reports
- ABGSC Shipping & Transport Research
- Martin Mauseth
- Oliver Dunvold
- Petter Haugen
- ABGSC Shipping & Transport Research
- Martin Mauseth
- Oliver Dunvold
- Petter Haugen
GOGL – Changes to the Board composition
GOGL – Changes to the Board composition Golden Ocean Group Limited (Nasdaq: GOGL & OSE: GOGL) (“GOGL” or “the Company”) is pleased to announce the appointment of Mr. Carl Erik Steen and Mr. James Ayers as Directors of the Company. Carl Erik Steen has extensive experience from shipping and banking, including head of shipping, oil services and the international division in Nordea bank. Before joining Nordea, Mr. Steen headed the shipping and international division in Christiania Bank and Kreditkassen ASA. Mr. Steen graduated in 1975 from ETH Zurich Switzerland with a MSc in Industrial and Ma...
- ABGSC Shipping & Transport Research
- Martin Mauseth
- Oliver Dunvold
- Petter Haugen
- Jørgen Lian
- ABGSC Shipping & Transport Research
- Martin Mauseth
- Oliver Dunvold
- Petter Haugen
GOGL – Changes to the Board composition
GOGL – Changes to the Board composition Golden Ocean Group Limited (Nasdaq: GOGL & OSE: GOGL) (“GOGL” or the “Company”) is pleased to announce the appointment by the Board of Directors of Mr. Patrick De Brabandere and Mr. Patrick Molis as Directors of the Company. Mr. Patrick De Brabandere holds a degree in Applied Economic Sciences from UCL Louvain-la Neuve. He started his career at the audit firm Arthur Andersen. In 1987, he joined Almabo, the former holding company of the Saverys family, as Project Controller. He became CFO of CMB NV in 1998 and was appointed director of CMB NV in 2002....
GOGL - Filing of 2024 Annual Report on Form 20-F
GOGL - Filing of 2024 Annual Report on Form 20-F Golden Ocean Group Limited (NASDAQ and OSE: GOGL) (the “Company”) announces that its annual report on Form 20-F for the year ended December 31, 2024 (the “Annual Report”) has been filed with the U.S. Securities and Exchange Commission (the “Commission”). The Annual Report may be accessed through the Company’s website, , or in the link below. The Annual Report is also available on the website of the Commission, . Shareholders may also request a hard copy of the Annual Report, which includes the Company’s complete 2024 audited financial statem...
- Jørgen Lian
Golden Ocean (Sell, TP: NOK78.00) - Uncertainty on strategic pivot
While the dry bulk market has surpassed our expectations, we still view the market strength as fleeting, with limited fundamental demand support. Moreover, the change in Golden Ocean’s main shareholder raises the uncertainty in what we believe was a clear investment case for existing investors. We find the potential strategic pivot towards constrained shareholder distributions and diversified growth at this point in the cycle less appealing, and reinstate a recommendation with a SELL and NOK78 t...
- Jørgen Lian
‘The times they are a-changin’
The recurring theme at our 18th Energy & Shipping Conference was geopolitical uncertainty and a potential trade war, warranting a wait-and-see approach, particularly on the Trump 2.0 effect. The consensus view pointed to high asset values, with no rush to the yards, aligning with below-NAV valuations across most of our coverage. However, panellists generally saw less downside risk than the 25% average discount to steel for our Tanker, Dry Bulk and Gas coverage. Overall, the day highlighted uncer...
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.
- Jørgen Lian
Golden Ocean (No_rec, TP: NOK) - Recommendation and target price withd...
The main shareholder in Golden Ocean, Fredriksen-controlled Hemen Holding Ltd, has agreed to sell its 40.8% stake in the company to CMB.TECH for USD14.49/share – a 40%+ premium to the last closing price and 15% above our NAV/share. Given DNB Markets acted as financial advisor to Hemen in relation to the announced sale of its shareholding in Golden Ocean to CMB.TECH, we have withdrawn our recommendation and target price.
- ABGSC Shipping & Transport Research
- Martin Mauseth
- Petter Haugen
Hemen sells stake in Golden Ocean to CMB.TECH
Hemen sells stake in Golden Ocean to CMB.TECH Limassol, Cyprus, March 4, 2025 – Hemen Holding Limited (“Hemen”) today announced that it has entered into an agreement to sell 81,363,730 shares in Golden Ocean Group Limited (NASDAQ/OSE: GOGL) (the "Company" or "Golden Ocean") to CMB.TECH (NYSE: CMBT & Euronext: CMBT) (“CMB.TECH”), for a total consideration of approximately USD 1,179 million (the “Transaction”). The shares represent ca. 40.8%1 of Golden Ocean’s outstanding shares and votes and includes all Hemen's shares in the Company. The Transaction will not trigger a mandatory takeover bi...
CMB.TECH acquires Hemen’s shares in Golden Ocean – Disclosure of large...
CMB.TECH acquires Hemen’s shares in Golden Ocean – Disclosure of large shareholdings ANTWERP, Belgium, 4 March, 2025 - CMB.TECH NV (NYSE: CMBT & Euronext: CMBT) (“CMB.TECH”) today announced that it, through its wholly-owned subsidiary, CMB.TECH Bermuda Ltd., has entered into a share purchase agreement with Hemen Holding Limited (“Hemen”), for the acquisition of 81,363,730 shares in Golden Ocean Group Limited (“Golden Ocean”) at a price of 14.49 USD per share (the “Transaction”). The shares represent approx. 40.4% of Golden Ocean’s issued share capital (calculated on the basis that Golden Oc...
- Jørgen Lian
Golden Ocean (Sell, TP: NOK92.00) - Elevated expectations
We expect the dry bulk market to remain muted in the near term, as the YOY shipping demand growth in 2024 has reversed into 2025, while the fleet has expanded by 3%. Further, we believe sell-side expectations remain elevated (we are 27% below consensus on 2025e EBITDA) and are likely to move lower and weigh on the company’s valuation, which still implies a 5-year-old Capesize vessel priced 30% above its 10-year average. Hence, we reiterate our SELL and NOK92 target price.
- ABGSC Shipping & Transport Research
- Martin Mauseth
- Petter Haugen
GOGL – Q4 2024 Presentation
GOGL – Q4 2024 Presentation Please find enclosed the presentation of Golden Ocean Group Limited’s fourth quarter 2024 results for today’s webcast / conference call at 15:00 CET. Attend by Webcast: Use the follow link prior to the webcast: Attend by Conference Call: Participants will need to register online prior to the conference call via the link below. Dial-in details will be available when registered. A Q&A session will be held after the conference call/webcast. Information on how to submit questions will be given at the beginning of the session. The presentation material w...
- ABGSC Shipping & Transport Research
- Martin Mauseth
- Petter Haugen
GOGL – Fourth Quarter 2024 Results
GOGL – Fourth Quarter 2024 Results Golden Ocean Group Limited (NASDAQ/OSE: GOGL) (the “Company” or “Golden Ocean”), the world's largest listed owner of large size dry bulk vessels, today announced its unaudited results for the quarter ended December 31, 2024. Highlights Net income of $39.0 million and earnings per share of $0.20 (basic) for the fourth quarter of 2024, compared to net income of $56.3 million and earnings per share of $0.28 (basic) for the third quarter of 2024.Net income of $223.2 million and earnings per share of $1.12 (basic) for full year 2024, compared to net income of...
- ABGSC Shipping & Transport Research
- Martin Mauseth
- Petter Haugen
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