Tag: Industrial

Great Lakes Dredge & Dock (GLDD) – Strong End to the Year

Posted on by cpereira@noblefcm.com


Wednesday, February 19, 2025

Great Lakes Dredge & Dock Corporation is the largest provider of dredging services in the United States. In addition, Great Lakes is fully engaged in expanding its core business into the rapidly developing offshore wind energy industry. The Company has a long history of performing significant international projects. The Company employs experienced civil, ocean and mechanical engineering staff in its estimating, production and project management functions. In its over 131-year history, the Company has never failed to complete a marine project. Great Lakes owns and operates the largest and most diverse fleet in the U.S. dredging industry, comprised of approximately 200 specialized vessels. Great Lakes has a disciplined training program for engineers that ensures experienced-based performance as they advance through Company operations. The Company’s Incident-and Injury-Free® (IIF®) safety management program is integrated into all aspects of the Company’s culture. The Company’s commitment to the IIF® culture promotes a work environment where employee safety is paramount.

Joe Gomes, CFA, Managing Director, Equity Research Analyst, Generalist , Noble Capital Markets, Inc.

Joshua Zoepfel, Research Associate, Noble Capital Markets, Inc.

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

4Q24. Revenue of $202.8 million was up from $181.7 million a year ago but modestly below our $215 million estimate. Gross margin came in at 24.1%, up from 21.3% in 4Q23 and above our 20.9% estimate. Adjusted EBITDA improved to $40.2 million, flat with $40.8 million a year ago. We had forecasted $37 million. Net income was $19.7 million, or $0.29/sh, versus $21.6 million, or $0.32/sh, last year, which benefitted from a one time $7.4 million gain. We were at $15 million and $0.22/sh.

Backlog. Great Lakes ended the year with $1.19 billion of dredging backlog and $1.24 billion of total backlog. The Company had an additional $282.1 million of low bids and options pending award at year’s end. Approximately 94% of the backlog was in higher margin capital and coastal protection work. This provides solid visibility into 2026.


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*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. 

FreightCar America (RAIL) – New $35 Million ABL Credit Facility; Adjusting Our Forward Estimates

Posted on by cpereira@noblefcm.com


Wednesday, February 19, 2025

Mark Reichman, Managing Director, Equity Research Analyst, Natural Resources, Noble Capital Markets, Inc.

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

New asset-based lending credit facility. FreightCar America executed a new $35 million asset-based lending (ABL) credit agreement with Bank of America consisting of revolving loans and a sub-facility for letters of credit. Compared to the company’s previous ABL credit agreement, the new revolving credit facility offers a lower interest rate that is based on the secured overnight financing rate (SOFR) plus 175 basis points with a term ending on February 12, 2030.

Greater financial flexibility. The new facility is expected to provide the company with greater financial flexibility to support its growth and strategic objectives. Because the borrowing base requirements include eligible parts inventory and railcar inventory, we think the ability to borrow against its inventory could also provide the company with greater flexibility with respect to how it manages its production schedule.


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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. 

Kelly Services, Inc. (KELYA) – Solid Fourth Quarter Results

Posted on by cpereira@noblefcm.com


Friday, February 14, 2025

Kelly (Nasdaq: KELYA, KELYB) connects talented people to companies in need of their skills in areas including Science, Engineering, Education, Office, Contact Center, Light Industrial, and more. We’re always thinking about what’s next in the evolving world of work, and we help people ditch the script on old ways of thinking and embrace the value of all workstyles in the workplace. We directly employ nearly 350,000 people around the world and connect thousands more with work through our global network of talent suppliers and partners in our outsourcing and consulting practice. Revenue in 2021 was $4.9 billion. Visit kellyservices.com and let us help with what’s next for you.

Joe Gomes, CFA, Managing Director, Equity Research Analyst, Generalist , Noble Capital Markets, Inc.

Joshua Zoepfel, Research Associate, Noble Capital Markets, Inc.

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

4Q24. Kelly’s top line of $1.19 billion was in-line with our estimates and consensus estimates and was up 4.4% on an organic basis. Adjusted EBITDA came in at $43.5 million, with margin up 110 basis points to 3.7%. We had forecasted $40 million. Due to a non-cash impairment charge, Kelly reported a net loss of $0.90/sh. On an adjusted basis, EPS was $0.82, compared to $0.93/sh last year. We were at $0.32.

Solid Results. In the fourth quarter, Kelly delivered both top and bottom-line growth on a year-over-year basis, increasing organic revenue by more than 4% and adjusted EBITDA by 34%. This reflects strong profitability for the quarter, as the Company delivered 110 basis points of margin expansion through targeted organic and inorganic initiatives.


