Golden Ocean Group

[freedom]

IMO, they are too optimistic about imports of iron ore & coals by China.

[cyclone]

OSLO, Nov 17 (Reuters)

Norwegian dry bulk shipper Golden Ocean has only a minor exposure to China's Grand China Logistics, a unit of HNA Group, which has halted payments to foreign ship owners because of the severe downturn in the freight market.

'This is not a very big issue to us, it's undramatic,' Chief Executive Herman Billung told Reuters in a brief telephone interview on Thursday.

Billung added that his firm has just one ship chartered to the Chinese firm.

Not a BUY/SELL call. As a log for my investment journey only.
Not vested. (Divested because no dividend paid for the time being. Although gain a little, this is just a luck because I got at a lower level.)

[Nick]

Grand China to clear debts with shipowners

http://www.ft.com/intl/cms/s/0/612dd288-...z1ec0kaFEv [Article]

An article detailing the problems with counter-party reneging from contracts. If I am not mistaken, Grand China also owns Jinhaiwan shipyard which is building quite a number of ships for Golden Ocean. What a small world !

Interestingly, whoever bought the stock at IPO in 2005, would have been sitting on a 3 bagger primarily from the dividends collected. Of course, if they sold at the peak in 2007, it would have been a 10 bagger. I think this highlights the importance of paying a dividend regularly in the case of a shipping company. And of course, adjust it when the market start looking bad and not try to sustain it like what Omega Navigation tried to do.

[Nick]

Iraq signs shipbuilding deal

http://www.meed.com/sectors/transport/po...27.article [Article]

According to the above article, it seems that Golden Ocean signed a MOU with the Transport Ministry to build some vessels for the country. Interestingly, Golden Ocean is not a yard so I am not sure why they chose to sign a MOU with it. Perhaps GO is thinking of divesting some of its newbuilding vessels to the Govt ? Or is this a deal involving GO financing and operating the vessels for the Ministry ? Any thoughts on this ? I guess we have to wait for the Company to reveal more details about this (assuming the article got its facts right).

(Not Vested)

[Nick]

Amendments to Shipbuilding Contracts

http://info.sgx.com/webcorannc.nsf/Annou...endocument [SGX Announcement]

http://www.tradewindsnews.com/shipsales/...a-discount [Tradewinds Article]

A piece of good news for Golden Ocean shareholders - a substantial discounted price of US$86 million for 3 newbuild vessels ie 1 x 176,000 DWT capesize and 2 x 80,000 DWT Kamsarmax from Jinhaiwan Shipyard in return for 6 months delay in delivery till 4Q 2012. According to Tradewinds, the discount exceeds US$10 million and that a 5 year and 10 year charter has been secured for the Kamsarmax vessels. I guess more news will be revealed in the coming months as Golden Ocean continues to streamline and restructure their newbuilding program after the shipyards were unable to complete the vessels on schedule.

(Not Vested)

[Greenrookie]

Hey VBs,

Golden ocean is a bulk carrier, whose ships are mainly capsize, and panamax, Capsize spot rate are going up fast and furious, and so is the price golden ocean share price at oslo exchange. However, Golden Ocean has stated in the Q2 report that they have minimum exposure to the spot rate, and will not benefit much...

But the dual listed shares hardly move, they actually fall.

Is the shares fungible?

I tried looking for info about their charter rate and lease of their fleet, but it can't be found in the AR or website, anyone know where to look?? If they are on long term charter, when will they renew their rates??? What is the norm in the indusrty?

[Nick]

You can view the fleet charter profile and the newbuilding delivery dates under the Fleet tab of their home page - http://www.goldenocean.no/?menu=7

The shares in SGX are very illiquid so that ruled out my interest previously.

This is one of the better shippers IMO. John fredriksen dry bulk shipping arm.

[Greenrookie]

You can view the fleet charter profile and the newbuilding delivery dates under the Fleet tab of their home page - http://www.goldenocean.no/?menu=7

The shares in SGX are very illiquid so that ruled out my interest previously.

This is one of the better shippers IMO. John fredriksen dry bulk shipping arm.

Thanks nick,

I noticed the low liquidity too. Was thinking of earning the dividends when the upturn comes. Something like fixed deposit, maybe cannot sell as and when u like, I dun even know if I can buy any, since there is no sell orders at all on Friday.

Golden ocean seem to be the only pure bulk play in sgx, and is doing well. Courage marine and Mercator lines records are rather weak, and their vessels old. Dun seem to have much choice

[LionFlyer]

hmm.. what happen?

[cyclone]

FYI :

GOGL - Financial Calendar

Golden Ocean Group Limited plans to release its financial statements on the following dates in 2014:

28 February 2014 - Preliminary fourth quarter and financial year 2013 results
30 May 2014 - First quarter 2014 results
29 August 2014 - Second quarter 2014 results
28 November 2014 - Third quarter 2014 results