It took all of one day.
After losing nearly 9% off its share price on Thursday on the heels of a surprise $96m equity deal, Golar LNG made it all back on Friday as the broader US market closed at record highs.
Economic stimulus negotiations fuelled a revival that could see businesses through new Covid-19 shutdowns.
Golar's 9.5% gain to $9.35 per share brought it just three cents shy of its closing price the night before the dilutive equity issue of 11m new shares, which was staged to refinance debt approaching maturities.
With the Tor Olav Troim-backed outfit so quickly smashing through the deal price of $8.75, there appeared to be no reason why Golar would not cash in the 15% underwriters' overallotment shares, known informally as a "greenshoe".
This would bring the total deal haul to more than $110m.
Golar shares took off on a day when all three major US indices — the Dow Jones Industrial Average, the S&P 500 and the Nasdaq — finished at record highs. The Dow closed over 30,000 for the second time ever, finishing at 30,218.
Shipping numbers ran green virtually across the board.
Two tanker owners who have been slogging along at deep discounts to their net asset values — Diamond S Shipping and Scorpio Tankers — both logged double-digit gains: 11.6% and 10.4%, respectively.
In dry bulk, Diana Shipping added nearly 9% while Genco Shipping & Trading surged 8%.
The containership sector's shares followed suit, as Danaos Corp fattened 7% and Costmare 5%.
