Fearnley Securities has increased its earnings forecast for Danish product tanker owner Torm, but sees no big boosts for rates on the horizon.
The Norwegian investment bank, which has a “hold” rating on the shares, said first-quarter bookings are strong at the company, with LR2s, for example, fixed at $32,000 per day.
Fearnley is raising its Ebitda estimate 29% for the current quarter, to $129m, although this is flat quarter on quarter.
