Shipping Daily-06/18/2026

研报英文原文证据摘录

Shipping Daily-06/18/2026

nd while the rate is solid, we do note that Maersk B kr 15,780 -1.2% -15% 11% - na

this is below recent broker quotes ($113 – 120k/day) MPCHöeghContainerAutolinersShips krkr 25.7151 -2.4%-1.7% -5%-6% 49%65% -- 9.9x8.5x

• That said, it screens very favorably against our current estimates for Q3 / Q4 Source:WalleniusBloombergWilhelmsenand Howe Robinson (tanker rates)kr 131.4 -1.1% -5% 40% - 10.1x

/ 2027 of $80 / 90 / 80k/day (where we are already ahead of cons.). Assuming Eirik Haavaldsen

$107 / 75 / 50k for VLCC / suez / LR2s in FRO would mean annualized EPS +47 24 13 21 20, eirik.haavaldsen@paretosec.com

of ~$7, for P/E ~5x with ~20% yield. A 5-year VLCC (in line with their average August Klemp

fleet age) is implicitly bought at ~$180m through FRO (vs. broker quotes at +47 22 87 87 68, august.klemp@paretosec.com

$140 – 150m and PAS at $138m) – or EV/EBITDA ~5x basis such a contract

• We peg FRO at P/NAV 1.45x, and argue risk-reward is balanced – with names

like DHT (1.21x NAV) and CAPT (0.7x NAV) offering better value at present

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