Chemoil Energy: to partner S. Korea’s Hanjin Group, for the proposed development of a storage terminal to sell fuel to ship owners at the port of Busan. The terminal, expected to have btwn 230-250k cubic meters of storage, aims to tap demand from shipping lines in the country, with mkt size est. at US$3.5bn. The plan is subject to approval from Chemoil’s major sh/h Glencore (51% interest) and Itochu (37.5% interest).
Chemoil has ~10% share of the global bunker market, and aims to increase annual sales by up to 15% from the current 16m tons. Stock trades at 36.1x historical PE, 1.5x current book value.
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