Category: Transportation

Wednesday, April 29, 2020

Pyxis Tankers Inc. (PXS)

Floating Storage Enhances Refined Product Tanker Outlook

Pyxis Tankers Inc is a United States-based international maritime transportation company which focuses on the product tanker sector. It owns a fleet which comprises of double hull product tankers employed under a mix of short- and medium-term time charters and spot charters. The fleet owned by the company includes Pyxis Epsilon, Pyxis Theta, Pyxis Malou, Pyxis Delta, Northsea Alpha, and Northsea Beta. Each of the vessels in the fleet is capable of transporting refined petroleum products, such as naphtha, gasoline, jet fuel, kerosene, diesel, fuel oil, and other liquid bulk items, such as vegetable oils and organic chemicals.

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

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

Floating storage demand is boosting near-term refined product tanker market outlook. Global crude oil and refined product demand has dropped sharply due to measures to curb the Coronavirus and onshore storage capacity is filling up. The net result is higher demand for floating storage. Initially, crude oil tankers were positively impacted, but traders/marketers are looking for refined product tankers for storage of refined products to take advantage of attractive market conditions. As a result, the near-term outlook for MRs has improved markedly and TCE rates are moving higher. While it is difficult to predict when floating storage demand moderates and inventory destocking will ramp up, the long-term fundamentals remain attractive due to a shift in refining capacity in the eastern hemisphere and a limited order book (at the lowest level since 2000).


Maintaining 2020 EBITDA estimate, but positive surprises could materialize. Our 2020 EBITDA estimate remains at $6.9 million based on TCE rates of $13.5k/day and 1,589 operating days. Two one-year options recently expired so now all of the MRs are slated to reprice in 2Q2020; the Malou and Theta over the next month and the Epsilon in late June after a special survey. Operating leverage is high and each $1,000/day increase on the three MRs equates to EBITDA of $0.5 million over 2H2020. Due to Coronavirus related admin disruptions, 1Q2020 operating results could be pushed out into…






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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. 

Wednesday, April 1, 2020

Great Lakes Dredge & Dock (GLDD)

Volatile Quarter But Favorable Outlook Intact

Great Lakes Dredge & Dock Corp is a provider of dredging services in the United States. The company only’s operating segments is Dredging. Dredging involves the enhancement or preservation of navigability of waterways or the protection of shorelines through the removal or replenishment of soil, sand or rock. Its projects portfolio includes Coastal Restoration, Coastal Protection, Port expansion, and others.

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

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

No change in dredging market outlook We believe that the widespread disruption caused by the Coronavirus will have a minimal impact since dredging is defined as an essential service, per advisories from the Department of Homeland Security (DHS).


Adjusting year to date awards to $71.6 million. Our previous note included a $14 million job that was awarded at year-end 2019, not this year. More than $100 million of low bids pending award remain outstanding, and the next phase of stimulus seems likely to be…





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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. 

Wednesday, April 1, 2020

Great Lakes Dredge & Dock (GLDD)

Volatile Quarter But Favorable Outlook Intact

Great Lakes Dredge & Dock Corp is a provider of dredging services in the United States. The company only’s operating segments is Dredging. Dredging involves the enhancement or preservation of navigability of waterways or the protection of shorelines through the removal or replenishment of soil, sand or rock. Its projects portfolio includes Coastal Restoration, Coastal Protection, Port expansion, and others.

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

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

No change in dredging market outlook We believe that the widespread disruption caused by the Coronavirus will have a minimal impact since dredging is defined as an essential service, per advisories from the Department of Homeland Security (DHS).


Adjusting year to date awards to $71.6 million. Our previous note included a $14 million job that was awarded at year-end 2019, not this year. More than $100 million of low bids pending award remain outstanding, and the next phase of stimulus seems likely to be…





Click here to get the full report.

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. 

