Golden Ocean (Buy, TP: NOK59.00) - 30m tons could be reinstated
In an update yesterday, Vale announced legal measures in Brazil that could see 30m tons of iron ore from the Brucutu mine reinstated soon. We see a flat trend for 2019–2021e overall, but believe 2019 looks particularly interesting due to IMO2020 preparations. 30m tons reinstated from the Brucutu mine would add to our expectations for 2019.
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