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Golden Ocean (GOGL) CEO Steps Down, Interim Head Announced

Zacks Equity Research
·2 min read

Golden Ocean Group GOGL recently announced that Lars-Christian Svensen has decided to step down as the chief executive officer or CEO of Golden Ocean Management AS to seek new opportunities. The company is the owner of one of the largest dry bulk fleets in the world. Golden Ocean Group Management AS is responsible for management of the fleet.

Following the exit of Svensen from the top position, GOGL has appointed Peder Simonsen as its interim CEO and chief financial officer. Svensen will be available with GOGL till Sep 1. Svensen has had a relatively short stint as the CEO of the shipping company. Svensen was named as the interim CEO in June last year after Ulrik Andersen decided to step down as the CEO of Golden Ocean Management AS. He served in the hot seat on a permanent basis since January.

Driven by the increasing demand for the capesize vessel segment, the dry bulk market is gaining strength. As a reflection of this, GOGL shares have gained 47.4% year to date compared with its industry’s 24% growth.

GOGL would he hoping that the company performs well on the bourse under Simonsen as well.

Zacks Investment Research
Zacks Investment Research


Image Source: Zacks Investment Research

Zacks Rank & Key Picks

Golden Ocean currently carries a Zacks Rank #4 (Sell). Some better-ranked stocks from the Zacks Transportation sector are SkyWest SKYW and GATX GATX.

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SkyWest currently sports a Zacks Rank #1 (Strong Buy) and has an expected earnings growth rate of 784.4% for the current year. You can see the complete list of today’s Zacks #1 Rank stocks here.

SKYW delivered a trailing four-quarter earnings surprise of 128.1%, on average. Shares of SkyWest have surged 124.7% in the past year.

GATX currently carries a Zacks Rank #2 (Buy) and has an expected earnings growth rate of 7.6% for the current year.

The company has an encouraging track record with respect to earnings surprise, having surpassed the Zacks Consensus Estimate in three of the last four quarters and missed once. The average beat is 7.5%. Shares of GATX have gained 14% in the past year.

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Zacks Investment Research