Wednesday, March 25, 2020

Pangaea Logistics Solutions Ltd. (PANL)

Unique Business Model Positive for Uncertainty Ahead

Pangaea Logistics Solutions Ltd and its subsidiaries provide seaborne drybulk transportation services. It transports drybulk cargos including grains, coal, iron, ore, pig, iron, hot briquetted iron, bauxite, alumina, cement clinker, dolomite and limestone. The firm’s services include cargo loading, cargo discharge, vessel chartering, voyage planning and technical vessel management. The company derives all of its revenues from contracts of affreightment, voyage charters and time charters. Its strategy depends on focusing on increasing strategic contracts of affreightment, expanding capacity and flexibility by increasing its owned fleet and increasing backhaul focus and fleet efficiency.

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

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

Consistent business model delivered solid 4Q2019 results, but adjusting 2020 EBITDA estimate to reflect near-term uncertainty. While China is slowly returning to work and returning to normal, the near-term outlook is uncertain. As a result, our EBITDA estimate moves down to $47.1 million from $54.6 million, based on TCE rates of $13,423 and and 16,760 shipping days.


Fleet renewal intact with new build new program and sale of older assets. Acquisitions are possible if market…




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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. 

Wednesday, March 25, 2020

Pangaea Logistics Solutions Ltd. (PANL)

Unique Business Model Positive for Uncertainty Ahead

Pangaea Logistics Solutions Ltd and its subsidiaries provide seaborne drybulk transportation services. It transports drybulk cargos including grains, coal, iron, ore, pig, iron, hot briquetted iron, bauxite, alumina, cement clinker, dolomite and limestone. The firm’s services include cargo loading, cargo discharge, vessel chartering, voyage planning and technical vessel management. The company derives all of its revenues from contracts of affreightment, voyage charters and time charters. Its strategy depends on focusing on increasing strategic contracts of affreightment, expanding capacity and flexibility by increasing its owned fleet and increasing backhaul focus and fleet efficiency.

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

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

Consistent business model delivered solid 4Q2019 results, but adjusting 2020 EBITDA estimate to reflect near-term uncertainty. While China is slowly returning to work and returning to normal, the near-term outlook is uncertain. As a result, our EBITDA estimate moves down to $47.1 million from $54.6 million, based on TCE rates of $13,423 and and 16,760 shipping days.


Fleet renewal intact with new build new program and sale of older assets. Acquisitions are possible if market…




Click here to get the full report.

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. 

Tuesday, March 24, 2020

Pangaea Logistics Solutions Ltd. (PANL)

A Strong Quarter. Unique Business Model Helps Offset Uncertainty.

Pangaea Logistics Solutions Ltd and its subsidiaries provide seaborne drybulk transportation services. It transports drybulk cargos including grains, coal, iron, ore, pig, iron, hot briquetted iron, bauxite, alumina, cement clinker, dolomite and limestone. The firm’s services include cargo loading, cargo discharge, vessel chartering, voyage planning and technical vessel management. The company derives all of its revenues from contracts of affreightment, voyage charters and time charters. Its strategy depends on focusing on increasing strategic contracts of affreightment, expanding capacity and flexibility by increasing its owned fleet and increasing backhaul focus and fleet efficiency.

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

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

Unique business model delivers solid results. 4Q2019 EBITDA of $13.5 million beat our $12.8 million estimate and was above $12.2 million in 4Q2018. Shipping days of 5,240, TCE rates of $15.2k/day and lower opex were positives.


Call today at 8 am EST to discuss results.  Number is 888-895-3561 and code is 9578734. Look for added details on: 1) Dry bulk market outlook; 2) Charter in activity; 3) Volume and/or pricing changes in cargo book; 4) Progress on the four new builds under way in China; and 5) Capital allocation strategy given apparent shift toward…






Click here to get the full report.

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. 

Tuesday, March 24, 2020

Pangaea Logistics Solutions Ltd. (PANL)

A Strong Quarter. Unique Business Model Helps Offset Uncertainty.

Pangaea Logistics Solutions Ltd and its subsidiaries provide seaborne drybulk transportation services. It transports drybulk cargos including grains, coal, iron, ore, pig, iron, hot briquetted iron, bauxite, alumina, cement clinker, dolomite and limestone. The firm’s services include cargo loading, cargo discharge, vessel chartering, voyage planning and technical vessel management. The company derives all of its revenues from contracts of affreightment, voyage charters and time charters. Its strategy depends on focusing on increasing strategic contracts of affreightment, expanding capacity and flexibility by increasing its owned fleet and increasing backhaul focus and fleet efficiency.

