Category: Transportation

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…






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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 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…






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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. 

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…

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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. 

Thursday, February 27, 2020

Orion Group Holdings (ORN)

Better than expected 4Q2019 Results and Positive 2020 EBITDA Guidance

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.

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. Gross margin of 9.6% was in line and EBITDA margin of 5.5% was ~400 basis points higher. Main driver was Marine profitability and Concrete has plenty of room to improve. Positive 2020 EBITDA guidance in the low-mid $40 million range is slightly above our $41.1 million estimate.

YE2019 backlog moderated to $572 million, as expected, but still up 30% over YE2018 and industry fundamentals remain positive. YTD awards total $87 million ($47 million in industrial and $40 million in concrete), and…

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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. 

Thursday, February 27, 2020

Orion Group Holdings (ORN)

Better than expected 4Q2019 Results and Positive 2020 EBITDA Guidance

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.

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. Gross margin of 9.6% was in line and EBITDA margin of 5.5% was ~400 basis points higher. Main driver was Marine profitability and Concrete has plenty of room to improve. Positive 2020 EBITDA guidance in the low-mid $40 million range is slightly above our $41.1 million estimate.

YE2019 backlog moderated to $572 million, as expected, but still up 30% over YE2018 and industry fundamentals remain positive. YTD awards total $87 million ($47 million in industrial and $40 million in concrete), and…

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. 

Wednesday, February 26, 2020

Genco Shipping & Trading Limited (GNK)

Solid Quarter and Expanding Fleet Renewal Program

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.

Adjusted 4Q2019 EBITDA of $28.4 million is below our estimate of $31.5 million, mainly due to lower than expected TCE rates of $12.6k/day. Management call today at 8:30am EST to discuss outlook. Call number is 334-777-6978 and code is 7774363.

Fine-tuning 2020 EBITDA estimate to $108.2 million based on dry bulk market weakness and smaller fleet. Forward cover of 79% of 1Q2020 days booked at $10.9k/day tempers current weakness. Cape cover looks very good at 78% of 1Q2020 days booked at $17.1k/day but EBITDA likely to be weaker in 2Q2020. Scrubbers on Capes 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. 

Wednesday, February 26, 2020

Genco Shipping & Trading Limited (GNK)

Solid Quarter and Expanding Fleet Renewal Program

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.

Adjusted 4Q2019 EBITDA of $28.4 million is below our estimate of $31.5 million, mainly due to lower than expected TCE rates of $12.6k/day. Management call today at 8:30am EST to discuss outlook. Call number is 334-777-6978 and code is 7774363.

Fine-tuning 2020 EBITDA estimate to $108.2 million based on dry bulk market weakness and smaller fleet. Forward cover of 79% of 1Q2020 days booked at $10.9k/day tempers current weakness. Cape cover looks very good at 78% of 1Q2020 days booked at $17.1k/day but EBITDA likely to be weaker in 2Q2020. Scrubbers on Capes 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. 

Tuesday, February 25, 2020

Euroseas Ltd. (ESEA)

Challenging Market, But 2H2020 Recovery Ahead?

Euroseas Ltd. provides ocean-going transportation services worldwide. The company owns and operates containerships that transport dry and refrigerated containerized cargoes, including manufactured products and perishables; and drybulk carriers that transport iron ore, coal, grains, bauxite, phosphate, and fertilizers. As of March 31, 2017, it had a fleet of seven containerships; and six drybulk carriers, including three Panamax drybulk carriers, one Handymax drybulk carrier, one Kamsarmax drybulk carrier, and one Ultramax drybulk carrier. The company was founded in 2005 and is based in Maroussi, Greece.

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, excluding dry dock expenses, was $2.7 million, or about $0.6 million below expectations.  4Q2019 gross TCE revenue of $13.2 million increased due to 307 higher ownership days and a $532 increase in TCE rates to $9,086/day.

Adjusting 2020 EBITDA estimate to reflect current container market fundamentals. Recent acquisitions will have a full impact on 2020 operating results and we are forecasting 2020 EBITDA of $15.3 million based on 6,695 operating days and TCE rates of $9.691/day versus our previous estimate of…

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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. 

Tuesday, February 25, 2020

Euroseas Ltd. (ESEA)

Challenging Market, But 2H2020 Recovery Ahead?

Euroseas Ltd. provides ocean-going transportation services worldwide. The company owns and operates containerships that transport dry and refrigerated containerized cargoes, including manufactured products and perishables; and drybulk carriers that transport iron ore, coal, grains, bauxite, phosphate, and fertilizers. As of March 31, 2017, it had a fleet of seven containerships; and six drybulk carriers, including three Panamax drybulk carriers, one Handymax drybulk carrier, one Kamsarmax drybulk carrier, and one Ultramax drybulk carrier. The company was founded in 2005 and is based in Maroussi, Greece.

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, excluding dry dock expenses, was $2.7 million, or about $0.6 million below expectations.  4Q2019 gross TCE revenue of $13.2 million increased due to 307 higher ownership days and a $532 increase in TCE rates to $9,086/day.

Adjusting 2020 EBITDA estimate to reflect current container market fundamentals. Recent acquisitions will have a full impact on 2020 operating results and we are forecasting 2020 EBITDA of $15.3 million based on 6,695 operating days and TCE rates of $9.691/day versus our previous estimate of…

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.