ING Barings Raises Rating On 4 Shipping Companies

Wednesday, June 07, 2000
ING Barings raised its ratings on four shipping companies to strong buy from buy. Analyst Stephen Gengaro raised his ratings on shares of Frontline Ltd. to a strong buy from buy to reflect the company's "tremendous" leverage to rising time-charter equivalent (TCE) rates for its very large crude carriers (VLCC) tankers. The rating on shares of international tanker owner OMI Corp. was raised to strong buy from buy, with revised estimates reflecting upward revisions to his rate assumptions for company's crude tanker and product tanker fleets. The rating on shares of Overseas Shipping Group was raised to strong buy from buy with a $30 price target based on 7.5 times the midpoint of his peak earnings estimate and peak pretax earnings per share estimate. The reasoning for the upgrade centers on the company's high-quality modern VLCC and Aframax fleet and the leverage it gives to outstanding industry fundamentals he expects to play out over next two to three years. The rating was raised on Teekay Shipping to strong buy from buy, because it is an extremely efficiently-run tanker company as a result of its excellent management team and large, homogenous fleet.

Maritime Today

The Maritime Industry's original and most viewed E-News Service

Maritime Reporter November 2015 Digital Edition
FREE Maritime Reporter Subscription
Latest Maritime News    rss feeds


Shipping to See Further Consolidation

The CMA CGM's move to buy Singapore’s Neptune Orient Lines (NOL), could lead to one of the biggest acquisitions in the shipping container industry in years.   If it goes through,

Idling Fleet Continues to Surge

Owners are rapidly laying up containerships as the market slows. The size of the idle fleet will get bigger while rates and profits slide, says Drewry Shipping Consultants Limited.

R-22 Phase-out Presents Dangers and Expense -WSS

The shipping industry is facing price, supply and safety risks in the run-up to the global ban on R-22 (chlorodifluoromethane or HCFC) refrigerant, warns Wilhelmsen Ships Service,

Maritime Security Maritime Standards Naval Architecture Offshore Oil Pipelines Salvage Ship Electronics Ship Simulators Shipbuilding / Vessel Construction Winch
rss | archive | history | articles | privacy | contributors | top maritime news | about us | copyright | maritime magazines
maritime security news | shipbuilding news | maritime industry | shipping news | maritime reporting | workboats news | ship design | maritime business

Time taken: 0.0741 sec (13 req/sec)