After three months of being neutral on the stock, Clarksons Securities has upgraded Golden Ocean’s shares back to a ‘buy’ rating.

The upgrade followed shortly after the Oslo- and Nasdaq-listed bulker owner announced second-quarter results that comfortably beat analysts’ consensus estimates.

In a note titled “As strong as iron” on Thursday, equities analysts at Clarksons Securities said that Golden Ocean’s risk-to-reward ratio remains “appealing”.