reports
GOGL – 2025 AGM Results Notification
GOGL – 2025 AGM Results Notification Golden Ocean Group Limited (the “Company”) advises that the 2025 Annual General Meeting of the Shareholders of the Company was held on 8 May 2025 at 08:30 hrs, at Hamilton Princess and Beach Club, 76 Pitts Bay Road, Hamilton HMCX, Bermuda. The audited consolidated financial statements for the Company for the year ended December 31, 2024 were presented to the Meeting. In addition, the following resolutions were passed: To set the maximum number of Directors to be not more than eight.To resolve that vacancies in the number of Directors be designated as c...
Star Bulk Announces Date for the Release of First Quarter Ended March ...
Star Bulk Announces Date for the Release of First Quarter Ended March 31, 2025, Results, Conference Call, and Webcast ATHENS, Greece, May 08, 2025 (GLOBE NEWSWIRE) -- Star Bulk Carriers Corp. (the "Company" or "Star Bulk") (Nasdaq: SBLK), today announced that it will release its results for the first quarter ended March 31, 2025, after the market closes in New York on Wednesday, May 14, 2025. Star Bulk's management team will host a conference call to discuss the Company's financial results on Thursday, May 15, 2025, at 11:00 a.m. Eastern Time (ET). Conference Call details: Participants ...
- ABGSC Shipping & Transport Research
- Martin Mauseth
- Petter Haugen
- Jørgen Lian
2020 Bulkers Minor model adjustments
We have updated our estimates for the Q1 results, the company’s latest business update, and other minor model adjustments. Hence, we have raised our 2025e EBITDA by 2%, lowered 2026e by 1%, and maintain 2027e. We continue to believe that 2020 Bulkers’ highly transactable assets, robust financial set-up, and current discount to underlying values (EV/GAV of 0.87x) should cap the downside risk related to our cautious stance on the dry bulk segment near-term and find the risk/reward balanced. We do ...
- ABGSC Shipping & Transport Research
- Martin Mauseth
- Petter Haugen
- Jørgen Lian
Star Bulk (Hold, TP: USD15.50) - Cash flow for DPS drying up in Q1e
We see ~30% downside risk to dry bulk asset values on historical EV/EBITDA multiples and the prevailing 1-year TCs. Thus, given our muted near-term outlook on the dry bulk segment, we believe valuations must converge lower. However, at Star Bulk’s heavily discounted 0.67x EV/GAV (bulker peer group: 0.72x), we believe much of the downside risk is priced in and leaves a fair risk/reward, despite the risk of no DPS in Q1 for the first time since 2020. Hence, we reiterate our HOLD but have lowered o...
- Jørgen Lian
Safe Bulkers (Buy, TP: USD4.10) - Undervalued dry bulk exposure
We maintain our cautious stance on dry bulk near-term and see potential for negative momentum in asset values yet to be supported by underlying freight markets. However, we still believe Safe Bulker’s discounted valuation (0.38x P/NAV and 0.65x EV/GAV) and earnings visibility more than compensates for the potential downside risk and offers undervalued dry bulk exposure to investors. Hence, we reiterate our BUY, but have lowered our target price to USD4.1 (4.2).
- Jørgen Lian
Genco Shipping & Trading (Buy, TP: USD15.10) - Attractive discount
We have not changed our muted stance on the near-term outlook for the dry bulk segment, and see ~30% downside risk to current asset valuations on the prevailing 1-year TCs. However, Genco’s close to 50% discount to underlying values (EV/GAV 0.53x) seems overdone and represents an attractive entry point, we believe. We have upgraded to BUY (HOLD), but have lowered our target price to USD15.1 (15.4).
- Jørgen Lian
2020 Bulkers (Hold, TP: NOK116.00) - Tempered for now
We believe the outlook for the dry bulk segment remains muted near-term, entailing downside risk to current asset valuations (we see ~25% downside risk on 2010–2024 EV/EBITDA multiples). With 2020 Bulkers’ current valuation (0.87x EV/GAV), its highly transactable assets and robust set-up, we believe this should cap its downside potential near-term and that the risk/reward appears balanced. Hence, we reiterate our HOLD but have lowered our target price to NOK116 (125).
