Golden Ocean (Buy, TP: NOK90.00) - Dry bulk powerhouse
Golden Ocean confirmed it has opted to fit scrubbers on the majority of its Capesize vessels being docked 2019–2020, a prudent approach to the forthcoming regulations in our view. Despite capex, dividends should be here to stay, and the dry bulk market is on the cusp of a strong H2 driven by increasing iron ore imports to China. We reiterate our BUY recommendation and have raised our target price to NOK90 (88).
DNB Markets is the investment banking arm of DNB Bank ASA and is focused primarily on the Nordic region, as well as internationally on niches such as global shipping, energy and related services, and seafood. DNB Markets offers services in FICC, Equities and Investment Banking advisory from offices in Oslo, Stockholm, London, Singapore and New York. Equity research coverage is offered on c250 Nordic companies. DNB was ranked no.2 in Extel Nordic Research 2017. The DNB Markets’ Credit and FICC Macro & FX Research teams are repeatedly highly rated by Prospera Nordic Institutional Investor Surveys.
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