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…
  
  
  GO TO FULL REPORT
  
  
  

  
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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. 

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…
  
  
  GO TO FULL REPORT
  
  
  

  
  Get full report on Channelchek desktop.

*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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