Tuesday, March 12, 2019

Euroseas Ltd. (ESEA)

Attractive pure play container company.

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. 

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

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

• Second quarter after EDRY spin-off
  down sequentially due to weaker container market. Excluding drydock expenses, adjusted EBITDA was $1.6 million
  below our estimate of $1.8 million and below 3Q2018 adjusted EBITDA of $1.9
  million, mainly due to lower time equivalent (TCE) rates. Versus our estimate,
  lower TCE rates (-$416/day) and higher management fees (+$80/day) more than
  offset lower opex costs (-$300/day) and G&A expenses ($150/day).
• Adjusting 2019 EBITDA estimate to
  reflect lower rates/downtime. Slight market improvement expected this year. To incorporate 4Q2018 results and the new contract fixtures,
  our new 2019 EBITDA estimate is $8.7 million (from $9.6 million). While rates
  early in the year have been expected to be lower, we expec… 

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NOTE: investment decisions should not be based upon the content of
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making any investment decision. 

Monday, March 11, 2019

Great Lakes Dredge & Dock (GLDD)

Investor meetings confirm positive outlook.

Great Lakes Dredge & Dock Corp is a provider of dredging services in the United States. The Company operates in two operating segments namely Dredging and Environmental, and Infrastructure.

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

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

• Investor Meetings Confirm Positive Outlook. Late last week, we hosted investor meeting with GLDD’s senior management team, CEO Lasse Petterson and CFO Mark Marinko. The meetings were well received and investor interest remains high. 
• Listed below were the topics that were covered over several meetings. Update on Environmental & Infrastructure
  (E&I) limited. Recent Award Should Help Sales Pr…
  

  
  
  
  
  

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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, March 07, 2019

Eagle Bulk Shipping Inc. (EGLE)

Focusing on strategic execution and positive long-term outlook.

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. 

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

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

• Another solid quarter of
  outperformance… 4Q2018 EBITDA of $23.5 million was below our estimate,
  but well above 3Q2018 EBITDA of $20.2 million. The negative variance to our
  estimate was driven by slightly lower TCE rates and higher opex, which more
  than offset more available days due to higher chartered in capacity.
• …but adjusting
  estimates to reflect current market outlook and higher downtime associated with
  the expanded scrubber program. We are lowering our 2019 EBITDA estimate to $83.6
  million from $91.9 million even though rate outpe…
  

  
  

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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 06, 2019

Genco Shipping & Trading Limited (GNK)

4Q2018 results above expectations and positioned for rough weather ahead.

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. 

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

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

• 4Q2018 EBITDA ahead
  of expectations. 4Q2018 EBITDA of $42.4 million was ahead of
  expectations due to higher TCE rates. Adjusted 4Q2018 EPS of $0.39 was the
  fifth profitable quarter in the last six years.
• Adjusting
  estimates to reflect 1Q2019 forward cover, market volatility and
  updated dry dock schedule. To include forward booking data, asset sales and
  updated dry dock info, movi…
  

  
  
  

  
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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 26, 2019

Great Lakes Dredge & Dock (GLDD)

Positive Development at E&I Could Bolster Sales Process.

Great Lakes Dredge & Dock Corp is a
provider of dredging services in the United States. The Company operates in two
operating segments namely Dredging and Environmental, and Infrastructure.

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

RATING: OUTPERFORM

• Recent $35 million award could
  help sale of under performing Environmental & Infrastructure (E&I)
  business. E&I was recently reclasssified as discontinued operation at yearend 2018 and a
  sale is likely in mid-2019. Late last week, E&I was awarded a $35 million project for levee work in Sacramento, CA, which should have a positive impact on E&I backlog and the sales process. 
• Bidding activity remains
  high and 2018 awards moved yearend 2018 dredging backlog to $707 million, up $196 million from yearend 2017 backlog of $511 million and almost double yearend 2016 backlog of $369 mill…
  
  
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NOTE: investment decisions should not be based upon the content of
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making any investment decision. 

Thursday, February 21, 2019

Great Lakes Dredge & Dock (GLDD)

Another robust quarter. Selling under performing business.

Great Lakes Dredge
& Dock Corp is a provider of dredging services in the United States. The
Company operates in two operating segments namely Dredging and Environmental,
and Infrastructure.

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

RATING: OUTPERFORM

• Another quarter of strong execution. The dredging business finished the year with another robust quarter. Solid execution and restructuring benefits combined to drive strong dredging operating results. Adjusted dredging EBITDA of $33 million was well ahead of expectations in the $23 million range.Under performing Environmental & Infrastructure (E&I)
  business reclasssified as discontinued operation and sale is likely in
  mid-2019.
• Improved execution and dredging market
  strength reinforces positive outlook. 2019 EBITDA estimate of $120.1 million reflects robust dredging market outlook, full year from Ellis Island hopper bar…
  
  
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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 12, 2019

Scorpio Bulkers (SALT)

Global Growth and Trade Concerns Dampen Near-term Rate Outlook.

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.

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

RATING: OUTPERFORM

• Adjusting
  EBITDA estimates to reflect 1Q2019 contract cover, time charters, recent dry bulk market weakness and scrubber installations. Lowering adjusted 2019 EBITDA estimate to $110.3 million (from $143.4 million) and TCE rates to $11,938/day (from $13,823/day), which represents a modest improvement over adjusted 2018 EBITDA of $107.3 million and TCE rates of $11,844/day.
• NobleCon
  XV Transportation Panel offered positive long-term outlook for dry bulk
  industry. Our conference panel of five seasoned executives from three dry bulk and two tanker companies reinfo…
  
  
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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, February 8, 2019

Pangaea Logistics Solutions (PANL)

NobleCon XV presentation highlights strong competitive position.

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. 

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

RATING: OUTPERFORM

• NobleCon XV presentation highlights
  strong competitive position. CFO Gianni Del Signore presented at our conference and he highlighted the the three pillars of the long-standing and consistent operating strategy. PANL remains focused on: 1) executing a unique business model generates solid revenue outperformance versus dry bulk market indices; 2) maintaining a unique asset base and opportunistic growth strategy with well-timed acquisitions; and 3) utilizing a cargo centric approach capitalizes on strong customer relationships and tempers exposure to shipping market cycles. The business model has generated consistent results over several dry bulk cycles and no surprises are expected when FY2018 operating results are reported in early March.
• Transportation Panel at NobleCon XV offered
  positive views of the dry bulk market. Our conference panel of five seasoned executives from three dry bulk and two tanker companies reinforc…
  
  
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*Analyst
certification and important disclosures included in 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, February 04, 2019

Genco Shipping & Trading Limited (GNK)

NobleCon XV Presentation Highlights Near-term Volatility and Long-term Opportunity.

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

Listen to the Analyst

RATING: OUTPERFORM

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