Stocks that Float: TANKERS & DRY BULK SHIPPERS

[Milner]

I think Golden Ocean has a good charter book. The things that worry me are:

1) Do they have any exposure to other bulk shippers as in if they own shares of Dryships. That concerns me. Dryships is now down under 5 dollars a share. I see Golden Ocean possibly acquiring some of their ships or newbuildings. Since the owner of dryships is interested in Ultra Deep water drillships Golden Ocean may have an opportunity to buy some of their newbuilding contracts that are not at the Pipayev shipyard. I read the same thing that they are in financial difficulty.

2) Will Golden Ocean use this opportunity to buy another Bulk Shipper and reverse merge onto a U.S. exchange in 2009.

3) Will the bad apples spoil the whole bunch. As in if a company like Dryships goes belly up or has to delist from the Nasdaq will it spell the ruin for a shipper like Golden Ocean with a strong T/C position in their charter book?

4) Has the drop in commodities lowered the cost of bunker and is that going to streghthen Golden Oceans cash position going into 2009.

I think any turnaround, even a stabiliziation of the commodity market will be bullish for the Dry Bulk sector considering the massive cancellation aspect of the world new building book.

I suspect you feel the same way , am i correct?