Golden Ocean Group Limited

Golden Ocean Group Limited (NASDAQ: GOGL) is a Bermuda-based international dry bulk shipping company. The Company owns and operates a fleet of dry bulk vessels, comprising Newcastle max, Capesize, Panamax, and Ultra max vessels. Its vessels transport a range of bulk commodities, including ores, coal, grains, and fertilizers, along worldwide shipping routes. Its vessels operate in the spot and time charter markets.  

As per our previous US Daily Report published on GOGL on December 30, 2024, we assigned a 'Buy' rating at USD 8.80, based on constructive price action, favourable momentum indicators, and a technically oversold reading with improving relative strength. The total return since that recommendation stands at approximately 37.64%, representing a cumulative gain across two distinct phases. In the first phase (pre-merger), GOGL's stock price appreciated from the USD 8.80 buy price, breaching Resistance Level 1 (USD 11.30) and trading toward Resistance Level 2 (USD 13.00) prior to the merger announcement. Following the announcement, GOGL's market price converged toward the merger-implied value of approximately USD 8.46 per share (based on a 0.95 CMBT share exchange ratio and an 18% premium to GOGL's pre-announcement price of ~USD 7.17). In the second phase (post-merger), each GOGL share was converted into 0.95 shares of CMB.TECH NV (CMBT) on August 20, 2025. With CMBT subsequently appreciating to USD 12.75 as of April 09, 2026, the equivalent value per original GOGL share now stands at approximately USD 12.11 (0.95 × USD 12.75) — yielding the cumulative 37.64% return from the USD 8.80 entry price. It is therefore important to note that this gain was not driven solely by pre-merger GOGL price appreciation; a significant portion reflects the subsequent performance of CMBT shares received at conversion.

Noted below are the details of support and resistance levels provided in our previous report:

Past performance is not a reliable indicator of future performance.