This afternoon shares of Golden Ocean Group Limited (NASDAQ: GOGL) are up 15%. The stock is one that I actually own among a group of shipping stocks that I have bought over the past few weeks. The stock is up on over 1.3 million shares of volume this Tuesday to be one of the top gaining stocks in percentage terms on the Nasdaq today.
This is not a small cap stock, but a major shipping company with over $1 billion in assets. The company operates 24 shipping vessels around the world and is paying a roughly 3.57% dividend at its current trading price.
Shipping stocks as a whole tend to go up and down with commodity prices and the flows of global trade. Both are rising from their secular lows of last year to help create a reflation trade bid in economically sensitive stocks positioned to benefit the most as shipping stocks are. Last week I did an article titled Food Prices Are Going To Go Up And So Are Shipping Stocks and today many of the stocks in this sector are soaring. For instance Teekay Tankers Ltd. (NYSEARCA: TNK) is also up 7%. I also have a position in it too.
Golden Ocean Group Limited (NASDAQ: GOGL) is slated to report earnings on Thursday and run a live analyst call. You can get on that call by going here. If you listen you’ll get on the ground knowledge of what is happening in global trade.
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-Mike