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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. 

Release – Great Lakes Dredge & Dock Corporation Schedules Announcement of 2024 Fourth Quarter Results

Posted on by aweinsoff@channelchek.com

Research News and Market Data on GLDD

Feb 11, 2025

PDF Version

HOUSTON, Feb. 11, 2025 (GLOBE NEWSWIRE) — Great Lakes Dredge & Dock Corporation (NASDAQ: GLDD) today announced that it will release the financial results for its three and twelve months ended December 31, 2024 on Tuesday, February 18, 2025 at 7:00 a.m. C.S.T. A conference call with the Company will be held the same day at 9:00 a.m. C.S.T.

Investors and analysts are encouraged to pre-register for the conference call by using the link below. Participants who pre-register will be given a unique PIN to gain immediate access to the call. Pre-registration may be completed at any time up to the call start time.

To pre-register, go to https://register.vevent.com/register/BI3ee71908023c466fb83abf345f36e0ca

The live call and replay can also be heard at https://edge.media-server.com/mmc/p/oqt4ireo or on the Company’s website, www.gldd.com, under Events on the Investor Relations page. A copy of the press release will be available on the Company’s website.

The Company
Great Lakes Dredge & Dock Corporation (“Great Lakes” or the “Company”) is the largest provider of dredging services in the United States. In addition, Great Lakes is fully engaged in expanding its core business into the developing offshore energy industry. The Company has a long history of performing significant international projects. The Company employs experienced civil, ocean and mechanical engineering staff in its estimating, production and project management functions. In its over 135-year history, the Company has never failed to complete a marine project. Great Lakes owns and operates the largest and most diverse fleet in the U.S. dredging industry, comprised of approximately 200 specialized vessels. Great Lakes has a disciplined training program for engineers that ensures experienced-based performance as they advance through Company operations. The Company’s Incident-and Injury-Free® (IIF®) safety management program is integrated into all aspects of the Company’s culture. The Company’s commitment to the IIF® culture promotes a work environment where employee safety is paramount.

For further information contact:
Tina Baginskis
Director, Investor Relations
630-574-3024

CoreCivic, Inc. (CoreCivic, Inc.) – Raising to Outperform with $25 PT

Posted on by cpereira@noblefcm.com


Wednesday, February 12, 2025

CoreCivic is a diversified, government-solutions company with the scale and experience needed to solve tough government challenges in flexible, cost-effective ways. We provide a broad range of solutions to government partners that serve the public good through high-quality corrections and detention management, a network of residential and non-residential alternatives to incarceration to help address America’s recidivism crisis, and government real estate solutions. We are the nation’s largest owner of partnership correctional, detention and residential reentry facilities, and believe we are the largest private owner of real estate used by government agencies in the United States. We have been a flexible and dependable partner for government for nearly 40 years. Our employees are driven by a deep sense of service, high standards of professionalism and a responsibility to help government better the public good. Learn more at www.corecivic.com.

Joe Gomes, CFA, Managing Director, Equity Research Analyst, Generalist , Noble Capital Markets, Inc.

Joshua Zoepfel, Research Associate, Noble Capital Markets, Inc.

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

Opportunity, Opportunity, Opportunity. With the change in Administration and new Congress, CoreCivic is anticipating significant growth opportunities, possibly the most significant growth in the Company’s history, over the next several years. We believe the Company is exceptionally well positioned operationally and financially to meet this expected sharp increase in demand for its services.

Potential. Management has put forth a proposal to ICE for 28,000 beds. If accepted, such a proposal could be worth about $1.5 billion in revenue. Just adding in approximately 15,000 beds from existing idle facilities and the South Texas facility could add $750-$800 million of revenue and some $200-$275 million of adjusted EBITDA. Current proposals by the Administration and Congress support such growth, although funding will be key.


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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. 

Graham Corp. (GHM) – Third Quarter Results and Updated Models

Posted on by cpereira@noblefcm.com


Tuesday, February 11, 2025

Graham Corporation designs, manufactures and sells critical equipment for the energy, defense and chemical/petrochemical industries. The Company designs and manufactures custom-engineered ejectors, vacuum pumping systems, surface condensers and vacuum systems. It is a nuclear code accredited fabrication and specialty machining company. It supplies components used inside reactor vessels and outside containment vessels of nuclear power facilities. Its equipment is found in applications, such as metal refining, pulp and paper processing, water heating, refrigeration, desalination, food processing, pharmaceutical, heating, ventilating and air conditioning. For the defense industry, its equipment is used in nuclear propulsion power systems for the United States Navy. The Company’s products are used in a range of industrial process applications in energy markets, including petroleum refining, defense, chemical and petrochemical processing, power generation/alternative energy and other.

