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February 15, 2019
What’s Inside
1.Stock Views
2.IMO 2020 Overview
3.Crude and Product Tanker
4.Dry Bulk Market
5.LNG Shipping
6.LPG Shipping
7.Containership
8.2018 Market Review
9.Disclosures
Table of Contents
What’s Changed
We are upgrading NVGS to OW and remain OW EURN, DHT, STNG, CMRE,
TGP, GLOP, LNG, GLNG, HLNG, HMLP. We are also downgrading SBLK
and TNP to EW. See Stock Views.
We take a deep dive on IMO 2020, including key debates and returns of
scrubbers by vessel type and company. See IMO 2020 Overview.
Crude tankers face near-term headwinds in 2019 from OPEC cuts and a heavy
newbuild delivery schedule, but the 2020+ outlook remains positive. See
Crude and Product Tanker Outlook.
We see the dry bulk market as entering a period of structurally weak demand
as major commodity trades of iron ore and coal move ex-growth. See Dry
Bulk Market Outlook.
LNG shipping is set to remain tight through 2020, but we recently lowered our
long-term shipping rate on a growing orderbook and slowing post 2020
liquefaction capacity additions. See LNG Shipping Outlook.
LPG shipping stands to benefit from the rapid growth in US NGL production
and new terminal capacity additions leading to rising LPG exports. See LPG
Shipping.
We see a slow improvement in containership fundamentals despite trade
tensions and concerns surrounding global growth as supply growth declines
below the level of global GDP next year. See Containership Outlook.