On the Other Hand

What does John Fredriksen know? On the Thursday following Navios’ announcement, Golden Ocean Group Limited revealed its sale of approximately 3.9 million shares of Navios Maritime at an average price of $4.50 per share. It appears that these sales preceded Navios’ announcement of the new acquisitions, and reflects opportunistic sales in the recent run of shipping stocks, generally as a means of raising cash. As a result of these sales, Golden Ocean realized a net loss of $11.6 million. Given that the position had already been dramatically marked down based on March market values, the ironic net effect of the

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