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

Golden Ocean: Attractive Valuations Across the Capital Structure

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

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 Group Ltd (GOGL US) - Cautious Ahead of Seasonal Weakness<ul><li>
Topline expands due to larger fleet: Golden Ocean’s (GOGL) revenue increased 8% y/y to USD 71m in 3Q16 from USD 66m in 3Q15 driven by a larger fleet as the company operated 59 vessels compared with 51 in 3Q15. The GOGL fleet operated at an average daily rate of USD 8,080 compared with USD 9,430 in 3Q15, with a fleet utilisation of 82% in 3Q16. The company reported TCE revenue of USD 43m, which was slightly ahead of our…</li></ul>

Golden Ocean Group Ltd (GOGL US) - Cautious Ahead of Seasonal Weakness
Topline expands due to larger fleet: Golden Ocean’s (GOGL) revenue increased 8% y/y to USD 71m in 3Q16 from USD 66m in 3Q15 driven by a larger fleet as the company operated 59 vessels compared with 51 in 3Q15. The GOGL fleet operated at an average daily rate of USD 8,080 compared with USD 9,430 in 3Q15, with a fleet utilisation of 82% in 3Q16. The company reported TCE revenue of USD 43m, which was slightly ahead of our…

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