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

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

Unique business model delivers solid results. 4Q2019 EBITDA of $13.5 million beat our $12.8 million estimate and was above $12.2 million in 4Q2018. Shipping days of 5,240, TCE rates of $15.2k/day and lower opex were positives.


Call today at 8 am EST to discuss results.  Number is 888-895-3561 and code is 9578734. Look for added details on: 1) Dry bulk market outlook; 2) Charter in activity; 3) Volume and/or pricing changes in cargo book; 4) Progress on the four new builds under way in China; and 5) Capital allocation strategy given apparent shift toward…






Click here to get the full report.

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. 

Monday, March 23, 2020

Pyxis Tankers Inc. (PXS)

Solid Quarter and Refined Product Tanker Outlook Promising Once Uncertainty Passes.

Pyxis Tankers Inc is a United States-based international maritime transportation company which focuses on the product tanker sector. It owns a fleet which comprises of double hull product tankers employed under a mix of short- and medium-term time charters and spot charters. The fleet owned by the company includes Pyxis Epsilon, Pyxis Theta, Pyxis Malou, Pyxis Delta, Northsea Alpha, and Northsea Beta. Each of the vessels in the fleet is capable of transporting refined petroleum products, such as naphtha, gasoline, jet fuel, kerosene, diesel, fuel oil, and other liquid bulk items, such as vegetable oils and organic chemicals.

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

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

Solid Quarter, but 4Q2019 EBITDA Slightly Below Expectations. Adjusted 4Q2019 EBITDA of $1.9 million was slightly below our estimate of $2.3 million due to a combination of lower TCE revenue ($0.3 million) and higher opex ($0.1 million).


Adjusting 2020 EBITDA estimate. We are fine-tuning our 2020 EBITDA estimate and moving to $6.9 million based on TCE rates of $13,532/day and 1,589 operating days due to the timing of dry dockings on the Epsilon and…






Click here to get the full report.

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. 

Monday, March 23, 2020

Pyxis Tankers Inc. (PXS)

Solid Quarter and Refined Product Tanker Outlook Promising Once Uncertainty Passes.

Pyxis Tankers Inc is a United States-based international maritime transportation company which focuses on the product tanker sector. It owns a fleet which comprises of double hull product tankers employed under a mix of short- and medium-term time charters and spot charters. The fleet owned by the company includes Pyxis Epsilon, Pyxis Theta, Pyxis Malou, Pyxis Delta, Northsea Alpha, and Northsea Beta. Each of the vessels in the fleet is capable of transporting refined petroleum products, such as naphtha, gasoline, jet fuel, kerosene, diesel, fuel oil, and other liquid bulk items, such as vegetable oils and organic chemicals.

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

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

Solid Quarter, but 4Q2019 EBITDA Slightly Below Expectations. Adjusted 4Q2019 EBITDA of $1.9 million was slightly below our estimate of $2.3 million due to a combination of lower TCE revenue ($0.3 million) and higher opex ($0.1 million).


Adjusting 2020 EBITDA estimate. We are fine-tuning our 2020 EBITDA estimate and moving to $6.9 million based on TCE rates of $13,532/day and 1,589 operating days due to the timing of dry dockings on the Epsilon and…






Click here to get the full report.

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. 

Friday, March 6, 2020

Eagle Bulk Shipping (EGLE)

Challenging Quarter and Current Environment, But 2H2020 Recovery Likely

Eagle Bulk Shipping Inc. is a US-based drybulk owner-operator focused on the Supramax/Ultramax mid-size asset class, which ranges from 50,000 and 65,000 deadweight tons in size; these vessels are equipped with onboard cranes allowing for the self-loading and unloading of cargoes, a feature which distinguishes them from the larger classes of drybulk vessels and provides for greatly enhanced flexibility and versatility- both with respect to cargo diversity and port accessibility. The Company transports a broad range of major and minor bulk cargoes around the world, including coal, grain, ore, pet coke, cement, and fertilizer. Eagle operates out of three offices, Stamford (headquarters), Singapore, and Hamburg, and performs all aspects of vessel management in-house including: commercial, operational, technical, and strategic.

