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Fearnley: Golden Ocean can manage at USD 6000 per day

Major Norwegian dry bulk carrier Golden Ocean is padded with fresh equity following its comprehensive refinancing. The company is well-placed, projects Fearnley, noting that the carrier can withstand daily rates as low as USD 6,000 in the coming years.

Photo: Golden Ocean

The John Frederiksen-controlled dry bulk carrier Golden Ocean issued new shares for USD 200 million in February as part of a comprehensive restructuring, and the fresh capital puts the carrier in strong stead in the extremely squeezed dry bulk market where other players are currently battling for survival or have already been forced to close down.

The projection comes from Norwegian analyst firm Fearnley after an investor meeting with the carrier's CEO Herman Billung on Wednesday. The analyst firm points to a range of factors which could see Golden Ocean emerge as "last man standing", as Fearnley puts it in a report on the lowest dry bulk market ever seen.

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