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:

Important Update: Merger of GOGL and CMB.TECH NV (CMBT)

The merger between Golden Ocean Group Limited (GOGL) and CMB.TECH NV was completed as a stock-for-stock transaction. Each GOGL share was exchanged for 0.95 shares of CMB.TECH, implying an equity value of approximately USD 8.46 per GOGL share — representing an estimated 18% premium to GOGL's pre-announcement closing price of approximately USD 7.17. No fixed cash consideration was offered; the value ultimately realised by GOGL shareholders is therefore contingent on the prevailing market price of CMB.TECH (CMBT) shares at and after conversion.

The final trading day for GOGL on NASDAQ was August 19, 2025, with the share exchange becoming effective August 20, 2025. From that date, former GOGL shareholders became equity holders in the enlarged CMB.TECH entity, with their investment returns linked entirely to post-merger CMBT performance. 

Merger Terms Summary

Daily Chart

CMBT Daily Price Chart. Source: Refinitiv, Analysis by Kalkine Group

Considering the moderation in earnings momentum (with quarterly earnings per share declining year-over-year from USD 0.48 to USD 0.31), elevated capital intensity driven by ongoing fleet expansion and newbuild commitments, a materially higher financial burden reflected in rising net finance expenses, execution risks associated with large-scale integration (including the Golden Ocean merger) and backlog monetization, and a normalizing earnings profile amid volatile charter rates despite a strong order book and diversified fleet strategy, a ‘Sell’ rating is assigned to the ‘CMBT’ at the current market price of USD 12.75, as of April 13, 2026.

Note: This report may be updated with details around fundamental and technical analysis, price chart in due course, as appropriate.

Note 1: Past performance is not a reliable indicator of future performance.

Note 2: The reference date for all price data, currency, technical indicators, support, and resistance level is April 13, 2026. The reference data in this report has been partly sourced from REFINITIV.

Note 3: Investment decisions should be made depending on an individual's appetite for upside potential, risks, holding duration, and any previous holdings. An 'Exit' from the stock can be considered if the Target Price mentioned as per the Valuation and or the technical levels provided has been achieved and is subject to the factors discussed above.

Note 4: Target Price refers to a price level that the stock is expected to reach as per the relative valuation method and or technical analysis taking into consideration both short-term and long-term scenarios.

Note 5: ‘Kalkine reports are prepared based on the stock prices captured either from the New York Stock Exchange (NYSE), NASDAQ Capital Markets (NASDAQ), and or REFINITIV. Typically, all sources (NYSE, NASDAQ, or REFINITIV) may reflect stock prices with a delay which could be a lag of 15-20 minutes. There can be no assurance that future results or events will be consistent with the information provided in the report. The information is subject to change without any prior notice.