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Belships – BUY NOK 11 (prev. BUY 9) – 1Q Preview: The best time to bear fruits of transformation Few could have thought that Belships would bear the fruits of the massive 100-year-anniversary-related transformation so soon. Now the company is trying to benefit from the sky-high rates even more by the last-minute additions to the fleet – since our last update there were announcements of 5 vessel additions bringing the total number to 26. There might be a lag for the rates to be transferred to revenues, but the impressive situation in the market lets us keep Buy recommendation for the sto...

Belships: Quarter led by Lighthouse Navigation; outlook improved While the main operating segment of Dry Cargo Ships provided results in line with our expectations, overall figures were boosted by a very volatile Lighthouse Navigation segment, which showed the highest EBITDA since acquisition. The shipping market has turned very bullish over the last two months and the outlook improved for both the 2021 and, seeing historically low supply level, the longer term. Thus, we are likely to keep our positive stance towards the stock. Figures boosted by Lighthouse Navigation Usually, we had very low...