Joe Gomes, CFA, Managing Director, Equity Research Analyst, Generalist , Noble Capital Markets, Inc.

Joshua Zoepfel, Research Associate, Noble Capital Markets, Inc.

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

3Q25 Results. Revenue increased 7.3% to $47.0 million, driven by continued strength in key end-markets. We had forecast $48 million in revenue. Gross margin rose 260 basis points y-o-y to 24.8% of sales. Graham reported adjusted EBITDA of $4.0 million in the quarter, an 8.6% margin, compared to $3.0 million and 6.8% in the year ago period. Net income was $1.6 million, or $0.14/sh, with adjusted EPS of $0.18/sh. In the same period last year, net income totaled $165,000, or $0.02/sh, and adjusted EPS was $0.13. We had projected an adjusted EPS of $0.13.

Orders. As expected, orders for 3Q25 declined to $24.8 million, given the higher level of orders earlier in the fiscal year. Book-to-bill for the first nine months of the year was 1.0. Backlog at quarter end was $384.7 million, down 3.6% over the prior-year period and down 5.5% sequentially.


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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. 

CoreCivic, Inc. (CXW) – A Solid End to 2024

Posted on by cpereira@noblefcm.com


Tuesday, February 11, 2025

CoreCivic is a diversified, government-solutions company with the scale and experience needed to solve tough government challenges in flexible, cost-effective ways. We provide a broad range of solutions to government partners that serve the public good through high-quality corrections and detention management, a network of residential and non-residential alternatives to incarceration to help address America’s recidivism crisis, and government real estate solutions. We are the nation’s largest owner of partnership correctional, detention and residential reentry facilities, and believe we are the largest private owner of real estate used by government agencies in the United States. We have been a flexible and dependable partner for government for nearly 40 years. Our employees are driven by a deep sense of service, high standards of professionalism and a responsibility to help government better the public good. Learn more at www.corecivic.com.

Joe Gomes, CFA, Managing Director, Equity Research Analyst, Generalist , Noble Capital Markets, Inc.

Joshua Zoepfel, Research Associate, Noble Capital Markets, Inc.

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

A Solid End to the Year. CoreCivic posted solid 4Q24 results, especially given the facility closures from earlier in the year. Results for the quarter surpassed internal as well as consensus estimates, resulting from both cost management initiatives and increased occupancy, which reached 75.5% of available capacity, the Company’s highest level since the first quarter of 2020.

4Q24 Results. Revenue of $479.3 million compared to $491.2 million in 4Q24. We were at $463 million, and the consensus was $465 million. Adjusted EBITDA totaled $74.2 million compared to $90 million in 4Q24. We were at $65.2 million, and the consensus was $66.3 million. Adjusted diluted EPS of $0.16, versus $0.23 last year. We and consensus were at $0.10.


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Graham Corp. (GHM) – A Transition At The Top

Posted on by cpereira@noblefcm.com


Friday, February 07, 2025

Graham Corporation designs, manufactures and sells critical equipment for the energy, defense and chemical/petrochemical industries. The Company designs and manufactures custom-engineered ejectors, vacuum pumping systems, surface condensers and vacuum systems. It is a nuclear code accredited fabrication and specialty machining company. It supplies components used inside reactor vessels and outside containment vessels of nuclear power facilities. Its equipment is found in applications, such as metal refining, pulp and paper processing, water heating, refrigeration, desalination, food processing, pharmaceutical, heating, ventilating and air conditioning. For the defense industry, its equipment is used in nuclear propulsion power systems for the United States Navy. The Company’s products are used in a range of industrial process applications in energy markets, including petroleum refining, defense, chemical and petrochemical processing, power generation/alternative energy and other.

Joe Gomes, CFA, Managing Director, Equity Research Analyst, Generalist , Noble Capital Markets, Inc.

Joshua Zoepfel, Research Associate, Noble Capital Markets, Inc.

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

A Transition. Yesterday, Graham Corporation announced its current President and CEO, Daniel Thoren, will transition to the role of Executive Chairman, effective June 10, 2025. Matthew J. Malone, current Vice President and General Manager for Graham subsidiary Barber-Nichols, will be appointed to President & COO effective February 2025 and is expected to assume the CEO role of Graham Corporation in June 2025. The transition is part of an established succession plan.

