EARLYThesis forming — early stage, needs conviction
Investment Thesis
Golden Ocean operates the largest fleet of Capesize dry bulk carriers, capturing iron ore, coal and bauxite trade flows that have been re-routed due to Red Sea disruptions. Tight orderbook and increasing ton-mile demand keep day rates well above breakevens. Brazilian iron ore exports growth drives outsized Capesize utilization. CMB.TECH merger creates broader fleet and operating leverage.