Golden Ocean: Attractive Valuations Across the Capital Structure

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Equity Research Analyst, Maritime sector, Drewry Maritime Financial Research

Ankush Kathuria CFA, FRM

Equity Research Analyst, Maritime sector

Maritime Sector, Equity & Credit Research

Drewry Maritime Financial Research

With no ties to other players in the shipping, finance or banking world, we provide a uniquely impartial view of the markets and companies we cover. Our parent organization, Drewry is a leading independent provider of research services to the maritime and shipping industry, employing over 100 professionals across an international network of offices in London, Delhi, Singapore and Shanghai. Combining our market-leading resources with seasoned sector expertise DFRS offers a highly differentiated and comprehensive range of investment and financial research services to lenders and prospective investors in publicly listed maritime and shipping companies. The full service of reports, supporting resources and sector orientated webinars provides our clients with the most complete picture of the organisations under coverage as is possible. We have been charting and analysing the world’s maritime markets for more than 40 years. This unrivalled intelligence and understanding provides the foundation of our research service. Our analysts have access to one of the most up-to-date, comprehensive and reliable sources of market insight and research data available today. We look at globally listed companies within the following sectors: Port Operators, Container Shipping, Container Manufacturing & Leasing, LNG Shipping, Dry Bulk Shipping and Tanker Shipping. Combine in-depth sector expertise with financial analysis focusing on over 50 stocks globally.

Equity Bottom-Up

<p>EBITDA doubles, spurred by higher rates and expanded fleet: Golden Ocean’s (GOGL) operating revenue jumped to USD 99.6m in 2Q17 from USD 81.9m in 1Q17, on the back of an improvement in rates, and given the fact that 13 of the 16 recently acquired vessels were delivered in 2Q17. Average TCE earnings for GOGL’s fleet during the quarter was USD 12,237pd compared with USD 11,304pd in 1Q17. An expansion in total revenues boosted the EBITDA, which increased to USD 24m in 2Q17 from USD 11.4m in the…</p>

EBITDA doubles, spurred by higher rates and expanded fleet: Golden Ocean’s (GOGL) operating revenue jumped to USD 99.6m in 2Q17 from USD 81.9m in 1Q17, on the back of an improvement in rates, and given the fact that 13 of the 16 recently acquired vessels were delivered in 2Q17. Average TCE earnings for GOGL’s fleet during the quarter was USD 12,237pd compared with USD 11,304pd in 1Q17. An expansion in total revenues boosted the EBITDA, which increased to USD 24m in 2Q17 from USD 11.4m in the…

DMFR – Golden Ocean (GOGL US) – 2Q17 Result Update – Will Seasonal Demand Continue to Lift GOGL?