In a note to clients Natasha Boyden of Global Hunter Securities described the move as “prudent” and left the “accumulate” rating attached to the US-listed stock intact despite uncertainty surrounding security coverage and leverage ratio violations.
“Suspension makes sense as management works to either amend or waive the relevant covenants,” she wrote. “We believe Star is in a fairly good position, especially relative to many of its peers, given its cash balance, positive NPV and high charter coverage for its capesize fleet.”
Boyden,
