DNB Markets has raised its rating on Golden Ocean following a spike in bulker values and the company’s takeover of Quintana Shipping.
Analysts led by Nicolay Dyvik today placed a buy rating on the John Fredriksen-led owner and hiked its target price to NOK 83 per share.
Dyvik and colleagues Petter Haugen and Jorgen Lian said the price of a five-year-old capesize has spiked by 35% since they downgraded Golden Ocean in January.
In the interim Golden Ocean has also snapped up the Quintana fleet in what the DNB Markets team say was an accretive ship-for-shares transaction.
The analysts project a post-deal core operating profit of $77m for Golden Ocean in 2017, rising to $215m in 2018.
