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Danske Bank: Fredriksen makes bulk giant strong

Danske Bank estimates that the merger between Golden Ocean and Knightsbridge Shipping will do well due to the force behind the carriers: John Fredriksen.

Photo: Richard Drew/AP/POLFOTO/arkiv

The merger between John Fredriksen's dry bulk carriers Knightsbridge and Golden Ocean will create a major player in the segment, says Danske Bank the day after the merger was announced.

"The combined entity will be one of the leading publicly listed dry bulk companies with 72 vessels and a market cap of USD 1.28 billion. ‘New’ GOGL will generate strong cash flows as the dry bulk market moves into an est. mid-cycle from 2015, paving the way for larger dividends," says Danske Bank in an analysis.

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