Cosco Shipping Energy Transportation - Capitulation in Oil and Related Equities Almost Complete?
406 Views11 Sep 2024 07:15
Crude oil tanker rates entering the seasonally strong period. The company approves the option scheme for senior management. Opportunity with the oil sell-off
What is covered in the Full Insight:
- Introduction
- Market Dynamics
- Company Performance
- Industry and Fleet Overview
- Conclusion
Boomeranged on Tue, 8 Oct 2024 08:15
Although this piece timed the bottom to the day, there is more upside. It is still a laggard as it is "only" up ~40% from a depressed price. Continued positives include seasonal factors for VLCC rates, China expected to import more crude post-stimulus (crude imports were down y/y for most of 2024), and oil prices bottoming out. Low single-digit PE & PCF multiples.15% ROE and >5% DY, 1.2 x Book
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