real-time news and commentary for investors
Tuesday, Aug 27
Knightsbridge Tankers surges 7% after Iberia upgrade
- Knightsbridge Tankers (VLCCF +7.2%) is upgraded to Outperform from Sector Perform with a $10 price target at Iberia Capital, which believes the bulk carrier market is still 20%-30% oversupplied.
- Strong scrappings (5%-6% of fleet) and robust demand growth (5%-8%) set the stage for better supply/demand metrics exiting 2014, which in turn leads to higher rates, the firm says.
- VLCCF and shares of other bulk carriers could move 6-9 months ahead of a turn in fundamentals, the firm says.