Norne Research has started coverage of expanding Norwegian bulker owner Belships with a buy rating on its stock.
Analyst Mindaugas Cekanavicius said the move was made after the company "decided to celebrate its 100-year anniversary with more than doubling the number of operating vessels through a merger and continued expanding its fleet through vessel acquisitions."
Norne believes the shares are under-valued and has a NOK 9 ($0.98)
