J.P. Morgan skriver i analyse:
China’s new policy restricting the use of more pollutive coal (with more than 16% ash and 3% sulphur) effective 1st Jan 2015 could potentially reduce seaborne thermal coal imports from Australia due to the higher ash content. Indonesia’s coal may help to fill part of the gap and there could be import upside if more low-quality China domestic coal needs to be substituted as well but the Indonesia-China voyage distance is shorter. China is the world’s largest seaborne thermal coal importer, driving c.17.6% of demand, followed by India at c.16.8%. Thermal coal drives c.20% of global dry bulk shipping demand. We believe India’s rising coal demand could help mitigate the negative impact from China, benefitting smaller vessels more due to port constraints in India. On the positive side, China’s policy stimulus could help lift iron ore imports (which drives c.28% of global dry bulk shipping demand) and coking coal (c.6% of demand) as it continues to shut down the inefficient mines in the next 2 years in our view
Ifølge oversigtstabel handles DS Norden til en p/e vælrdi, som ligger betydeligt højere end flere tørlast konkurrenter, men kun lidt over gennemsnittet for peer gruppen.
