We initiate coverage of Songa Bulk with a Neutral recommendation and target price of NOK 41

We find the dry cargo space very interesting and believe that the trough was 1Q16. The share is attractively priced compared to peers, but dependent on further successful acquisitions to become a leveraged bet on future upside in asset prices.

Company specifics:

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Market fundamentals:

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 Disclaimer: The publisher currently has no investments in the company
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