Golden Ocean Group

DNB has downgraded its recommendations for Lars Christian Svensen-led Golden Ocean Group and 2020 Bulkers to hold from buy, following a surge in their stock prices. The Norwegian bank, DNB, indicates that the current stock valuation presents a less attractive risk/reward ratio. Despite the downgrade, DNB’s equity analyst, Jorgen Lian, has increased the target price for Bermuda-registered Norway-based dry bulk shipping company Golden Ocean Group’s (GOGL) shares to $11.3, suggesting a nuanced view of the company’s financial prospects. 6-February-2024

 

Bermuda-registered Norway-based dry bulk shipping company Golden Ocean Group (GOGL) has appointed Cato Stonex as a director, expanding its board. Cato Stonex was also elected as a director of John Fredriksen’s Frontline in December. This move follows John Fredriksen’s previous selection of Cato Stonex to join Euronav’s board as part of a strategic effort to gain control of the Belgian shipowner. Cato Stonex brings a wealth of experience in fund management, with his career starting at J Rothschild Investment Management. Notably, Cato Stonex founded investment firms such as Taube Hodson Stonex (THS) and Partners Investment Co, which later became Stonex Capital Partners in 2021. In the same year, Cato Stonex established WMC Capital, an investment company dedicated to the recovery of the global shipping industry. Additionally, he served as a governor of the London School of Economics & Political Science for a decade and currently holds the title of emeritus governor. Furthermore, Cato Stonex serves as an advisor to the London School of Economics & Political Science’s endowment investment committee. 28-January-2024

 

Lars-Christian Svensen has been officially appointed as the permanent chief executive of Bermuda-registered Norway-based dry bulk shipping company Golden Ocean Group (GOGL), following his tenure as the interim head since June of the previous year. This decision was made after Lars-Christian Svensen initially stepped in from his role as the Chief Commercial Officer (CCO). The appointment is backed by John Fredriksen, a prominent figure in the shipping industry. Ola Lorentzon, the chairman of Golden Ocean Group (GOGL), expressed the BOD’s (Board of Directors) satisfaction with Lars-Christian Svensen’s performance as interim CEO, highlighting their confidence in Lars-Christian Svensen’s ability to enhance shareholder value for the Golden Ocean Group (GOGL). Prior to his interim CEO role, Lars-Christian Svensen served as the CCO of Golden Ocean from December 2020. Lars-Christian Svensen’s extensive experience in the maritime sector includes senior positions such as the Senior Vice President in Norway and the President of US trading activities in Seattle for Western Bulk. Additionally, Lars-Christian Svensen has held roles as a downstream analyst for Petredec and a tanker shipbroker for Cmarine Services in Singapore. Upon his official appointment, Lars-Christian Svensen expressed his gratitude to the Golden Ocean Group (GOGL) BOD (Board of Directors) for their trust and support. Lars-Christian Svensen emphasized his commitment to driving Golden Ocean Group (GOGL) forward and maintaining its status as an industry leader. Golden Ocean Group (GOGL), which is listed on both the Nasdaq and Oslo stock exchanges, operates a fleet of over 90 ships. 4-January-2024

 

John Fredriksen has selected a new permanent leader for the bulk Bermuda-registered Norway-based dry bulk shipping company Golden Ocean Group (GOGL). Oslo and Nasdaq-listed shipowner and operator Golden Ocean Group (GOGL) has officially appointed Lars-Christian Svensen as its new CEO (Chief Executive Officer). This appointment took effect from January 1, 2024. Lars-Christian Svensen had been serving as the interim CEO since June of the previous year, following the departure of Ulrik Andersen from the position. The Board of Directors of Golden Ocean expressed their satisfaction with appointing Lars-Christian Svensen, recognizing his competencies and performance during his tenure as the interim CEO. 3-January-2024

 

