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 Comment on Golden Ocean

I have done a ton of research on this company. This company is a winner. They increased the dividend last quarter to .55 cents. They have about 25 new ships on order, and they are going to own the dry good shipping, much like FRO ownes the Oil shipping. FRO and GDOCF are winners. You should pile into Golden Ocean. The stock will eventually move to the NYSE, just like FRO and that's when it will trade for $30 or more a share. DSX isn't nearly the company as Golden. Golden has the management experience from FRO as well. You have a winner here, you will kick yourself when the stock doubles if you don't buy in. Global companies that are supplying the increasing demand for dry goods in China, Russia, India, Brazil, etc are growing and will continue to grow.

By Alistair Holloway and Alaric Nightingale

June 12 (Bloomberg) -- The Baltic Dry Index, a measure of shipping costs for commodities, posted a record decline as port congestion eased and on speculation China may buy less iron ore.

The index tracking transport costs on international trade routes dropped 963 points, or 8.7 percent, to 10,142 points, according to the Baltic Exchange in London today. Rates for so- called capesize vessels that typically haul iron ore for making steel fell 15 percent to $180,237 a day.

``There's potential for slowing iron-ore buying in China'' after the nation's stockpiles rose to a record, Peter Norfolk, a London-based shipping analyst at Simpson, Spence & Young Ltd., said by telephone. ``We have seen signs of port congestion coming down in China and Australia.''

Chinese authorities said today the nation's ports should submit plans by June 20 to cut inventories, reducing congestion. China, the world's biggest steelmaker, imported a record 42.9 million metric tons of iron ore in April.

Rental rates for capesize carriers, normally used to ship about 170,000 metric tons of iron ore, have fallen 23 percent since climbing to a record $233,988 a day on June 5, according to the exchange.

Chinese steel producers have yet to agree to new annual contract prices with Australian iron-ore suppliers such as Rio Tinto Group and have bought more ore from Brazil. BHP's Chief Executive Officer Marius Kloppers said on June 5 it ``would not be smart'' to forecast when agreement may be reached.

Domestic Chinese iron-ore prices has been ``slipping a little bit down,'' Andreas Vergottis, a London-based research director at Tufton Oceanic Ltd., the world's largest shipping hedge fund, said by phone. Combined with shipping costs from Brazil there's less incentive for Chinese steelmakers to import iron ore, Vergottis said.

Shipment of as many as 30 trainloads of iron ore to Brazil's ports was halted by protesters today. Iron-ore cargoes from Brazil to China are the largest market for commodity carriers, based on volumes and the amount of time it takes, according to Simpson, Spence & Young.

``We expect freight rates to fall further in the next few days, which could put further pressure on the sector companies,'' Petter Narvestad, a shipping analyst at Fondsfinans ASA in Oslo, said in a note to clients today.

To contact the reporters on this story: Alistair Holloway in London at aholloway1@bloomberg.netAlaric Nightingale in London at Anightingal1@bloomberg.net