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Fly News Breaks for January 23, 2020
Jan 23, 2020 | 09:14 EDT
As previously reported, Evercore ISI analyst Jonathan Chappell downgraded GasLog Partners (GLOP) to Underperform from Outperform with a price target of $11, down from $24, and downgraded Golar LNG Partners (GMLP) to In Line from Outperform with a $9 price target given that he sees them having balance sheet "holes" in 2020 and thinks distribution cuts may be likely. More broadly, he thinks tanker equities are set up to perform very well over the coming 12-18 months given a tighter supply/demand outlook for 2020 and 2021. However, the LNG shipping outlook "couldn't be more different," according to Chappell, who looks toward a massive capacity overhang and little expected incremental demand in 2021. For dry bulk, 2020 is unlikely to be robust, but "2021 is shaping up to be the strongest year in a decade," Chappell added.
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