Weekly Credit Update
9 January 2015
Analyst
Ola Heldal
+47 8 540 8433
[email protected]
Analyst
Mads Rosendal
+46 8 568 80594
[email protected]
Important disclosures and certifications are contained from page 20 of this report.
Contents
- Market news
- Trade ideas
- Company news
- Chart pack
- List of official and shadow ratings and recommendations
2
What’s on our mind
- General credit market news
• European credit indices were drifting wider at the beginning of this
week on the back of a very volatile week in equity markets combined
with Brent crude breaching the USD50/bl level for the first time
since 2009. However, indices ground tighter towards the end of the
week and are looking to close more or less unchanged from the start
of the week.
• It was a quiet start to the new year in both the secondary and
primary markets but the new issue market reopened at the end of
this week with several issues in the senior financials space.
• Overall, it was a very quiet but volatile start to the new year and we
expect activity to pick up in coming weeks.
Sources: Bloomberg, Danske Bank Markets (both charts)
3
Brian Børsting
+45 45 12 85 19
[email protected]
BUY SASSS 2017 outright
Attractive absolute value – supported by adequate liquidity
Niklas Ripa
+45 45 12 80 47
[email protected]
•
SAS recently released its Q4 13/14 report. Although it
posted results that were slightly worse than expected, we
believe it was supportive from a credit perspective. This
reflects the following.
•
•
•
Cash flow from operations was solid, with SEK0.8bn in
Q4 13/14 and SEK1.1bn for FY 2013/14. With limited
capex for the coming years (SEK1bn expected in
2014/15) and financing secured for most aircraft
deliveries in 2015-17, we expect SAS to be free cash flow
positive in the years to come – and to be able to maintain
adequate liquidity.
We believe the SAS 2017 offers an attractive absolute
return. SAS AB is rated B-/S with adequate liquidity. Due to
the significant amount of pledged assets, we estimate the
bond rating at CCC+/CCC.
900
SASSS 9 17
800
700
CCC
B-
600
500
400
300
200
100
0
0
2
4
6
8
10
12
Years to
maturity
Debt maturity profile, SEKm
2500
2000
1500
1000
500
0
2021
2020
2019
2018
2017
2016
SAS has hedged 43% of fuel consumption for the next 12
months. The positive impact is offset by a weaker SEK
versus the USD but we estimate a positive net impact of
SEK1.0-1.3bn for 2014/15. We expect the cost relief to
support the bond valuation.
1000
2015
•
SAS has sufficient liquidity, in our view, to handle debt
maturities to end-FY 2018. Cash and cash equivalents
were SEK7.4bn at end-2013/14. Debt maturities to endFY 2018 are around SEK6.6bn.
Indicative SEK-equivalent ASW spread
Note: As of 31 October 2014, SAS’s financial year runs from
November to October; hence, SAS AB 2017 bond expires in SAS’s
financial year 2018; SAS AB 17 is a callable bond with first call 26
August 2016 @102.25, curve swapped to SEK
Source: Bloomberg, SAS AB, Danske Bank Markets (both charts)
4
Mads Rosendal
+46 8 568 80594
[email protected]
SELL ATCOA2019 2.625% – BUY ATCOA2023 2.500%
The Atlas Copco 2019’s trade too tight for the rating, in our view
•
•
•
•
•
The Atlas Copco 2019s trade tighter than the average ‘A+’ rated
EUR corporate. We suggest going further out on the curve and
buying the Atlas Copco 2023s to get more value out of a fairly
tight name. Alternatively, investors can sell 5YR protection on
Atlas Copco for an even greater pickup relative to the cash curve.
Atlas Copco has best-in-class low operational leverage as
witnessed by its very strong margin protection in 2009.
Atlas Copco is exposed to oil and gas E&P capex spending.
However, as its exposure is fairly well distributed over the entire
oil and gas E&P value chain, downside to new orders in 2015 as a
result of the lower oil price should be fairly limited, in our view.
Having added substantial amounts of debt to its balance sheet
with the acquisition of Edwards group in 2014, we view the risk of
large-scale M&A as limited in Atlas Copco. Our base case is that
Atlas Copco continues with smaller bolt-on acquisitions in the
first half of 2015.
