Daily ShareChat: Cavotec MSL Holdings

By Jenny Ruth

Friday 24th April 2009

Cavotec MSL Holdings announced its largest mooring deal to date with the Port Hedland Port Authority in Australia in early April.

Goldman Sachs JB Were analyst Adrian Allbon estimates the order for an initial 14 MoorMaster 200B automatic mooring units is worth about 3 million euro ($NZ6.9 million).

It follows Cavotec’s announcment at the end of March of a follow-up order from St. Lawrence Seaway Management Corporation in Canada which Allbon estimates is worth about a million euro and brings mooring unit orders still to be delivered to about 9 million euro.

Allbon sees potential new orders from both BHP and Rio Tinto at Port Hedland, noting Rio Tinto recently talked about introducing automation.

He says potential new orders may also come from the A P Moller-Maersk Group-managed Port of Salalah in Oman. That port already has two MoorMaster 400 units, four 600 units and 12 200 units installed. Allbon says if Salalah chose to outfit the rest of its container berths with MoorMaster units by July or August 2010, the order could be worth about 8 million euro. A P Moller could also specify MoorMaster units for use at its other terminals which total about 50 globally.

BROKER CALL:

Goldman Sachs JB Were rates CCC as HOLD.

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