Otto Marine

Otto Marine: DnB NOR reiterate Sell with $0.23 TP. Note that recent vessel sale price of USD22m each is inline with the USD23m NAV. However, as the charter-back dayrate has not been disclosed, it is hard to assess the sale price. Add that the sale to a third party also highlights that Otto Marine is a more of a low/mid-end yard, rather than a high-end yard.