- ABGSC Shipping & Transport Research
- Martin Mauseth
- Petter Haugen
- ABGSC Shipping & Transport Research
- Martin Mauseth
- Petter Haugen
- ABGSC Shipping & Transport Research
- Martin Mauseth
- Petter Haugen
- Jørgen Lian
Golden Ocean (No_rec, TP: NOK) - Recommendation and target price withd...
CMB.TECH and Golden Ocean have signed a term sheet for a contemplated stock-for-stock merger at an exchange ratio of 0.95 CMB.TECH shares for each outstanding Golden Ocean share. Completion is scheduled for Q3, and the companies are scheduled to host CMDs on 24 and 29 April to provide further information. As DNB Markets is acting as financial advisor to Golden Ocean, we have withdrawn our recommendation and target price.
- ABGSC Shipping & Transport Research
- Martin Mauseth
- Petter Haugen
GOGL - Merger Between CMB.Tech and Golden Ocean
GOGL - Merger Between CMB.Tech and Golden Ocean HAMILTON, Bermuda, 22 April, 2025, 10.30 pm CET – Golden Ocean Group Limited (NASDAQ: GOGL & Euronext Oslo Børs: GOGL) (“Golden Ocean”) and CMB.TECH NV (NYSE: CMBT & Euronext Brussels: CMBT) (“CMB.TECH”) are pleased to announce that they have signed a term sheet (the “Term Sheet”) for a contemplated stock-for-stock merger, with CMB.TECH as the surviving entity, based on an exchange ratio of 0.95 shares of CBM.TECH for each share of Golden Ocean (the "Exchange Ratio"), subject to customary adjustments. The Term Sheet has been unanimously appro...
- Jørgen Lian
Another abrupt change
The US Trade Representative on 17 April published revised US port fees with significant changes to the initial proposal based on industry feedback. In its current form, the fees will primarily discourage use of Chinese-controlled maritime trade services to the US, and directly affect the use of Chinese-built vessels in US ports (with several considerable exemptions to avoid harm to US trade). The previous broader fees based on fleet composition and share of Chinese-built vessels has been scrappe...
DHT DHT HOLDINGS INC.
SBL SAFE BULKERS INC.
LPG DORIAN LPG
GNK GENCO SHIPPING & TRADING LTD.
MAERSK B A.P. MOLLER - MAERSK A/S CLASS B
ODF ODFJELL ASA
WAWI WALLENIUS WILHELMSEN LOGISTICS ASA
WWI WILHELM WILHELMSEN HOLDING
SBLK STAR BULK CARRIERS CORP.
FRO FRONTLINE LTD.
G2O GOLAR LNG LIMITED
AMSC AMERICAN SHIPPING COMPANY ASA
SN6 STOLT-NIELSEN LTD.
BWLPG BW LPG LTD.
GOGLO GOLDEN OCEAN GROUP LTD
AVACF AVANCE GAS HOLDINGS LTD
HUNT HUNTER GROUP ASA
STNG SCORPIO TANKERS INC.
FLNG FLEX LNG LTD.
SFL SFL CORPORATION LIMITED
TNK TEEKAY TANKERS
2020 2020 BULKERS LTD
KCC KLAVENESS COMBINATION CARRIERS
EGLE EAGLE BULK SHIPPING
MPCC MPC CONTAINER SHIPS AS
HAUTO HOEGH AUTOLINERS ASA
WEST WESTERN BULK CHARTERING
HAFNI HAFNIA
COOL COOL COMPANY LTD.
HSHP HIMALAYA SHIPPING LTD.
- ABGSC Shipping & Transport Research
- Martin Mauseth
- Oliver Dunvold
- Petter Haugen
GOGL – Notice of 2025 Annual General Meeting
GOGL – Notice of 2025 Annual General Meeting Golden Ocean Group Limited (the “Company”) announces that its 2025 Annual General Meeting will be held on May 8, 2025. A copy of the Notice of Annual General Meeting and associated information including the Company`s Consolidated Financial Statements on Form 20-F for 2024 can be found on our website at and in the links below. April 10, 2025 The Board of DirectorsGolden Ocean Group LimitedHamilton, Bermuda This information is subject to the disclosure requirements pursuant to Section 5-12 the Norwegian Securities Trading Act. Attachmen...
- ABGSC Shipping & Transport Research
- Martin Mauseth
- Oliver Dunvold
- Petter Haugen
- ABGSC Shipping & Transport Research
- Martin Mauseth
- Oliver Dunvold
- Petter Haugen
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