Indicative
ASW offer
(bps)
60
EUR bonds - Investment Grade
Industrials: BBB+
50
40
Brian Børsting
+45 45128503
[email protected]
ATCOA CDS EUR
SR 5Y
Industrials: A+
Industrials: A
ATCOA '23
(A/A2)
30
20
10
0
2014
ATCOA '19
(A/A2)
2015
2016
2017
2018
2019
2020
2021
2022
2023
-10
Indicative
YTM offer (%)
EUR bonds - Investment Grade
1,0
Euro Swap yield
curve
ATCOA '23
(A/A2)
A+/A/A-
The key risk to the case is, in our view, a further decline in demand
from the mining segment in 2015.
0,5
ATCOA '19
(A/A2)
0,0
2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 2026
* Benchmarked against a sample of highly liquid EUR corporate issues
(minimum size: EUR500m, TTM:1Y-10Y)
Source: Bloomberg (<SRCH>GO), Danske Bank Markets (both charts)
5
Recent trade ideas
Type
Outright
Trade
SASSS '17
Curve spread
Switch from ATCOA '19 to
ATCOA '23
Idea
We believe the SAS 2017 offers an attractive absolute
value – supported by adequate liquidity
Opened
Start spread
Outright
Outright
VLVY' 17 or VLVY'19
NYNAAB '18
The Atlas Copco 2019s trades tighter than the average
‘A+’ rated EUR corporate. Go out the curve and buy the
'23s
We see the VLVY cash curve as attractively valued and
an (uncertain) downgrade is more than priced in to
spreads
NYNAAB '18's, which we see as 'B+' indicatively trade
way too cheap relative to the industrial 'B+' curve
Opened
Start spread
Opened
Start spread
Opened
Start spread
SAABAB '19
COMHSS '19 looks cheap compared to other rated and
unrated issues in SEK. Trades like a B+, but is officially
rated BBSKF’s 2020s and 2018s offer attractive value relative to
the rating (‘BBB+’ NO and ‘Baa1’ S) Downgrade seems
priced in already
Trading wider than the ‘BBB+’ shadow rating would imply
Swith from STENA '19 to
STENA '20
Stena 2020 cheap compared with overall Stena credit
curve and the Stena 2019 bond.
Outright
COMHSS '19
Curve spread
Switch from SKFBSS '19 to
SKFBSS '18 or '20
Outright
Opened
Start spread
Opened
Start spread
Opened
Start spread
Curve spread
Opened
Start spread
18 dec 2014
807
18 dec 2014
16
27 nov 2014
72
25 nov 2014
640
19 nov 2014
450
18 nov 2014
2
13 nov 2014
115
24 okt 2014
126
See the end of this presentation for a list of our coverage including shadow ratings and recommendations
Source: Danske Bank Markets
6
Company news from the past week
Name
Vestas
News
Vestas upgraded its free cash flow expecations to EUR850m for FY 2014 (earlier guidance
EUR400-700m) mainly driven by better than improved working capital. We maintain our BBBrating on the name. The upgrade should only moderately impact credit spreads due to the very
short maturity of the outstanding March 2015 bond.
Implication
Credit positive
Tallink
On Monday the 5th of January Tallink reported passenger and freight numbers for Q4 2014 and
December 2014. During the quarter the overall number of passengers, passenger cars and cargo units
declined 4.5% y/y, 1.7% y/y and 1.2% y/y respectively. Some of the decline in the passenger numbers
may be explainable by scheduled maintenance of one of the ferries on the Finland-Sweden route, but
the company did not provide any details in this respect. We therefore cautiously note that the
declining passenger numbers are not encouraging. The release also showed relatively strong cargo
numbers on the important Estonia-Finland route (+8.2% y/y) and the Estonia-Sweden route (+8.2% y/y)
during Q4 14, although this development did not compensate for the declines in cargo experienced on
the Finland-Sweden (-8,9%y/y) and Latvia Sweden (-58,8% y/y) routes during the quarter. However, the
overall number of cargo units actually increased towards the end of the year witnessed by a 2.8% y/y
overall increase during December 2014 – again driven by the development on the Estonia-Finland
route. The company did not release any preliminary earnings or cash flow numbers, but the overall
passenger and cargo trends point to the risk of moderately declining cash flows for 2014 versus 2013,
despite an expected moderately positive effect from lower bunker fuel prices. In our view the overall
release should be viewed as slightly credit negative. We maintain our issuer shadow rating of ‘BB‘ and
issue rating of ‘BB-‘ on the TALLNK 18’s for the time being, but stresses that we could see moderately
wider spreads following the release.