Malone Background. Mr. Malone brings over 15 years of engineering and executive experience to his new role as President and Chief Operating Officer. Mr. Malone joined Barber-Nichols in 2015 as a Project Engineer focused on rocket engine turbopump design and development. He was promoted to Navy Program Manager in 2018, overseeing key U.S. Navy programs, and was appointed Vice President of Operations at Barber-Nichols in 2020 and then General Manager in 2021.


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Equity Research is available at no cost to Registered users of Channelchek. Not a Member? Click ‘Join’ to join the Channelchek Community. There is no cost to register, and we never collect credit card information.

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. 

EuroDry (EDRY) – Rating Lowered to Market Perform, Awaiting an Improvement in Time Charter Rates

Posted on by cpereira@noblefcm.com


Friday, February 07, 2025

EuroDry Ltd. was formed on January 8, 2018 under the laws of the Republic of the Marshall Islands to consolidate the drybulk fleet of Euroseas Ltd. into a separate listed public company. EuroDry was spun-off from Euroseas Ltd. on May 30, 2018; it trades on the NASDAQ Capital Market under the ticker EDRY. EuroDry operates in the dry cargo, drybulk shipping market. EuroDry’s operations are managed by Eurobulk Ltd., an ISO 9001:2008 and ISO 14001:2004 certified affiliated ship management company and Eurobulk (Far East) Ltd. Inc., which are responsible for the day- to-day commercial and technical management and operations of the vessels. EuroDry employs its vessels on spot and period charters and under pool agreements.

Mark Reichman, Managing Director, Equity Research Analyst, Natural Resources, Noble Capital Markets, Inc.

Hans Baldau, Research Associate, Noble Capital Markets, Inc.

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

Sale of M/V Tasos. EuroDry Ltd. recently agreed to sell the M/V Tasos, a vessel built in 2000, for ~$5 million. The vessel is expected to be scrapped and recycled and will be delivered to its buyer between mid-February and mid-March 2025. Eurodry expects to book a gain of approximately $2.1 million. Following the sale of the M/V Tasos, Eurodry will have a fleet of 12 vessels with total cargo capacity of 843,402 dwt. Upon delivery of two Ultramax vessels in 2027, the fleet will consist of 14 vessels with total cargo capacity of 970,402 dwt.

Market environment. Charter rates have continued to decline due, in part, to a weak outlook for the economy in China, which accounts for a large portion of dry bulk trade, and previous route disruptions that have largely abated. The Panama Canal has returned to full capacity, further undermining dry bulk rates. Recent U.S. tariffs imposed on imports from China could also weigh on its economy. While higher scrapping rates and more stringent environmental regulations could constrain the available bulker fleet, we are not optimistic that rates will make a significant recovery in 2025 despite a historically low industry order book.


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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. 

DLH Holdings (DLHC) – Transition Ongoing

Posted on by cpereira@noblefcm.com


Friday, February 07, 2025

DLH delivers improved health and readiness solutions for federal programs through research, development, and innovative care processes. The Company’s experts in public health, performance evaluation, and health operations solve the complex problems faced by civilian and military customers alike, leveraging digital transformation, artificial intelligence, advanced analytics, cloud-based applications, telehealth systems, and more. With over 2,300 employees dedicated to the idea that “Your Mission is Our Passion,” DLH brings a unique combination of government sector experience, proven methodology, and unwavering commitment to public health to improve the lives of millions. For more information, visit www.DLHcorp.com.

Joe Gomes, CFA, Managing Director, Equity Research Analyst, Generalist , Noble Capital Markets, Inc.

Joshua Zoepfel, Research Associate, Noble Capital Markets, Inc.

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

Revenue Decline. 1Q25 y-o-y lower revenue was driven by the unbundling of contracts to small business set-asides, which negatively impacted revenue by $3.5 million, $1.5 million from the winding down of acquired small business contracts, another $1.5 million from winding down of international business, and roughly $2 million of HHS revenue that was pushed out into the second quarter of 2025.

Strong Pipeline. DLH’s pipeline remains strong with over $4.0 billion of new business opportunities. For fiscal year 2025, management identified 13 opportunities worth a total of $700 million. The Company is focused on opportunities that leverage DLH’s digital transformation, cyber security, research and development, and systems engineering capabilities.


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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. 

DLH Holdings (DLHC) – A Peek into the First Quarter Results

Posted on by cpereira@noblefcm.com


Thursday, February 06, 2025

DLH delivers improved health and readiness solutions for federal programs through research, development, and innovative care processes. The Company’s experts in public health, performance evaluation, and health operations solve the complex problems faced by civilian and military customers alike, leveraging digital transformation, artificial intelligence, advanced analytics, cloud-based applications, telehealth systems, and more. With over 2,300 employees dedicated to the idea that “Your Mission is Our Passion,” DLH brings a unique combination of government sector experience, proven methodology, and unwavering commitment to public health to improve the lives of millions. For more information, visit www.DLHcorp.com.