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

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

A tough end to a volatile year. Adjusted 4Q2019 EBITDA was $9.8 million and adjusted 2019 EBITDA was $48.7 million. A settlement of OFAC issue cost $1.1 million. High shipyard activity due to the scrubber installation program and a weaker dry bulk market had a negative impact on operating results.

Adjusting 2020 estimates to reflect operating results and current dry bulk market fundamentals. Forward cover is solid with 85% of 1Q2020 available days booked at $10,300/day, and we expect 2020 EBITDA to increase to $80.0 million versus $48.7 million in 2019 due to higher TCE rates, lower off hire days and…









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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. 

Friday, March 6, 2020

Eagle Bulk Shipping (EGLE)

Challenging Quarter and Current Environment, But 2H2020 Recovery Likely

Eagle Bulk Shipping Inc. is a US-based drybulk owner-operator focused on the Supramax/Ultramax mid-size asset class, which ranges from 50,000 and 65,000 deadweight tons in size; these vessels are equipped with onboard cranes allowing for the self-loading and unloading of cargoes, a feature which distinguishes them from the larger classes of drybulk vessels and provides for greatly enhanced flexibility and versatility- both with respect to cargo diversity and port accessibility. The Company transports a broad range of major and minor bulk cargoes around the world, including coal, grain, ore, pet coke, cement, and fertilizer. Eagle operates out of three offices, Stamford (headquarters), Singapore, and Hamburg, and performs all aspects of vessel management in-house including: commercial, operational, technical, and strategic.

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

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

A tough end to a volatile year. Adjusted 4Q2019 EBITDA was $9.8 million and adjusted 2019 EBITDA was $48.7 million. A settlement of OFAC issue cost $1.1 million. High shipyard activity due to the scrubber installation program and a weaker dry bulk market had a negative impact on operating results.

Adjusting 2020 estimates to reflect operating results and current dry bulk market fundamentals. Forward cover is solid with 85% of 1Q2020 available days booked at $10,300/day, and we expect 2020 EBITDA to increase to $80.0 million versus $48.7 million in 2019 due to higher TCE rates, lower off hire days 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. 

Monday, March 2, 2020

Orion Group Holdings (ORN)

Set Up for Positive Year Drives Higher Price Target

Orion Group Holdings, based in Houston, Texas, is a specialty construction company within the Marine and Industrial Construction sectors, with operations focused in the continental United States and Caribbean. Revenue is split roughly 50/50 between a Marine Construction segment that provides marine facility, pipeline and structural construction services and a Commercial Concrete segment that provides turnkey concrete services in the light commercial and structural construction markets.

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

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

A solid end to a transformational year. 4Q2019 gross profit of $19.1 million and EBITDA of $11.0 million beat our estimates of $15.2 million and $8.2 million, respectively. High backlog, improving execution and ISG restructuring create tailwinds into 2020.

YE2019 backlog moderated to $572 million, as expected, but still up 30% over YE2018 and industry fundamentals remain positive. Backlog is $341 million in Marine and $232 million in…

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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. 

Monday, March 2, 2020

Orion Group Holdings (ORN)

Set Up for Positive Year Drives Higher Price Target

Orion Group Holdings, based in Houston, Texas, is a specialty construction company within the Marine and Industrial Construction sectors, with operations focused in the continental United States and Caribbean. Revenue is split roughly 50/50 between a Marine Construction segment that provides marine facility, pipeline and structural construction services and a Commercial Concrete segment that provides turnkey concrete services in the light commercial and structural construction markets.

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

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

A solid end to a transformational year. 4Q2019 gross profit of $19.1 million and EBITDA of $11.0 million beat our estimates of $15.2 million and $8.2 million, respectively. High backlog, improving execution and ISG restructuring create tailwinds into 2020.

YE2019 backlog moderated to $572 million, as expected, but still up 30% over YE2018 and industry fundamentals remain positive. Backlog is $341 million in Marine and $232 million in…

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.