Credit negative
Akelius Residential
We currently have Akelius Residential at BB+ with positive outlook, with its bonds one notch
lower. The announced revised financial policy is very positive as it confirms the company's
commitment to a strong balance sheet and solid liquidity position, bringing the financial risk profile
of Akelius in line with the requirements for an investment-grade rating. We will publish a credit
update on Akelius in conjunction with the release of Q4 earnings where we will also take the
revised financial policy into consideration. Note that with a more conservative financial policy this
could also impact our decision of notching / not notching down the company's senior unsecured
bonds.
Credit positive
Source: Danske Bank Markets
7
Selected new issues
• The new issue market was quiet at the beginning of the week but reopened on Wednesday.
Selected new issues
Date
Issuer
07-01-2015 Abbey Natl Treasury Serv
07-01-2015
Rabobank Nederland
08-01-2015
Bnp Paribas
08-01-2015
Lloyds Bank Plc
08-01-2015 Volkswagen Intl Fin Nv
08-01-2015 Volkswagen Intl Fin Nv
08-01-2015 Volkswagen Intl Fin Nv
Coupon
1,125%
EUR003M +19bps
EUR003M +40bps
1,25%
EUR003M +30bps
0,875%
1,625%
CCY
EUR
EUR
EUR
EUR
EUR
EUR
EUR
Volume
1 500 m
2 500 m
750 m
1 000 m
1 000 m
1 000 m
1 000 m
Maturity
Jan-22
Jan-17
Jan-20
Jan-25
Jul-18
Jan-23
Jan-30
S&P / Mdy / Fitch ASW/DM
/ A2e / Ae
65
/ Aa2e / AA-e
19
/ A1e / A+e
40
/ /
55
/ A3e /
30
/ A3e /
40
/ A3e /
65
Source: Danske Bank Markets
8
Chart pack: euro spreads and returns
Euro IG ASW, iBoxx indices
IG total return, iBoxx indices, 2014-01=100
Euro HY ASW, Merrill Lynch indices
HY total return, Merrill Lynch indices, 2014-01=100
Source: Macrobond Financial, Danske Bank Markets [all charts]
9
Chart pack: relative value
iTraxx vs iBoxx
Nordic financial and non-financial corporates (IG) vs iTraxx
Euro vs US CDS indices - IG (Markit)
Euro vs US HY bond indices (Merrill Lynch)
Source: Bloomberg, Macrobond Financial, Danske Bank Markets [all charts]
10
Chart pack: general market development
European swap and government yields
3M TED-spread, US and euro area
Euro swap curve spread
Euro/USD basis swaps
Source: Macrobond Financial, Danske Bank Markets [all charts]
11
Chart pack: fund flows
Europe, net sales
US, net sales
Sweden, net sales
Norway, net sales
Source: Macrobond Financial, Danske Bank Markets [all charts]
12
Chart pack: macro
GDP y/y growth, calendar adjusted
Purchasing managers’ indices
Euro area y/y change in bank lending
Euro area lending standards
Source: Macrobond Financial, Danske Bank Markets [all charts]
13
Our coverage and shadow ratings 1 of 5
Company
Ahlstrom Oyj
Akelius Residential Ab
Ambu A/S
Ap Moeller - Maersk A/S
Arla Foods Amba
Atlas Copco Ab
Avinor As
Bank 1 Oslo Akershus As
Bank Norwegian As
Beerenberg Holdco Ii As
Bw Offshore
Cargotec Oyj
Carlsberg Breweries A/S
Cermaq Asa
Citycon Oyj
