Concordia: Entered the upcycle, volatility to come - Introduce

Tuesday, February 4, 2020 1:39 PM
"Q4’19 EBITDA was SEK 62m (vs. ABGSCe at SEK 133m & cons. at SEK 130m). The miss was due to timing effects; ships were already employed when rates spiked, and as such did not realise the spike. Realised rates were lower for the product tankers at USD 14.8kpd (vs. ABGSCe at USD 19kpd) and slightly higher for the Suezmax at USD 44kpd (vs. ABGSCe at USD 43kpd). CCOR rates were higher by 8% y-o-y for product tankers while Suezmax rates were up 71% y-o-y. Therefore, Q4’19 rates were above our calculated CBE for the Suezmax and lower than our calculated CBE for the product tankers."

Link to commissioned research below.