Bermuda-registered Norway-based dry bulk shipping company Golden Ocean Group (GOGL) has announced in its Q3 2023 financial report the sale of its sole supramax bulk carrier. Interim CEO Lars-Christian Svensen-led John Fredriksen-backed Golden Ocean Group (GOGL) disclosed that it initially acquired a supramax bulk carrier on charter, and then proceeded to sell it for around $21.5 million. The 2015-built supramax bulk carrier 58K DWT MV Golden Hawk was chartered long-term from Doun Kisen of Japan. Oslo and Nasdaq-listed shipowner and operator Golden Ocean Group (GOGL) exercised a purchase option on MV Golden Hawk, paying $15.3 million for full ownership before selling it, expected to yield about $6 million in cash after its transfer to an unnamed new owner in the Q4 2023. With over 90 ships in its fleet, Golden Ocean Group (GOGL) reported a net profit of $27.8 million in Q3 2023, a decrease from $34.9 million in Q2 2023. Additionally, Golden Ocean Group (GOGL) completed the sale of a panamax bulk carrier, likely the 2011-built MV Polar Lady (ex MV Golden Suek), realizing a profit of approximately $0.8 million and net cash proceeds of $7.2 million. Reports from shipbrokers also indicate that Bermuda-registered Norway-based dry bulk shipping company Golden Ocean Group (GOGL) recently sold the 2012-built panamax bulk carrier MV Golden Bull for about $16 million. 27-November-2023

 

Bermuda-registered Norway-based dry bulk shipping company Golden Ocean Group’s (GOGL) interim chief executive, Lars-Christian Svensen is receptive to acquiring bulk carriers but has decided against further investments in new ship constructions. After selling their supramax bulk carrier, Oslo and Nasdaq-listed John Fredriksen-backed dry bulk shipping company Golden Ocean Group (GOGL) is directing its attention toward larger bulk carriers. The interim leader, Lars-Christian Svensen, has demonstrated a knack for arranging successful deals. This is evident in various intriguing transactions that have tapped into emerging demand areas, like transporting logs on a newcastlemax bulk carrier for the first time last year. Furthermore, Golden Ocean Group (GOGL) has proven its capability to not only profit from market conditions but also generate substantial gains through well-timed business agreements, which is highlighted in their recent performance. 22-November-2023

 

ADS Maritime, a shipping investment firm listed on the Oslo Stock Exchange, has recently acquired a stake in Golden Ocean Group (GOGL), the global bulker behemoth controlled by John Fredriksen. Terje Bodin Larsen, who helms ADS Maritime, confirmed the purchase of 130,000 shares in Bermuda-registered Norway-based dry bulk shipping company Golden Ocean Group (GOGL) at an estimated value of $1 million. This acquisition strengthens ADS Maritime’s portfolio, demonstrating its strategic vision in the shipping sector. Oslo and Nasdaq-listed John Fredriksen-backed dry bulk shipping company Golden Ocean Group (GOGL), recognized as the world’s largest listed owner of expansive dry bulk carriers, boasts an impressive fleet of 97 bulk carriers. This number includes four state-of-the-art newbuildings. Their combined capacity reaches a staggering 14.3 million DWT (deadweight tonnage). For Q2 2023, Bermuda-registered Norway-based dry bulk shipping company Golden Ocean Group (GOGL) announced a net income of $34.9 million, with earnings per share standing at $0.17. Unlike many other firms in the industry, Oslo Stock Exchange-listed ADS Maritime’s primary revenue stream is drawn from dividends and various management fees. Terje Bodin Larsen-led ADS Maritime does not hold a majority stake or controlling interest in any shipowner it invests in. Reflecting this business model, Golden Ocean Group (GOGL) has declared a cash dividend payment of $0.10 per share for Q2 2023, expected to be disbursed around September 19th. In a related development, Oslo Stock Exchange-listed ADS Maritime also shared its decision to liquidate its entire stake in Gram Car Carriers, an investment made earlier in March 2023. This divestment proved profitable for ADS Maritime, contributing nearly $1 million to its net profit for the Q2 2023. This strategic move by Terje Bodin Larsen-led ADS Maritime underscores ithe company’s commitment to diversifying its portfolio and ensuring sustainable growth in the ever-evolving shipping industry. 31-August-2023

 

