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Tuesday, May 17, 2022

Why Golden Ocean Group Limited (GOGL) stock climbed in Pre-Market?

Shares of Golden Ocean Group Limited (GOGL) stock climbed in the pre-market today without any specific news. GOGL stock price saw a push of 5.60% to reach $10.19 a share at the time of this writing. The stock was also green in the previous trade and went up by 3.76% at closing. Golden Ocean Group Limited is a shipping company that is operational through a fleet of dry bulk vessels consisting of Newcastlemax, Capesize, Panamax, and Ultramax vessels across the globe. Let’s take a closer look at this stock.

Recent Development of GOGL stock:

GOGL stock on September 09, 2021, announced that it has signed an agreement for the construction of 85,000 dwt ECO-type Kamsarmax vessels. These vessels will use the latest and most efficient propulsion system. This will result in improved fuel consumption and emissions performance. GOGL stock expects the delivery of vessels from Q3,2023 to Q1,2024. Golden Ocean Group anticipates using operating cash and cash on hand to finance the acquisition.


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GOGL stock developments in Q2,2021:

  • Golden Ocean Group accomplished acquisitions of three new buildings and 15 modern dry bulk vessels.
  • Golden stock did sign the agreements to refund the existing credit facility with Sterna Finance. It secured $435 million of new long-term financing.
  • Time character has been converted to average fixed rates of $33,250 from floating rates in the second quarter of 2021.
  • Golden Ocean Group appointed Mr. Ben Mills as Director of the Company.
  • The company announced the $0.50 per share cash dividend for the second quarter of 2021.

Financial View of GOGL stock:

In the second quarter of 2021, the stock posted a net income of $104.5 million and $0.52 earnings per share. This compares to a net income of $23.6 million and $0.14 earnings per share in the first quarter of 2021. The company recorded an adjusted EBITDA of $130.5 million during the second quarter of 2021. Adjusted EBITDA for the first quarter was $54.6 million.

GOGL terminated the relationship with Capesize Chartering Ltd:

Golden Ocean Group announced on August 10, 2021, the termination of its relationship with Capesize Chartering Ltd. The stock took full control of its commercial activities on the Capesize vessels.

Conclusion:

GOGL stock is enjoying the bullish sentiment in the Nasdaq stock market despite the absence of any news. The management is keen to expand and modernize its fleet for better operational performance across the globe.  The stock has recorded exceptional progress in terms of per-share price as it gained almost 189% in the last 12 months. Hence it can be a good bet for investors in the long run.

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