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Gener8 Maritime is one of many stocks the market is bullish on. Its expected double-digit top-line and bottom-line growth exceeds its peers, and its financially stable position lessens the chancesRead More...
NEW YORK , June 5, 2018 /PRNewswire/ -- Cadus Corporation (KDUS) Lifshitz & Miller announces investigation into possible breaches of fiduciary duties in connection with the proposed sale of Cadus to Starfire ...
Tsakos Energy Navigation (TNP) is expected to release its first-quarter results on June 15. It’s one of the last companies among its peers to release its first-quarter earnings.
In this part, we’ll discuss analysts’ recommendations for crude tanker companies in week 21, which ended on May 25.
As we saw in the previous part of this series, analysts expect a 30% YoY (year-over-year) fall in Frontline’s (FRO) first-quarter revenues. In this part of the series, we’ll see what analysts expect for Frontline’s EBITDA for the first quarter and for the fiscal year.
When assessing the crude tanker industry, it’s important to look at the BDTI (Baltic Dirty Tanker Index). In week 21, which ended on May 25, the BDTI rose from 714 to 781. In week 20, the index rose by 57 points. The index shows the direction that crude tanker rates are heading. The index has risen ~12% since the beginning of the year.
We’ve already looked at what analysts expect for Frontline’s (FRO) revenues and EBITDA. Now, let’s look at what analysts recommend for Frontline and its peers.
When assessing the crude tanker industry, it’s important to look at the BDTI (Baltic Dirty Tanker Index). In week 20, which ended on May 18, the BDTI rose from 657 to 714. In week 19, the index rose by seven points. The index shows the direction that crude tanker rates are heading. The index has risen ~2.0% since the beginning of the year.
In April 2018, China’s manufacturing PMI was 51.4. In March, it was 51.5. That indicates that growth in China’s manufacturing sector eased only slightly. The index remained above 50 for the 20th consecutive month. A reading above 50 indicates economic expansion, while a reading below 50 indicates economic contraction.
In this final part of the series, we’ll discuss analysts’ recommendations for crude tanker companies in week 19, which ended on May 11.
NEW YORK, May 16, 2018 /PRNewswire/ -- Juan Monteverde, founder and managing partner at Monteverde & Associates PC, a national securities firm headquartered at the Empire State Building in New York City, is investigating Gener8 Maritime, Inc. ("Gener8" or the "Company") (GNRT) relating to the sale of the Company to Euronav NV. As a result of the merger, Gener8 shareholders are only anticipated to receive .7272 of an ordinary share of Euronav NV in exchange for each share of Gener8. The investigation focuses on whether Gener8 and its Board of Directors violated securities laws and/or breached their fiduciary duties to the Company's stockholders by 1) failing to conduct a fair process, 2) whether and by how much this proposed transaction undervalues the Company by and 3) failing to disclose all material financial information in connection with the shareholder meeting on June 11, 2018.
Gener8 Maritime Inc (NYSE:GNRT), an energy company based in United States, saw significant share price volatility over the past couple of months on the NYSE, rising to the highs ofRead More...
NEW YORK, May 10, 2018 /PRNewswire/ -- Gener8 Maritime, Inc. (GNRT) ("Gener8 Maritime" or the "Company"), a leading U.S.-based provider of international seaborne crude oil transportation services, today announced that it has established a record date of May 3, 2018, and a meeting date of June 11, 2018, for a special meeting of its shareholders to, among other things, consider and vote on a proposal to approve the previously announced Agreement and Plan of Merger (the "Merger Agreement") with Euronav NV ("Euronav") and Euronav MI Inc., a wholly-owned subsidiary of Euronav, and the transactions contemplated by the Merger Agreement, including the merger of Euronav MI Inc. with and into the Company with the Company continuing its existence as the surviving corporation (the "Merger"). Gener8 Maritime's special meeting of its shareholders is scheduled for 10:30 a.m. (Eastern time) on June 11, 2018 at the offices of Kramer Levin Naftalis & Frankel LLP, 1177 Avenue of the Americas, New York, New York 10036.
When assessing the crude tanker industry, it’s important to look at the BDTI (Baltic Dirty Tanker Index). In week 17, which ended on April 27, the BDTI rose from 637 to 655. In week 16, the index fell by 3 points. The index shows the direction that crude tanker rates are heading. The index has fallen ~6% since the beginning of 2018.
Euronav announced its 1Q18 results on April 25. Euronav’s (EURN) revenues and EBITDA (earnings before interest, tax, depreciation, and amortization) fell YoY (year-over-year) in 1Q18.
According to Reuters, the consensus rating for Tsakos Energy Navigation (TNP) is 2, which means a “buy.” The company has had a consensus “buy” rating for more than a year.
Below are the consensus ratings for other crude oil tanker companies on a scale of one (strong buy) to five (strong sell): Nordic American Tankers (NAT): 3.5 or a “hold” Gener8 Maritime (GNRT): 2.2 or a “buy” Teekay Tankers (TNK): 2.7 or a “hold” Euronav (EURN): 2 or a “buy” Analysts’ recommendations
Crude tanker rates went through a tough period in 2017. In 3Q17, crude tanker rates hit extremely low levels and were below the break-even point. The rate decline continued into 1Q18. Tanker rates have remained weak since the beginning of 2018. VLCC (very large crude carriers) and Suezmax rates dropped below $10,000 per day in 1Q18.
When assessing the crude tanker industry, it’s important to look at the BDTI (Baltic Dirty Tanker Index). In week 16, which ended on April 20, the BDTI fell from 640 to 637. In week 15, the index fell by 3 points. The index shows the direction that crude tanker rates are heading. The index has fallen ~9% since the beginning of 2018.
None of the crude (DBO) tanker companies saw target price or recommendation revisions from analysts in week 15 or the previous two weeks. Read What Analysts Recommend for Crude Tankers for more information.