Bermuda-registered Norway-based dry bulk shipping company Golden Ocean Group (GOGL) has gracefully returned to profitability as the bulker markets find equilibrium. Oslo and Nasdaq-listed John Fredriksen-backed dry bulk shipping company Golden Ocean Group (GOGL) has generously announced a dividend of 10 cents. After a temporary setback in the initial months of 2023, Golden Ocean Group (GOGL) has triumphantly registered a prosperous Q2 2023, even though revenues from capesize and panamax bulk carriers witnessed a notable decline compared to the previous year. 29-August-2023

 

Bermuda-registered Norway-based dry bulk shipping company Golden Ocean Group (GOGL) has once again intensified its share buybacks, showcasing the shipowner’s commitment to its $100 million share repurchase program. In a significant move, Oslo and Nasdaq-listed John Fredriksen-backed dry bulk shipping company Golden Ocean Group (GOGL) invested just over $333,000 to repurchase an additional 45,000 of its outstanding shares, reinforcing the value of the company’s buyback initiative. Last week alone, Golden Ocean Group (GOGL) allocated approximately NOK 2.2 million towards this endeavor, signaling a strong and optimistic outlook on its own financial future. 26-July-2023

 

CEO Ulrik Andersen quits Bermuda-registered Norway-based dry bulk shipping company Golden Ocean Group (GOGL). Oslo and Nasdaq-listed dry bulk shipping company Golden Ocean Group (GOGL) appointed Lars-Christian Svensen as an interim CEO. John Fredriksen’s bulker company Golden Ocean Group has wasted no time in replacing the CEO, who will be available for advice until September 2023. Currently, Golden Ocean Group (GOGL) has a fleet of 96 large bulk carriers. 1-June-2023

 

Bermuda-registered Norway-based dry bulk shipping company Golden Ocean Group (GOGL) sold two (2) ice-class panamax bulk carriers. Oslo and Nasdaq-listed dry bulk shipping company Golden Ocean Group (GOGL) sold 2008 built ice-class panamax bulk carrier 75K DWT MV Golden Ice and 2009 built ice-class panamax bulk carrier 75K DWT MV Golden Strength for a total around $30 million. John Fredriksen’s bulker company Golden Ocean Group (GOGL) sold off the company’s oldest panamax bulk carriers at a time when the shipping market indicators show plunging prices in the panamax sector. CEO Ulrik Andersen-led Golden Ocean Group (GOGL) sold the MV Golden Ice and MV Golden Strength which were built at Jiangsu Rongsheng Heavy Industries. 25-December-2022

 

Bermuda-registered Norway-based dry bulk shipping company Golden Ocean Group started share buybacks with a $9.2 million repurchase. John Fredriksen’s bulker company Golden Ocean Group has completed the company’s first repurchases under its share buyback programme by repurchasing 250,000 of Golden Ocean Group’s securities for approximately $9.2 million. $9.2 million equate to just under 10% of what the Oslo and Nasdaq-listed dry bulk shipping company Golden Ocean Group has allocated in its buyback plan. John Fredriksen is the largest shareholder in Golden Ocean Group. Golden Ocean Group declared in October a plan to buy back up to $100 million of its shares over the following year. Furthermore, on Monday, Oslo and Nasdaq-listed dry bulk shipping company Golden Ocean Group bought 100,000 shares on the Oslo Stock Exchange at an average price of NOK 79.37. Currently, CEO Ulrik Andersen-led Golden Ocean Group has a fleet of 94 bulk carriers. 7-December-2022

 

Bermuda-registered Norway-based dry bulk shipping company Golden Ocean Group estimates that bulk carrier markets are set for a rebound when China’s economy improves in 2023. Oslo and Nasdaq-listed dry bulk shipping company Golden Ocean Group states that the last two years were outstanding for dry bulk shipowners. John Fredriksen’s bulker company Golden Ocean Group predicts that the shipping market is going through a bit of a rough time. However, Golden Ocean Group anticipates that it doesn’t take much to ignite the dry cargo market. Currently, CEO Ulrik Andersen-led Golden Ocean Group has a fleet of 94 bulk carriers. 22-November-2022

 