Color Group As
Com Hem Holding Ab
Danfoss A/S
Danske Bank A/S
Dfds A/S
Dlg Finance As
Dna Ltd
Dnb Bank Asa
Dong Energy A/S
Dsv A/S
Eg Holding
Eika Boligkreditt As
Eika Gruppen As
Electrolux Ab
Elenia Oy
Elisa Oyj
Entra Eiendom As
Rating
B+
BB+
BBBBBB+
Danske Bank
Outlook Sr. Unsec
Stable
Pos
BB
Stable
Stable
Stable
Stable
Stable
Stable
BB
Stable
BB-
Stable
BBB
B
ABBB
A-
Moody's
Rating Outlook
BBB+
Stable
Baa1
Stable
A
AA-
Stable
Stable
A2
A1
Stable
Stable
Baa2
Stable
Fitch
Rating Outlook
Stable
BBB+
BBB
B+
BB+
BBB-
BBBBBBBB-
S&P
Rating Outlook
BBB
Stable
Baa2
Stable
BBBBB
A
Stable
Stable
Neg
A3
Stable
BBB
Stable
A
Stable
B+
Stable
Stable
Stable
A+
BBB+
Stable
Stable
A1
Baa1
BBB
Stable
Wr
BBB
Pos
Baa2
Neg
Stable
BBB+
Stable
Stable
Stable
Stable
Stable
WD
Stable
Stable
Analyst(s)
Mads Rosendal
Louis Landeman
Jakob Magnussen
Brian Børsting
Mads Rosendal
Mads Rosendal
Ola Heldal
T. Hovard / L. Holm
T. Hovard / L. Holm
Øyvind Mossige
Øyvind Mossige
Mads Rosendal
Brian Børsting
Knut-Ivar Bakken
Louis Landeman
Niklas Ripa
Ola Heldal
Jakob Magnussen
Niklas Ripa
Mads Rosendal
Ola Heldal
T. Hovard / L. Holm
Jakob Magnussen
Brian Børsting
Jakob Magnussen
T. Hovard / L. Holm
T. Hovard / L. Holm
Brian Børsting
Jakob Magnussen
Ola Heldal
Ola Heldal
Recomm.
BUY
SELL
HOLD
SELL
HOLD
HOLD
HOLD
BUY
BUY
14
Our coverage and shadow ratings 2 of 5
Danske Bank
Company
Rating Outlook Sr. Unsec
Farstad Shipping Asa
BB
Neg
BBFingrid Oyj
Finnair Oyj
BB
Stable
Fortum Oyj
Fortum Varme Holding Samagt Med Stockholms Stad Ab
Fred Olsen Energy Asa
BB+
Neg
G4S Plc
Getinge Ab
BB+
Neg
Golden Close Maritime Corp Ltd
B
Heimstaden Ab
BB
Stable
BBHemso Fastighets Ab
BBB+
Stable
BBB
Hkscan Oyj
BB
Stable
Hoist Kredit Ab
BBStable
B+
Husqvarna Ab
BBBPos
Ikano Bank Ab
BBB
Stable
Investor Ab
Iss A/S
J Lauritzen A/S
B
Stable
BJernhusen Ab
AStable
Jyske Bank A/S
Kesko Oyj
BBB
Stable
Klaveness Ship Holding As
BBStable
B+
Loomis Ab
BBBStable
Luossavaara-Kiirunavaara Ab
BBB+
Stable
Meda Ab
BBStable
Metsa Board Oyj
Metso Oyj
Ncc Ab
BBBStable
Neste Oil Oyj
BBBStable
Nokia Oyj
Nokian Renkaat Oyj
BBB+
Stable
Nordea Bank Ab
S&P
Rating Outlook
Moody's
Rating Outlook
Fitch
Rating Outlook
A+
Stable
A1
Stable
A+
Stable
ABBB+
Neg
Stable
A2
Neg
A-
Neg
BBB-
Stable
AABBB-
Stable
Stable
A1
Stable
A-
Stable
Baa1
Neg
B+
BBB
Pos
Stable
B1
Baa2
Pos
Stable
BB
Pos
Ba2
Pos
BB
Stable
AA-
Neg
Aa3
Neg
AA-
Stable
Analyst(s)
Øyvind Mossige
Jakob Magnussen
Brian Børsting
Jakob Magnussen
Jakob Magnussen
Sondre Stormyr
Brian Børsting
Louis Landeman
Sondre Stormyr
Louis Landeman
Louis Landeman
Brian Børsting
Gabriel Bergin
Louis Landeman
T. Hovard / L. Holm
Brian Børsting
Brian Børsting
Bjørn Kristian Røed
Gabriel Bergin
Thomas M. Hovard
Mads Rosendal
Bjørn Kristian Røed
Brian Børsting
Louis Landeman
Louis Landeman
Mads Rosendal
Mads Rosendal
Louis Landeman
Jakob Magnussen
Ola Heldal
Jakob Magnussen
T. Hovard / L. Holm
Recomm.
