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Belships – HOLD NOK 22 (prev BUY 19) – It is not the 4Q results we are worried about

Belships reported its 4Q21 results last week. While we were expecting the main Shipping segment to show record-high figures, as they eventually did, the Lighthouse Navigation segment was guided by the company to be lower QoQ, yet, the segment’s results were surprisingly higher. With dividends of NOK 0.9/sh proposed, extraordinary dividends for 1Q22 planned and .

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Belships ASA Reports Record 4th quarter 2021 | Hellenic Shipping News Worldwide

Highlights • Operating income of USD 235.2m (USD 59.9m) • EBITDA of USD 70.4m (USD 11.3m) including USD 22.9m from Lighthouse Navigation • Net result of USD 59.2m (USD 0.9m) • Declared dividend of USD 25.6m (NOK 0.90 per share) • Extraordinary dividend payment planned for Q1 2022 • Net TCE of USD 28 965 .

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With volatile LN, all eyes are on ships and they should not disappoint | Hellenic Shipping News Worldwide

Belships is reporting next Monday. The Lighthouse Navigation segment is hard to predict, although expected and guided significantly lower QoQ, but the shipping part should not disappoint. Despite some hiccups in the Supramax rates, they stay at an elevated level, while the company continues to sign 1-2 year fixed contracts. We updated our model with .

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Belships – BUY NOK 19 (prev BUY 18) – Not accounted for Lighthouse Navigation, ST for Ships will still be extremely strong

We could have expected the record-high numbers to be reported for the Belship’s dry cargo shipping segment in the company’s 3Q21 report last week, but the Lighthouse Navigation segment more than surprised. The lag in Belships’ business signals for a very strong short-term future regardless of the negative rate development over the last few weeks. .

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Lighthouse Navigation taking it to the next level | Hellenic Shipping News Worldwide

Lighthouse Navigation taking it to the next level | Hellenic Shipping News Worldwide
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