New York-based investment bank Jefferies cut estimate of Golden Ocean Group’s Q4 earnings by roughly 29% to $0.15 per share. Furthermore, Jefferies decreased 4.1% from its 2023 earnings-per-share forecast. Jefferies anticipates potentially soft start in 2023 for Oslo and Nasdaq-listed dry bulk shipping company Golden Ocean Group. The US investment bank Jefferies cuts John Fredriksen-controlled Golden Ocean Group estimates as lower-than-expected profit. Bermuda-registered Norway-based dry bulk shipping company Golden Ocean Group reported a lower Q3 profit that missed shipping analyst consensus. New York-based investment bank Jefferies anticipates that dry bulk freight rates remain soft and will probably lead to lower earnings in Q4 for CEO Ulrik Andersen-led Golden Ocean Group. Currently, John Fredriksen’s bulker company Golden Ocean Group has a fleet of 94 bulk carriers. 17-November-2022

 

Bermuda-registered Norway-based dry bulk shipping company Golden Ocean Group reported a net income of $104 million in Q3 2022. Oslo and Nasdaq-listed dry bulk shipping company Golden Ocean Group reported earnings per share of 52 cents in Q3 2022. John Fredriksen-controlled Golden Ocean Group rides out the weak bulk shipping market to post a profit. CEO Ulrik Andersen-led Golden Ocean Group is still paying dividends. Golden Ocean Group keeps its profit at a high level. Savings made on bunker expenses and profits on bulk carrier sales allowed Golden Ocean Group to ride out weak shipping markets during Q3 2022. Currently, John Fredriksen’s bulker company Golden Ocean Group has a fleet of 94 bulk carriers. 16-November-2022

 

Oslo and Nasdaq-listed dry bulk shipping company Golden Ocean Group is ready to spend $100 million on its stock after steep stock price falls in recent weeks. CEO Ulrik Andersen-led Golden Ocean Group commenced a $100 million buyback programme after the company’s share price slumps. John Fredriksen controlled Golden Ocean Group’s BOD (Board of Directors) has approved a share buyback programme of up to 10 shares on the Oslo and Nasdaq exchanges. Timing is right to pay dividends to shareholders as long-term prospects seem encouraging. Currently, John Fredriksen’s bulker company Golden Ocean Group has a fleet of 94 bulk carriers. 8-October-2022

 

Bermuda-registered Norway-based dry bulk shipping company Golden Ocean Group reported a net profit of $163.7 million in Q2 2022. In Q2 2021, Golden Ocean Group reported a net profit of $104.5 million. In Q2 2022, John Fredriksen’s bulker company Golden Ocean Group’s net profit of $163.7 million is equivalent to earnings per share of 83 cents. CEO Ulrik Andersen-led Golden Ocean Group ups dividend after another good quarter. Oslo and Nasdaq-listed Golden Ocean Group is still optimistic about the dry bulk shipping market outlook, despite trade and macroeconomic challenges. Norway-based dry bulk shipping company Golden Ocean Group has reported another profitable quarter and upped the company’s dividend to shareholders. 26-August-2022

 

Bermuda-registered Norway-based dry bulk shipping company Golden Ocean Group reported net earnings of $125 million in Q1 2022. The world’s biggest listed shipowner of large bulk carriers Golden Ocean Group reported a revenue of $265 million in Q1 2022. Currently, John Fredriksen’s bulker company Golden Ocean Group has a fleet of 94 bulk carriers. CEO Ulrik Andersen-led Golden Ocean Group reported TCE (Time Charter Equivalent) earnings of $24,778 per day for capesize bulk carriers in Q1 2022. Furthermore, Ocean Group reported TCE (Time Charter Equivalent) earnings of $23,693 for panamax and ultramax bulk carriers in Q1 2022. Oslo and Nasdaq-listed Golden Ocean Group has covered 78% of capesize bulk carriers days at $28,300, and $27,500 for panamax and ultramax bulk carriers at 77% in Q2 2022. Bermuda-registered Norway-based dry bulk shipping company Golden Ocean Group had signed a new loan contract worth $275 million to refinance 14 capesize bulk carriers. New $275 million loan will enhance cash breakeven rates for 4 capesize bulk carriers by about $1,500 per day. John Fredriksen’s bulker company Golden Ocean Group is paying a dividend of $0.50 per share. Oslo and Nasdaq-listed Golden Ocean Group had accomplished strong Q1 2022 on the back of a robust panamax market and a contract coverage for the capesize fleet. CEO Ulrik Andersen-led Golden Ocean Group expects strengthening of the freight market in the Q2 2022. John Fredriksen’s bulker company Golden Ocean Group has an optimistic outlook due to healthy demand growth and an exceptionally advantageous fleet supply. Bermuda-registered, Norway-based dry bulk shipping company Golden Ocean Group reported $14.5 million profit from associated companies SwissMarine and United Freight Carriers. In 2021, John Fredriksen’s bulker company Golden Ocean Group renewed the fleet, sold vintage ships and acquired or orderered 25 modern bulk carriers. 18-May-2022

