Oslo-listed TIL is well in the money on its owned fleet but its shares are down on its IPO price suggesting its own stock rather than more ships represent the company’s best investment, Pareto says.

Analysts Eirik Haavaldsen and Jonas Advocaat Kraft of Pareto say TIL is 35% up on its initial fleet of eight vessels.

More recent additions are also in the money, with TIL 20% to the good across its 14 vessel fleet, the researchers say.

“While