2020 Bulkers has received a lift from six new Newcastlemaxes coming into the fleet.
BTIG analyst Gregory Lewis has upgraded the Magnus Halvorsen-led owner's shares to buy from neutral, contending that the newbuilds have been undervalued.
"With current cape values (resales) at $52m and newbuilds at $51m (delivering in two years), we believe shipbroker estimates of $57-58m for 2020 Bulkers Newcastlemaxes are too conservative," he wrote in a clients' note.