 

Bermuda-registered, Norway-based dry bulk shipping company Golden Ocean Group controlled 2019 built newcastlemax bulk carrier 208K DWT MV Golden Champion carried logs from Uruguay to China. This is the first time in history a newcastlemax bulk carrier carrying logs. John Fredriksen’s bulker company Golden Ocean Group controlled 2019 built newcastlemax bulk carrier 208K DWT MV Golden Champion loaded around 105K tonnes of logs. Currently, capesize bulk carrier freight rates are so much cheaper than handysize bulk carriers. Oslo and Nasdaq-listed Golden Ocean Group fixed the log cargo via Affinity Dry Bulk. In 2021, the first capesize bulk carrier fixture for logs cargo was done. Afterward, eight more capesize bulk carriers have been fixed for the logs cargo. Currently, more and more capesize bulk carrier shipowners are taking an interest in the logs business. There are particular downsides for shippers in combining multiple log cargo stems onboard one capesize bulk carrier, shippers must persuade buyers to accept so much log cargo at once. On the other hand, capesize bulk carrier shipowners notice the log cargo as an alternative cargo to the iron ore. Bermuda-registered, Norway-based dry bulk shipping company Golden Ocean Group anticipates the capesize bulk carrier market to boost in 2022. Golden Ocean Group anticipates a robust market in 2022. 24-April-2022

 

Bermuda-registered, Norway-based dry bulk shipping company Golden Ocean Group wants to stick to the company’s plan of distributing dividends to shareholders. In 2021, John Fredriksen’s bulker company Golden Ocean Group paid out half a billion dollars in dividends to shareholders. Oslo and Nasdaq-listed Golden Ocean Group’s desire to develop the company’s investors and the uptick in investor attraction has assisted with the liquidity of Golden Ocean’s stock. Bermuda-registered, Norway-based dry bulk shipping company Golden Ocean Group doesn’t have a market cap target in mind. In 2021, John Fredriksen’s bulker company Golden Ocean Group has grown the company’s fleet by approximately 33% through a deal with John Fredriksen-backed Hemen Holding. According to Golden Ocean Group, the carrier demand for coal is foreseen to increase over the next three years. On the other hand, currently, Golden Ocean Group has not officially banned the shipment of coal on the company’s managed fleet like Eastern Pacific Shipping. Currently, Oslo and Nasdaq-listed Golden Ocean Group is concentrated on measures that will have an immediate effect on diminishing the fleet emissions. Bermuda-registered, Norway-based dry bulk shipping company Golden Ocean Group tackles its greenhouse gas emissions. In 2021, John Fredriksen’s bulker company Golden Ocean Group sold off four of the company’s highest emitting ships. Oslo and Nasdaq-listed Golden Ocean Group has no debt maturities due before 2023. Golden Ocean Group has already raised $22 million for the new-building bulk carriers orders through the sale of vintage bulk carriers. Furthermore, John Fredriksen’s bulker company Golden Ocean Group reported around $300 million in cash in Q4 2021. Therefore, Golden Ocean Group can assign capital freely and concentrate on dividends. 20-February-2022

 

