Analysts believe in Golden Ocean fleet growth

Golden Ocean will most likely acquire new ships for its fleet, says several analysts after the carrier published its annual report on Tuesday. The necessary liquidity is in place.

Photo: Golden Ocean

Norwegian dry bulk carrier Golden Ocean is in a solid cash position with increasing profits, and not least with funds from an arbitration case against shipyard Jinhaiwan concerning nine canceled newbuildings, from which Golden Ocean expects to gain a positive cash flow of USD 132 million during 2014. And according to several analysts, this situation makes it likely that the carrier will invest in even more in ships.

"(...) with the Company saying it has no rush buying assets and may in fact sell vessels if valuations reach acceptable levels. However, we find management to share our optimistic view on the markets and expect GOGL (Golden Ocean, ShippingWatch comment) to use its substantial cash buffer to acquire further ships or pay out more dividends," says Platou in an analysis.

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