The market gives a vote of confidence to the listed shipping companies of Greek interests. A research by “Naftemporiki” reflects the positive messages, as the international rating agencies give a strong buy recommendation for the majority of companies.
More specifically, based on the data published by NASDAQ for the 27 listed shipping Greek interests on both New York Stock Exchanges (NYSE and NASDAQ), a “Buy” or “Strong Buy” rating results for 21 of them.
According to the same data, the shares are positively affected by the high profitability recorded in the first half of this year, while the total capitalization of the “27” in the US stock market exceeds 15 billion dollars, recording an increase of almost 60% on an annual basis.
At the same time, according to analysts, the vast majority of listed companies present attractive returns in terms of EV (enterprise value)/EBITDA.
How are they evaluated?
Danaos corp. ended the first half of 2024 with $3.2 billion in contracted revenue, $372 million in cash, $787 million in liquidity, $1.8 billion in enterprise value and a 0.29 net debt/EBITDA ratio.
The company that owns one of the world’s largest fleets of container ships maintain a ‘Buy’ rating and are currently trading at $84.42.
The company has 73 containerships from 2,200 TEUs to 13,100 TEUs, another 17 containerships from 6,000 to 9,000 TEUs on order, and 10 capesize dry cargo ships.
Dynagas LNG Partners maintains a “Strong Buy” rating and $4.5 target price from Stifel.
Net profits for the same period stood at $10.7 dollars.
NASDAQ maintains a “Buy” recommendation for the share of Tsakos Energy Navigation (TEN), giving a target price of $29.5.
The company announced net profit of $130.4 million in the first half of 2024 was dollars.
The share of Navios Maritime Partners also received a vote of confidence from investors with a “Strong Buy” recommendation, and the target price from Jefferies set at $80.
Navios’ fleet consists of 74 dry bulk carriers, 48 container ships and 56 tankers, including 20 new (14 aframax/LR2 tankers and six MR2 product tankers chartered on bareboat contracts), which are expected to be delivered by first half of 2028, and seven new containerships, which are expected to be delivered by 2026.
The listed companies Eurodry and Euroseas maintain a “Strong Buy” recommendation for their shares.
Eurodry stock is currently trading at $19.57.
The company reported total net income of $17.4 million for the quarter ended June 30 and $31.9 million for the six months ended June 30.
The share of Stealthgas maintains the “Strong Buy” recommendation, while it is currently trading on the Nasdaq at $6.40.
US-listed Safe Bulkers maintains a “Buy” rating and a $5.97 target price from Jefferies.
The company – whose share trades at $4.45 – manages a fleet of 46 bulk carriers, with a total capacity of 4.6 million dwt, while implementing a shipbuilding program for eight more ships.
It is noted that significant profitability was recorded in the first quarter of this year, amounting to $25.3 million.
The listed shipping company Star Bulk Carriers has a “Buy” recommendation, while the target price is $25.1, a little above the $20.4 it is currently trading at.
The stock of the US-listed Okeanis Eco Tankers Corp., which has a “Strong Buy” recommendation, is currently trading at $31.94.
Its fleet of 14 tankers posted revenues of $112.0 million and earnings of $39.6 million for the second quarter of 2024.
The stock of Imperial Petroleum has a “Strong Buy” recommendation from Nasdaq.
Capital Clean Energy Carriers Corp CCEC (formerly Capital Product Partners L.P.) is expected to become the largest owner of LNG carriers on the US stock market.
Its fleet includes 20 vessels, including 12 latest generation liquefied natural gas carriers (LNG/Cs) and eight neo-panamax containerships.
As for the stock of Globus Maritime Limited, it is currently trading at $1.81 with a “Strong Buy” recommendation.
Global Ship Lease owns 68 container ships, from 2,207 to 11,040 TEUs, with a total capacity of 376,723 TEUs.
The company’s stock trades with a “Buy” recommendation and is currently at $25.03.
Its net profit for the quarter amounted to $85.6 million and for the six-month period to $175.1 million.
Last but not least, Pyxis Tankers maintains a ‘Buy’ recommendation from ThingEquity, with a $10 price target.
