Golden Ocean: Attractive Valuations Across the Capital Structure

Golden Ocean Hits a 3 Year High - Can It Climb Higher?

Dry Bulk Shipping Outlook 2019: Global Slowdown Casts Shadow on Long Held Recovery Narrative

Dry Bulk Shipping – Tactical BUYs Are GOGL US and SBLK US, to Gain from the Current Capesize Rally

Golden Ocean Group Ltd (GOGL US) - Focus on Cash Conservation Continues; Deliveries Deferred

Golden Ocean Group Ltd (GOGL US) - Cautious Ahead of Seasonal Weakness

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

Golden Ocean (GOGL US, Attractive, USD 9) – Muted quarterly earnings, but factored in the share price<ul><li>
Sequentially weaker earnings as freight rates retrace:Golden Ocean’s (GOGL) TCE revenue declined 8% y/y to USD 57.4m in 1Q17 from USD 62.4m in the previous quarter due to the correction in Capesize rates and higher voyage costs. GOGL’s fleet operated at an average daily rate of USD 11,304 compared with USD 11,809 in 4Q16. Average benchmark daily earning for Capesize vessels in 1Q17 was USD 10,900…</li></ul>

Golden Ocean (GOGL US, Attractive, USD 9) – Muted quarterly earnings, but factored in the share price
Sequentially weaker earnings as freight rates retrace:Golden Ocean’s (GOGL) TCE revenue declined 8% y/y to USD 57.4m in 1Q17 from USD 62.4m in the previous quarter due to the correction in Capesize rates and higher voyage costs. GOGL’s fleet operated at an average daily rate of USD 11,304 compared with USD 11,809 in 4Q16. Average benchmark daily earning for Capesize vessels in 1Q17 was USD 10,900…

Golden Ocean (GOGL US, Attractive, USD 9)-Muted Quarterly Earnings, but Factored in the Share Price