Tag Archives: Golden Ocean

GOGL-US (BUY, TP 9.7) Update: Acquisitions & Dividends

Golden Ocean has closed a 11.7m share issuance at USD 8.5/sh to finance the acquisition of two modern Capesizes from Hemen and to raise gross USD 66m in cash. After this latest equity issuance and given the improved market fundamentals, Golden Ocean intends to terminate the covenant waivers on the recourse debt in order to facilitate M&A activities and dividends. We reiterate our BUY rating and nudge up our target price to USD 9.7 (9.5).

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Vessel acquisitions: read more

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GOGL-US: Acquires 16 vessels (SELL, TP USD 4.2 [4.0])

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