John Fredriksen-owned dry bulk carrier Golden Ocean has become an investment worth making, says Danske Bank in its morning analysis. The dry bulk trade is seeing solid developments, which will benefit the carrier, says the bank.
"Brazilian cargoes the swing factor. Vale recently announced it has been holding back iron ore cargoes during the first quarter and expects to ramp up sales in the coming quarters; this should benefit Capesize rates as we see long-haul exports from Brazil to China as the main swing factor taking rates to elevated levels as we saw last year, but now we see supply growth being even more modest," says Danske Bank in the analysis, adding:
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In the drama surrounding the merger between tanker majors Euronav and Frontline, one of the arguments from Euronav’s biggest shareholder, the Saverys family, is that the merger will pull Euronav in the wrong direction on the green agenda. Euronav tells ShippingWatch that the company rejects this criticism.