Oslo and Nasdaq-listed Golden Ocean Group selling some vintage panamax bulk carriers. John Fredriksen’s bulker company Golden Ocean Group plans to sell older non-eco panamax bulk carriers. Last week, Golden Ocean Group ordered three (3) kamsarmax bulk carrier newbuildings at Dalian Shipbuilding Industry Co. Golden Ocean Group is a fleet renewal programme. Bermuda-registered, Norway-based dry bulk shipping company Golden Ocean Group is expected to sell eight (8) vintage panamax bulk carriers and two (2) vintage capesize bulk carriers. In February 2021, Golden Ocean Group sold 2007 built panamax bulk carrier 76K DWT MV Golden Shea for around $11 million to Xiamen ITG Group. Newly ordered kamsarmax bulk carrier newbuildings will not change Golden Ocean Group’s dividend payouts. Golden Ocean Group is expected to pay $0.95 per share for Q3 2021. 9-September-2021

 

Bermuda-registered, Norway-based dry bulk shipping company Golden Ocean Group ordered three (3) dual-fuel-ready non-scrubber 85K DWT kamsarmax bulk carriers in China. Golden Ocean Group would evaluate potential alternative fuels for the three (3) non-scrubber 85K DWT kamsarmax bulk carriers. John Fredriksen’s bulker company Golden Ocean Group is in a fleet renewal programme. Golden Ocean Group will get the delivery of the kamsarmax bulk carriers in Q3 2023. There are few slots before 2024 in Chinese shipyards. However, Golden Ocean Group receives exclusivity on engaging opportunities. Oslo and Nasdaq-listed Golden Ocean Group would finance the three (3) dual-fuel-ready 85K DWT kamsarmax bulk carriers with operating cash flow and cash on hand. Golden Ocean Group desires to pick the right solutions for decarbonisation. Golden Ocean Group’s new dual-fuel-ready 85K DWT kamsarmax bulk carriers will be rated B+ on Rightship’s GreenHouse Gas (GHG) index. 8-September-2021

 

Bermuda-registered, Norway-based dry bulk shipping company Golden Ocean Group will acquire ten (10) scrubber-fitted newcastlemax bulk carriers and eight (8) scrubber-fitted kamsarmax bulk carriers from Seatankers Management for around $752 million. John Fredriksen-backed shipowner Golden Ocean Group will acquire ten (10) scrubber-fitted newcastlemax bulk carriers and eight (8) scrubber-fitted kamsarmax bulk carriers from John Fredriksen’s Cyprus-based company Seatankers Management. John Fredriksen’s private company Hemen Holding, which is Golden Ocean Group’s largest shareholder, granted the Golden Ocean with a $414 million loan. Golden Ocean Group is going to raise the remaining $338 million from a private placement of shares, half of which were acquired by Hemen Holding. Norway-based dry bulk shipping company Golden Ocean Group is undertaking a repair offering to its other shareholders, which expects to raise an additional $17 million. Golden Ocean Group is purchasing a modern and fuel-efficient fleet at an attractive point in the shipping cycle. Norway-based dry bulk shipping company Golden Ocean Group anticipates a robust rebound in dry bulk demand. Currently, bulk carrier demand is increasing, while net bulk carrier supply to the shipping market is at 30-year lows. Golden Ocean Group requires capesize bulk carrier rates higher than $20,000 per day to make the transaction accretive to earnings per share (EPS). The dry bulk market is foreseen to grow in the next two years. 22-February-2021

 

Bermuda registered, Norway based dry bulk shipping company Golden Ocean Group’s CCO (Chief Commercial Officer) Thomas Semino has stepped down from his position. Thomas Semino was working at Golden Ocean Group’s Singapore office since 2016. Previously, Thomas Semino was a manager at Bunge, Vitol, and Cargill. In an announcement, Ulrik Andersen-led Golden Ocean Group thanked Thomas Semino for his contributions to the company. John Fredriksen’s bulker company Golden Ocean Group is going to publish a replacement for CCO (Chief Commercial Officer) position shortly. Golden Ocean Group assured that the company’s services are not interrupted. NASDAQ-listed Golden Ocean Group has not disclosed any reason for Thomas Semino’s resignation. 16-October-2020

