CMA CGM Credit Research 2Q17 Results Update - Credit Outlook Stable - Bond Valuation Neutral

Lead Analyst, Credit Research, Drewry Maritime Financial Research

Konstantinos Oikonomopoulos

Lead Analyst, Credit Research

Maritime Sector, Equity & Credit Research

Drewry Maritime Financial Research

With no ties to other players in the shipping, finance or banking world, we provide a uniquely impartial view of the markets and companies we cover. Our parent organization, Drewry is a leading independent provider of research services to the maritime and shipping industry, employing over 100 professionals across an international network of offices in London, Delhi, Singapore and Shanghai. Combining our market-leading resources with seasoned sector expertise DFRS offers a highly differentiated and comprehensive range of investment and financial research services to lenders and prospective investors in publicly listed maritime and shipping companies. The full service of reports, supporting resources and sector orientated webinars provides our clients with the most complete picture of the organisations under coverage as is possible. We have been charting and analysing the world’s maritime markets for more than 40 years. This unrivalled intelligence and understanding provides the foundation of our research service. Our analysts have access to one of the most up-to-date, comprehensive and reliable sources of market insight and research data available today. We look at globally listed companies within the following sectors: Port Operators, Container Shipping, Container Manufacturing & Leasing, LNG Shipping, Dry Bulk Shipping and Tanker Shipping. Combine in-depth sector expertise with financial analysis focusing on over 50 stocks globally.

Credit

<p><strong>Credit positives</strong></p><ul>
<li>The new international bond issue of USD 150m 7.5% 2022 provides further liquidity and also diversifies Euronav’s funding sources at a time when bank lending is scarce (Basel IV on the way).</li>
<li>Euronav is targeting an increase in charter contracts amid the challenging freight market. The group announced the extension of the FSO contracts until 2022 (exp. USD 36m free cash flow annually) and the signing of two new charter contracts for seven years (Suezmax vessels) to Valero, which…</li>
</ul>

Credit positives
The new international bond issue of USD 150m 7.5% 2022 provides further liquidity and also diversifies Euronav’s funding sources at a time when bank lending is scarce (Basel IV on the way).
Euronav is targeting an increase in charter contracts amid the challenging freight market. The group announced the extension of the FSO contracts until 2022 (exp. USD 36m free cash flow annually) and the signing of two new charter contracts for seven years (Suezmax vessels) to Valero, which…


Euronav NV

Euronav NV Credit Research