
A data driven research platform focusing on equities in shipping, offshore and commodities. www.nortilus.com
| Platform | Pricing | Freemium | Publishes | Twice weekly | |
|---|---|---|---|---|---|
| Issues | 104 | Founded | 3 years ago | Last Issue | 4 days ago |
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TC rates and secondhand values kept rising through Q3 despite softer Asia-Europe spot freight, and long charter cover keeps visibility high. We continue to like Navios at 0.39× P/NAV.
Key takeaways
Q3 spot earnings more than doubled for VLCCs and every name rallied over 30%. We continue to prefer International Seaways, DHT and Tsakos.
Key takeaways
Petrobras' best-ranked drilling contractor trades below 4x forward EBITDA and below NAV. The restructuring overhang is finite.
Nortilus | Offshore Drilling | Company Note | 12 October 2026
Offshore drillers and crude tankers led a positive week for shipping equities; Iran, record attacks in Hormuz and Hurricane Isaias drove macro.
Key takeaways
We expect Q3 to be a soft quarter for product freight, but the September/October rebound has already lifted the equities; we are above consensus on Scorpio and Pyxis, below on Ardmore and Hafnia, and
Key takeaways
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