I noticed the share price drop at Golden Ocean (GOGL), but the drop was not significant enough to trigger an immediate need to go understand why. Then while updating an online portfolio, I saw a news link that did make me sit up. Huh?
Fredriksen selling his GOGL stake? Wow! That is big news. I mean, even if the daughters have not been too active in JF-associated company boards (at least, as active as they used to be), I would have thought Fredriksen would stay associated with his marine investments via Fredriksen trusts. This development says “not so”. For Fredriksen, CMB.Tech (CMBT) paying a major premium for his GOGL, that’s a great deal. For other GOGL shareholders, not so much.
Have a token GOGL stake left from a timely purchase made slightly over 4 years ago. Great returns for that purchase. JF’s involvement with GOGL is what made the company interesting. I don’t know if CMBT as major stakeholder is as appealing (CMBT opted to pay up for their stake. Wouldn’t they have done better making block purchases in the market?)