital Markets, Inc.

Refer to the full report for the price target, fundamental analysis, and rating.

Investing in Mexico. While attention in 2019 largely focused on the company’s Tucano mine in Brazil, Great Panther executed a successful exploration program in Mexico that set the stage for 2020. Following 21,711 meters of drilling in 2019, the company has allocated $4 million to fund exploration in Mexico in 2020, focused mainly on the Guanajuato and San Ignacio mines. The 2020 drilling program calls for 14,400 meters of drilling at the Guanajuato mine, up to 8,500 meters of drilling at the San Ignacio mine and 2,500 meters at Topia.

Guanajuato mine could resume production in 2020. At the beginning of 2019, production was suspended at the Guanajuato mine in order to focus on exploration for higher grade resources. Three rigs completed 8,832 meters of drilling in 126 holes and…


Get the full report on Channelchek desktop.

This research is provided by Noble Capital Markets, Inc., a FINRA and S.E.C. registered broker-dealer (B/D).

*Analyst
certification and important disclosures included in the full report. 
NOTE: investment decisions should not be based upon the content of
this research summary.  Proper due diligence is required before
making any investment decision. 

Long Story Short: The Economic Symptoms from Epidemics Have Been Felt Before

Posted on by Admin

The Quick Spread of Coronavirus is Impacting Global Economies and Markets

(Note: companies that
could be impacted by the content of this article are listed at the base of the
story [desktop version]. This article uses third-party references to provide a
bullish, bearish, and balanced point of view; sources are listed after the
Balanced section.)

The coronavirus, first identified on December 31, has killed 81 people in China and infected more than 2,800 worldwide including five in the United States.  Coronavirus is an animal virus that has evolved to infect people.  It is constantly adapting and mutating making controlling the outbreak a challenge.  It can be spread between people not unlike the Severe Acute Respiratory Syndrome (SARS) or Middle East Respiratory Syndrome (MERS) viruses.   Given the rapid escalation of reported infections, the virus has the potential to spread to a point where it has an impact on companies involved in travel, vacation and health care.  Further escalation could even impact the economic growth rate of China and its trading partners.  World health officials are scrambling to contain the spread of the coronavirus.  But are officials prepared to contain the spread of the impact of the virus on the world’s economies?

Research – Dyadic International Inc. (DYAI) – C1 Technology’s Potential to Manufacture Candidate Vaccines Against Coronavirus

Posted on by Admin

Wednesday, January 29, 2020

Dyadic International Inc. (DYAI)

C1 Technology’s Potential to Manufacture Candidate Vaccines Against Coronavirus

Dyadic International, Inc. is a global biotechnology company which is developing what it believes will be a potentially significant biopharmaceutical gene expression platform based on the industrially proven hyper productive engineered fungus Thermothelomyces heterothallica (formerly Myceliophthora thermophila), named C1.
The C1 microorganism, which enables the development and large scale manufacture of low cost proteins, has the potential to be further developed into a safe and efficient expression system that may help speed up the development, lower production costs and improve the performance of biologic vaccines and drugs at flexible commercial scales. Dyadic is using the C1 technology and other technologies to conduct research, development and commercial activities for the development and manufacturing of human and animal vaccines and drugs, such as virus like particles (VLPs) and antigens, monoclonal antibodies, Fab antibody fragments, Fc-Fusion proteins, biosimilars and/or biobetters, and other therapeutic proteins. Dyadic pursues research and development collaborations, licensing arrangements and other commercial opportunities with its partners and collaborators to leverage the value and benefits of these technologies in development and manufacture of biopharmaceuticals. In particular, as the aging population grows in developed and undeveloped countries, Dyadic believes the C1 technology may help bring biologic vaccines, drugs and other biologic products to market faster, in greater volumes, at lower cost, and with new properties to drug developers and manufacturers, and improve access and cost to patients and the healthcare system, but most importantly save lives.

Ahu Demir, Ph.D., Biotechnology Research Analyst, Noble Capital Markets, Inc.

Refer to the full report for the price target, fundamental analysis, and rating.

Rapidly growing epidemic and concerns on coronavirus outbreak. The deadly new virus, coronavirus, is a fast-growing epidemic in China. The number of confirmed cases increased from 2,835 on Monday (January 27) to 4,515 on Tuesday (January 28), according to the National Health Commission, jumping nearly 60 percent overnight. Epidemic is now expanding to other countries, including the United States. There are currently five cases in the U.S.

Potential higher rate of spread, but less deadly than SARS. Severe acute respiratory syndrome (SARS) is a related infectious disease, which erupted in China in 2002 and spread globally in 2003. SARS killed about 10% of the people it infected, while thus far coronavirus has killed about 3% of those infected. There are many unknowns regarding this new deadly strain of coronavirus; however,…


Get the full report on Channelchek desktop.

This Company Sponsored Research is provided by Noble Capital Markets, Inc., a FINRA and S.E.C. registered broker-dealer (B/D).

*Analyst
certification and important disclosures included in the full report. 
NOTE: investment decisions should not be based upon the content of
this research summary.  Proper due diligence is required before
making any investment decision. 

