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In a report published Tuesday, Iberia Capital Partners analyst David E. Beard upgraded the rating on
Knightsbridge Tankers LimitedVLCCF from Sector Perform to Outperform, and named a $10.00 price target.
In the report, Iberia Capital Partners noted, “We believe the bulk carrier market is still 20-30% oversupplied and has a ~10% of fleet order book. Strong scrappings (~5-6% of fleet) and robust demand growth (+5-8%) set the stage for better supply/demand metrics exiting 2014, which in turn leads to higher rates. We believe the stocks could move 6-9 months ahead of a turn in fundamentals and, thus, believe investors can accumulate shares of bulk carriers, including VLCCF.”
Knightsbridge Tankers Limited closed on Monday at $7.83.
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