BUY
SELL
BUY
BUY
HOLD
BUY
HOLD
HOLD
HOLD
SELL
15
Our coverage and shadow ratings 3 of 5
Company
Norwegian Air Shuttle Asa
Norwegian Property Asa
Nykredit Bank A/S
Nynas Group
Odfjell Se
Olav Thon Eiendomsselskap Asa
Olympic Shipping As
Orkla Asa
Outokumpu Oyj
Pohjola Bank Oyj
Posten Norge As
Postnord Ab
Prosafe Se
Ramirent Oyj
Saab Ab
Sampo Oyj
Sandnes Sparebank
Sandvik Ab
Sas Ab
Sbab Bank Ab
Scania Ab
Schibsted Asa
Seadrill Ltd
Securitas Ab
Skandinaviska Enskilda Banken Ab
Skanska Ab
Skf Ab
Sognekraft As
Solstad Offshore Asa
Spar Nord Bank A/S
Sparebank 1 Boligkreditt As
Sparebank 1 Nord Norge
Rating
BBBBB-
Danske Bank
Outlook Sr. Unsec
Stable
B+
Stable
B+
B+
BBB+
B+
BBB+
B
Stable
Stable
Stable
Stable
Pos
Pos
ABBB+
BB
BB+
BBB+
Stable
Stable
Stable
Stable
Stable
BBB+
Stable
BBB
BB+
Stable
Stable
BBB+
Stable
BBB
BBBBB+
A-
Stable
Stable
Stable
Stable
S&P
Rating Outlook
Moody's
Rating Outlook
Fitch
Rating Outlook
A+
Neg
Baa2U
Stable
A
Stable
AA-
Neg
Aa3
Neg
A+
Stable
Wr
Baa2
Stable
B+
B
B
BBB
BA
A-
Neg
Stable
Neg
Stable
Wr
A2
Stable
Neg
BBB
A+
Stable
Neg
Wr
A1
Neg
BBB+
Neg
Baa1
Stable
A2
Neg
BB
A+
Pos
BBB
B+
A
Stable
Analyst(s)
Brian Børsting
Ola Heldal
T. Hovard / L. Holm
Jakob Magnussen
Bjørn Kristian Røed
Ola Heldal
Øyvind Mossige
Ola Heldal
Mads Rosendal
T. Hovard / L. Holm
Ola Heldal
Gabriel Bergin
Sondre Stormyr
Brian Børsting
Louis Landeman
T. Hovard / L. Holm
T. Hovard / L. Holm
Mads Rosendal
Brian Børsting
T. Hovard / L. Holm
Mads Rosendal
Ola Heldal
Sondre Stormyr
Brian Børsting
T. Hovard / L. Holm
Louis Landeman
Mads Rosendal
Jakob Magnussen
Øyvind Mossige
T. Hovard / L. Holm
Lars Holm
T. Hovard / L. Holm
Recomm.
HOLD
SELL
HOLD
HOLD
HOLD
HOLD
HOLD
BUY
SELL
HOLD
16
Our coverage and shadow ratings 4 of 5
Company
Sparebank 1 Smn
Sparebank 1 Sr-Bank Asa
Sponda Oyj
St1 Nordic Oy
Statkraft Sf
Statnett Sf
Statoil Asa
Steen & Strom As
Stena Ab
Stockmann Oyj Abp
Stolt-Nielsen Ltd
Stora Enso Oyj
Storebrand Bank Asa
Suomen Hypoteekkiyhdistys
Swedavia Ab
Swedbank Ab
Swedish Match Ab
Svensk Fastighetsfinansiering Ab
Svenska Cellulosa Ab Sca
Svenska Handelsbanken Ab
Sydbank A/S
Tallink Group As
Tdc A/S
Teekay Offshore Partners Lp
Tele2 Ab
Telefonaktiebolaget Lm Ericsson
Telenor Asa
Teliasonera Ab
Teollisuuden Voima Oyj
Thon Holding As
Tine Sa
Upm-Kymmene Oyj
Rating
BBBBB
Danske Bank
Outlook Sr. Unsec
Stable
B+
BB+
Stable
Stable
BBB+
AA-
Stable
Stable
Stable
Fitch
Rating Outlook
AStable
AStable
AA+
AA-
Stable
Stable
Stable
Aaa
Wr
Aa2
Stable
Stable
Stable
BB
Stable
B2
Stable
BB
BBB+
Stable
Neg
Ba2
Baa2
Stable
Neg
WD
A+
BBB
Neg
Stable
A1
Baa2
Neg
Stable
A+
Pos
AAA-
Stable
Neg
Baa1
Aa3
Baa1
Stable
Neg
Neg
AA-
Stable
BBB
Neg
Baa3
Stable
BBB
Stable
BBB+
A
ABBB
Stable
Stable
Stable
Neg
Baa1
A3
A3
Wr
Stable
Stable
Neg
BBB+
Stable
ABBB
Stable
Stable
BB+
Stable
Ba1
Stable
WD
BB
Stable
BB
Stable
BB-
BBBBB
Stable
Stable
B+
BBB+
BBB+
Moody's
Rating Outlook
A2
Neg
A2
Neg
Stable
Stable
BBB+
BBB
S&P
Rating Outlook
Stable
Stable
Analyst(s)
Recomm.
