SHIP-US (BUY, TP 2.9) 3Q17 Review: Weak Quarter, But Investment Case Intact. TP Upgraded

Nov. 08, 2017 4:59 PM ETSHIP
Please Note: Blog posts are not selected, edited or screened by Seeking Alpha editors.

Long/Short Equity, shipping, Value

Contributor Since 2013

*UPDATE* Gersemi Research has been acquired by the Cleaves group 

Gersemi Research is an independent investment and equity research platform with primary focus on shipping and oil services. We have a proven track-record of significantly and consistently outperforming consensus and generating returns above the SP500 over many years

Mr. Joakim Hannisdahl, our Head of Research, has several years of experience as a Shipping Analyst on equities at Nordea Markets and Fearnley Securities. He holds a Master of Commerce (extension) with specializations both in Financial Econometrics and Funds Management (UNSW), in addition to a Bachelor of Social Sciences with specializations in both Economics and International Relations (NTNU). He is currently investing private funds, among other engagements.

Please visit to gain direct and real-time access to our research.

Full report available for free at


  • TCE at USD 9.2k/d vs our forecast of 13.5k/d (100% utilization basis).
  • Opex at USD 5.2k/d (+13% q/q) vs our forecast of USD 4.6k/d.
  • Above weakness somewhat mitigated by G&A at USD 1.3m vs our USD 1.6m forecast.
  • EPS adj. -0.13 vs our forecast of +0.02, after adjusting for a USD 11.4m one-off related to debt repayment
  • TP upgraded to USD 2.9/sh (from 2.7)

Disclosure: I am/we are long SHIP.

To ensure this doesn’t happen in the future, please enable Javascript and cookies in your browser.
Is this happening to you frequently? Please report it on our feedback forum.
If you have an ad-blocker enabled you may be blocked from proceeding. Please disable your ad-blocker and refresh.