Research – Great Panther Mining Limited (GPL) – Exploration Activity in Mexico Carries Momentum into 2020

Posted on by Admin

Wednesday, January 29, 2020

Great Panther Mining Limited (GPL)

Exploration Activity in Mexico Carries Momentum into 2020

Great Panther Mining Limited, headquartered in Vancouver, Canada, is a precious metals mining and exploration company that operates three mines. These include: 1) the Tucano gold mine in Amapa State, Brazil, 2) the Guanajuato mine complex which includes the Guanajuato and San Ignacio mines in Mexico, and 3) the Topia mine in Mexico. Great Panther also owns the Coricancha Mine in Peru, which is expected to restart operations in 2020. The shares are traded under the ticker “GPR” on the Toronto Stock Exchange and under the ticker “GPL” on the NYSE American.

Mark Reichman, Senior Research Analyst, Noble Capital Markets, Inc.

Refer to the full report for the price target, fundamental analysis, and rating.

Investing in Mexico. While attention in 2019 largely focused on the company’s Tucano mine in Brazil, Great Panther executed a successful exploration program in Mexico that set the stage for 2020. Following 21,711 meters of drilling in 2019, the company has allocated $4 million to fund exploration in Mexico in 2020, focused mainly on the Guanajuato and San Ignacio mines. The 2020 drilling program calls for 14,400 meters of drilling at the Guanajuato mine, up to 8,500 meters of drilling at the San Ignacio mine and 2,500 meters at Topia.

Guanajuato mine could resume production in 2020. At the beginning of 2019, production was suspended at the Guanajuato mine in order to focus on exploration for higher grade resources. Three rigs completed 8,832 meters of drilling in 126 holes and…


Get the full report on Channelchek desktop.

This research is provided by Noble Capital Markets, Inc., a FINRA and S.E.C. registered broker-dealer (B/D).

*Analyst
certification and important disclosures included in the full report. 
NOTE: investment decisions should not be based upon the content of
this research summary.  Proper due diligence is required before
making any investment decision. 

The Quick Spread of Coronavirus is Impacting Global Economies and Markets

Posted on by Admin

The Quick Spread of Coronavirus is Impacting Global Economies and Markets

(Note: companies that
could be impacted by the content of this article are listed at the base of the
story [desktop version]. This article uses third-party references to provide a
bullish, bearish, and balanced point of view; sources are listed after the
Balanced section.)

The coronavirus, first identified on December 31, has killed 81 people in China and infected more than 2,800 worldwide including five in the United States.  Coronavirus is an animal virus that has evolved to infect people.  It is constantly adapting and mutating making controlling the outbreak a challenge.  It can be spread between people not unlike the Severe Acute Respiratory Syndrome (SARS) or Middle East Respiratory Syndrome (MERS) viruses.   Given the rapid escalation of reported infections, the virus has the potential to spread to a point where it has an impact on companies involved in travel, vacation and health care.  Further escalation could even impact the economic growth rate of China and its trading partners.  World health officials are scrambling to contain the spread of the coronavirus.  But are officials prepared to contain the spread of the impact of the virus on the world’s economies?

Research – Scorpio Bulkers (SALT) – Weakness Takes A Toll, But Rebound Expected

Posted on by Admin

Tuesday, January 28, 2020

Scorpio Bulkers (SALT)

Weakness Takes A Toll, But Rebound Expected

Scorpio Bulkers Inc is a shipping company based in Monaco. It owns and operates a fleet of modern mid to large-size dry bulk carriers which provide marine transportation for major bulks, which include iron ore, coal and grain and minor bulks which include bauxite, fertilizers and steel products internationally. In terms of its dead weight tonnage, its vessels are classified as Capesize, Kamsarmax and Ultramax, by the order of highest to lowest capacity, with Kamsarmax accounting for the highest revenue.

Poe Fratt, Senior Research Analyst, Noble Capital Markets, Inc.

Refer to the full report for the price target, fundamental analysis, and rating.

Adjusted 4Q2019 EBITDA of $20.0 million well below expectations. The main reasons for the negative variance were lower TCE rates, higher opex/G&A expenses and higher downtime for scrubber installations. Non-cash items include gain in STNG investment of $47 million and asset write down of $25 million.

Dry bulk market weakness accelerating into 1Q2020. The Baltic Panamax Index (BPI) average of 814 so far in 1Q2020 is down 52% from 1,461 in 4Q2019, and the Baltic Supramax Index (BSI) average of 542 so far in 1Q2020 is down 43% from 956 in 4Q2019. While IMO2020 adjustments to the indices have been partially to blame, the dry bulk market has clearly been weaker than expected and…


Get the full report on Channelchek desktop.

This research is provided by Noble Capital Markets, Inc., a FINRA and S.E.C. registered broker-dealer (B/D).

*Analyst
certification and important disclosures included in the full report. 
NOTE: investment decisions should not be based upon the content of
this research summary.  Proper due diligence is required before
making any investment decision.