T. Hovard / L. Holm
T. Hovard / L. Holm
Louis Landeman
Jakob Magnussen
Jakob Magnussen
Jakob Magnussen
Jakob Magnussen
Ola Heldal
Niklas Ripa
Mads Rosendal
Bjørn Kristian Røed
Mads Rosendal
T. Hovard / L. Holm
T. Hovard / L. Holm
Gabriel Bergin
T. Hovard / L. Holm
Brian Børsting
Louis Landeman
Mads Rosendal
T. Hovard / L. Holm
T. Hovard / L. Holm
Niklas Ripa
Ola Heldal
Bjørn Kristian Røed
Ola Heldal
Ola Heldal
Ola Heldal
Ola Heldal
Jakob Magnussen
Ola Heldal
Ola Heldal
Mads Rosendal
HOLD
HOLD
BUY
HOLD
SELL
BUY
HOLD
BUY
HOLD
BUY
HOLD
BUY
HOLD
HOLD
HOLD
SELL
BUY
HOLD
17
Our coverage and shadow ratings 5 of 5
Company
Vasakronan Ab
Vattenfall Ab
Vestas Wind Systems A/S
Victoria Park Ab
Wilh Wilhelmsen Asa
Volvo Ab
Rating
ABBBBBBBB-
Danske Bank
Outlook Sr. Unsec
Stable
Pos
Stable
Stable
S&P
Rating Outlook
Moody's
Rating Outlook
Fitch
Rating Outlook
A-
Stable
A3
Stable
A-
Neg
BBB
Neg
Baa2
Neg
BBB
Stable
B+
Analyst(s)
Louis Landeman
Jakob Magnussen
Niklas Ripa
Louis Landeman
Bjørn Kristian Røed
Mads Rosendal
Recomm.
HOLD
BUY
HOLD
Source: Standard & Poor's, Moody's, Fitch, Danske Bank Markets
18
Fixed Income Credit Research team
Thomas Hovard, Chief Analyst
Head of Credit Research
+45 45 12 85 05
[email protected]
Brian Børsting, Senior Analyst
Industrials
+45 45 12 85 19
[email protected]
Ola Heldal, Analyst
TMT
+47 85 40 84 33
[email protected]
Louis Landeman, Analyst
TMT, Industrials
+46 8 568 80524
[email protected]
Lars Holm, Senior Analyst
Financials
+45 45 12 80 41
[email protected]
Sondre Dale Stormyr, Analyst
Offshore Rigs
+47 85 40 70 70
[email protected]
Mads Rosendal, Analyst
Industrials, Pulp & Paper
+46 8 568 80594
[email protected]
Gabriel Bergin, Analyst
Strategy, Industrials
+46 8 568 80602
[email protected]
Henrik René Andresen, Analyst
Credit Portfolios
+45 45 13 33 27
[email protected]
Jakob Magnussen, Senior Analyst
Utilities, Energy
+45 45 12 85 03
[email protected]
Niklas Ripa, Senior Analyst
High Yield, Industrials
+45 45 12 80 47
[email protected]
Øyvind Mossige, Senior Analyst
Oil Services
+47 85 40 54 91
[email protected]
Knut-Ivar Bakken, Analyst
Fish Farming
+47 85 40 70 74
[email protected]
Bjørn Kristian Røed, Analyst
Shipping
+47 85 40 70 72
[email protected]
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