Golden Ocean Group

7-April-2020

Ulrik Andersen has been elected as CEO (Chief Executive Officer) of Golden Ocean Group. In November 2019, CEO Birgitte Ringstad Vartdal resigned from John Fredriksen backed Golden Ocean Group. Birgitte Ringstad Vartdal had been working as CFO at Golden Ocean Group since 2010. Birgitte Ringstad was selected as CEO in 2016. Previously, Birgitte Ringstad Vartdal held the position of Chairman for Sevan Drilling Ltd. and Vice President & Head-Commercial Controlling at Klaveness Torvald Rederi AS. Birgitte Ringstad Vartdal obtained a diploma from Norwegian University of Science & Technology and Heriot-Watt University.

Ulrik Andersen holds a masters degree from Copenhagen Business School and a shipping certificate from ICS (Institute of Chartered Shipbrokers). Previously, newly appointed CEO Ulrik Andersen was managing another John Fredriksen backed company Avance Gas. Before Avance Gas, Ulrik Andersen was head of shipping at Petredec LPG, Neu Gas Shipping, and Maersk VLGC Pool. New CEO Ulrik Andersen has gained John Fredriksen’s support. Golden Ocean Group’s Board of Directors (BD) are captivated with recently elected Ulrik Andersen.

15-January-2019

Bermuda registered, Norway based dry bulk shipping company Golden Ocean Group, which is indirectly owned by John Fredriksen, through Hemen Holding (40%), is accomplishing a $54 million share buyback scheme. DNB Asset Management has insignificantly diminished its stake while Golden Ocean Group acquired 50K of its own shares. Till 20 December 2019, Golden Ocean Group is going to repurchase up to 5.4 million shares. Oslo Stock Exchange and New York-listed Golden Ocean Group’s board has authorized to pay a maximum of $9 per share. The latest action decreases the DNB Asset Management’s shares to a total of 7.2 million shares.

19-August-2018

John Fredriksen’s dry bulk carrier company Golden Ocean Group has been plotting to install scrubbers on 16 capesize dry bulk carriers. New York-listed Golden Ocean Group is spending in exhaust gas scrubbers as the International Maritime Organisation’s low-sulfur mandate in 2020. On 17 August 17 2018, Golden Ocean Group declared that the company has signed agreements for the exhaust gas scrubbers to be installed on 16 capesize dry bulk carriers with 9 extra options. John Fredriksen’s dry bulk carrier company Golden Ocean Group has a fleet of 78 ships including 46 capesizes dry bulk carriers. Consequently, the Golden Ocean Group has been attempting to optimize the fleet by installing exhaust gas scrubbers.

According to the International Maritime Organisation’s new regulations all ships will be obliged to have exhaust sulphur emissions lowered to 0.5% from 3.5%. The Norwegian-born shipping tycoon John Fredriksen took a stake in a scrubber producer. In Q2 2018, Golden Ocean Group posted $9 million in net income on $140 million in revenue. Capesize bulk carriers market strengthens over the summer of 2018.

22-May-2018

Oslo and New York-listed Golden Ocean Group has been estimating to report a profit of $11 million in Q1 2018. Analysts anticipate further progress as dry cargo freight rates improve in Q2 2018. Dry cargo freight rates are supported by risen iron ore exports from Brazil. Vale iron ore exports should rise significantly in Q4 2018. Analysts predict that iron ore exports will stimulate capesize bulk carrier demand and freight rates for the dry cargo segment. Analysts are anticipating a profit of $92 million from Golden Ocean Group in 2018. In 2014, Golden Ocean Group reported an annual profit $16 million. Since 2014, Oslo and New York-listed Golden Ocean has been reporting a loss. The dry cargo market is going to improve in Q4 2018 and 2019. Golden Ocean Group’s 20 of its 47 capesize bulk carriers are now on charter and 10 capesize bulk carriers are on index-linked contracts. Oslo and New York-listed Golden Ocean’s 40% of the company is indirectly owned by John Fredriksen’s Hemen Holding.

20-February-2018

John Fredriksen’s Oslo-listed company Golden Ocean Group has reported a net profit of $27 million in 2017. In 2016, net profit was $6.4 million. Golden Ocean Group reported revenue of $151 million in 2017. In 2016, revenue was $685 million. Golden Ocean Group’s revenue was boosted by more favorable freight rates during 2017. John Fredriksen’s Oslo-listed company Golden Ocean Group has recently ordered 5 capesize dry bulk carriers. Golden Ocean Group reached an average time charter equivalent (TCE) rate of $16,444 per day in Q4 2017. Golden Ocean Group anticipates to observe growth in dry bulk freight rates. IMO 2020 and ballast water regulations will influence the fleet growth.

20-July-2017

Oslo-listed John Fredriksen’s Golden Ocean Group received the control of 2012 built panamax dry bulk carrier 81K DWT MV Golden Keen (ex M/V Q Keen). MV Golden Keen is the final dry bulk carrier from Quintana Shipping’s 16 dry bulk carriers. Autumn of 2016, Golden Ocean Management approached Quintana Shipping’s private equity backer Riverstone to buy vessels for $364 million. Currently, John Fredriksen’s Golden Ocean Group has a fleet of almost 70 dry bulk carriers and has 6 new-building bulk carriers on order.

11-April-2017

Shipping tycoon John Fredriksen desires to move his companies out of Norway to more competitive shipping hubs such as Cyprus and Singapore. John Fredriksen prepares to move Frontline Management, Golden Ocean Management, and Ship Finance Management out of Norway. John Fredriksen discussed the complexities of hiring appropriate expertise in Norway. Additionally, John Fredriksen remarked that the London housing market has been unconditionally over-priced.

15-May-2017

John Fredriksen Golden Ocean Group is going to acquire 14 dry bulk carriers of Greek shipowner and operator Quintana Shipping for around $364 million. Last week, Greek shipowner and operator Quintana Shipping withdrew plans for New York IPO(Initial Public Offering). Currently, New York-listed Golden Ocean Group has 70 dry bulk carriers. Golden Ocean Group is going to pay LIBOR plus 3.1% interest rate and filed to sell $60 million of its common shares.