DNB Markets has taken up coverage of Genco Shipping & Trading with a buy rating, suggesting the shipowner will return to profit next year.
Analysts led by Nicolay Dyvik placed a $13.9 per share target price on the company, describing its “fleet of aged bulkers” as offering “vintage valuables at a discount”.
Dyvik and colleagues Petter Haugen and Jorgen Lian note that Genco was strengthened by a refinancing last year and has attractive leverage to a recovering market.