Joe Gomes, CFA, Managing Director, Equity Research Analyst, Generalist , Noble Capital Markets, Inc.

Joshua Zoepfel, Research Associate, Noble Capital Markets, Inc.

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

1Q Results. Revenue for the quarter was $90.8 million, below our estimate of $97 million and last year’s revenue of $97.9 million. Net income totaled $1.1 million, or diluted EPS of $0.08, compared to $2.2 million or $0.15 in the prior year. EBITDA was $9.9 million compared to $11.1 million last year and is in line with our estimate of $10 million.

Year-Over-Year Impact. Management indicated several factors impacted the year-over-year comparison of its TPS platform. For example, during the first quarter, one of the Company’s recompetes was awarded to a small business. This resulted from the prior administration’s Executive Order to unbundle contracts during the recompete cycle and reserve portions for small businesses. Additionally, acquired contracts that were won as a small business transitioned in the latter quarters of 2024, and other small, non-strategic projects were winding down or fully completed.


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*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. 

AZZ Inc. (AZZ) – AZZ Provides Fiscal Year 2026 Guidance, No Change to Our Estimates

Posted on by cpereira@noblefcm.com


Thursday, February 06, 2025

Mark Reichman, Managing Director, Equity Research Analyst, Natural Resources, Noble Capital Markets, Inc.

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

A market leader with a strong growth profile. AZZ is the leading independent provider of hot dip galvanizing and coil coating solutions to a broad range of end markets. We expect AZZ Precoat Metals’ new manufacturing facility in Washington, Missouri to contribute to top-line growth in fiscal year 2026 while capital expenditures decline. Approximately 75% of the facility’s production is already committed and could generate roughly $50 million to $60 million in revenue on an annualized basis once production is fully ramped.

Fiscal 2026 corporate guidance. AZZ Inc. released financial guidance for fiscal year 2026 and expects sales in the range of $1.625 billion to $1.725 billion, adjusted EBITDA in the range of $360 million to $400 million, and adjusted diluted EPS of $5.50 to $6.10. Fiscal year 2026 guidance includes an increase in the Metal Coatings EBITDA margin expectations to a range of 27% to 32% from 25% to 30%, while Precoat Metals EBITDA margin expectations are unchanged at 17% to 22%.


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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. 

Euroseas (ESEA) – Updating Estimates Due to Two New Time Charters

Posted on by cpereira@noblefcm.com


Tuesday, February 04, 2025

Euroseas Ltd. was formed on May 5, 2005 under the laws of the Republic of the Marshall Islands to consolidate the ship owning interests of the Pittas family of Athens, Greece, which has been in the shipping business over the past 140 years. Euroseas trades on the NASDAQ Capital Market under the ticker ESEA. Euroseas operates in the container shipping market. Euroseas’ operations are managed by Eurobulk Ltd., an ISO 9001:2008 and ISO 14001:2004 certified affiliated ship management company, which is responsible for the day-to-day commercial and technical management and operations of the vessels. Euroseas employs its vessels on spot and period charters and through pool arrangements.

Mark Reichman, Managing Director, Equity Research Analyst, Natural Resources, Noble Capital Markets, Inc.

Hans Baldau, Research Associate, Noble Capital Markets, Inc.

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

New time charter contracts. Euroseas executed two new time charter contracts for M/V Synergy Antwerp and M/V Synergy Keelung. The charter contracts are at gross daily rates of $35,500 for a minimum period of 36 months and a maximum period of 39 months at the charterer’s option. Both contracts will take effect at the completion of the vessels’ respective current charters; M/V Synergy Antwerp’s new charter is expected to commence in May 2025, and M/V Synergy Keelung’s new charter is expected to commence in June 2025.

Favorable rates and improved coverage. The new time charters are expected to contribute roughly $57.0 million in EBITDA during the minimum contracted period. The new charters improve the company’s 2025 and 2026 charter coverage to 82% and 45%, respectively. Additionally, Euroseas announced that M/V Synergy Keelung will be retrofitted with energy-saving devices (ESDs) and the upgrade costs will be shared with the charterer.


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Equity Research is available at no cost to Registered users of Channelchek. Not a Member? Click ‘Join’ to join the Channelchek Community. There is no cost to register, and we never collect credit card information.

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.