 

Bermuda registered, Norway based dry bulk shipping company Golden Ocean Group endeavors to develop its Arctic venture. Three (3) ice-class panamax bulk carriers of John Fredriksen’s Golden Ocean Group has been ballasting to Murmansk through Northern Sea Route (NSR). Golden Ocean Group’s three (3) ice-class panamax bulk carriers are going to be chartered to Siberian Coal Energy Co and Eurochem Group for coal and fertilizer cargoes. Golden Ocean Group’s three (3) ice-class panamax bulk carriers are set out on Arctic transits as seas warm through Northern Sea Route (NSR). Oslo-based bulker shipowner Golden Ocean Group aims to build a larger Arctic portfolio due to the high demand for Arctic niche trade. However, ice-class panamax bulk carriers cost more to construct, control, and fuel. Furthermore, Arctic weather is still unpredictable and there are no backhaul cargoes. Golden Ocean Group has resources that make it more versatile than its rivals to overwhelm some of the challenges of the Arctic trade. Additionally, there is no ice-class spot market. Golden Ocean Group can yield better than market earnings on the ice-classed ships over time. Furthermore, Golden Ocean Group has access to cheaper insurance for the Arctic trade. Oldendorff, Nordic Bulk Carriers, and Golden Ocean Group are plotting to utilize a more prolonged Northern Sea Route (NSR) period. Russia and Ukraine transport grains to the Murmansk, there is a lack of back-haul cargo to Murmansk. However, Russian government support may subdue that shortfall. Russia wants to boost the shipping of LNG, fertilizer, coal, and iron ore from Murmansk through the Northern Sea Route (NSR). 3-October-2020

 

Bermuda registered, Norway based dry bulk shipping company Golden Ocean Group has awarded share options worth around $1 million to new CFO Peder Simonsen. Golden Ocean Group is indirectly owned by John Fredriksen, through Hemen Holding (40%) and new CFO Peder Simonsen has participated last week from another John Fredriksen-backed VLGC (Very Large Gas Carrier) player Avance Gas. John Fredriksen’s dry bulk carrier company Golden Ocean Group has awarded share options that are expiring in 2025. Golden Ocean Group’s stock price will need to trade above CFO Peder Simonsen’s option levels at that time. John Fredriksen’s bulker company Golden Ocean Group has been focusing on panamax and capesize bulk carriers. 14-September-2020

 

Ulrik Andersen-led Golden Ocean Group anticipates coal imports to China and India to increase further. John Fredriksen backed Golden Ocean Group anticipates coal imports to China and India will increase. Golden Ocean Group’s capesize fleet has been driven by iron ore, but coal will contribute an additional incentive due to demand from China and India. According to Oslo-listed Golden Ocean Group, coal should be phased out soon however coal still has a significant capacity in dry bulk shipping. Currently, the health of the capesize spot market is defined by China’s iron ore imports. Furthermore, tonne-mile from coal is nowhere near that of iron ore. Iron ore is the key driver bulk cargo for Golden Ocean Group’s capesize fleet. On the other hand, coal shipments have been a great extra catalyst for capesize rates. Golden Ocean Group anticipates capesize markets to strengthen, followed by a weaker Q1 2021. 16-August-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 master’s 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. 7-April-2020

 

Bermuda-registered, Norway-based dry bulk shipping company Golden Ocean Group has had scrubber retrofits postponed in China due to the coronavirus. John Fredriksen-backed Golden Ocean Group announced that the company has now completed 14 of 23 planned installations of scrubbers. The remaining 9 scrubber installations have been extended due to the impact of the coronavirus in China. In Q4 2019, Golden Ocean Group completed charter amendments for seven (7) capesize bulk carriers that are leased from John Fredriksen-backed SFL Corporation, whereby SFL Corporation will finance the scrubber investments earlier published by the Golden Ocean Group in exchange for improved charter rates. Due to coronavirus, commodity-related supply chains may become disrupted. In Q4 2019, Golden Ocean Group reported net earnings of 41 million and revenue of $245 million. Currently, Golden Ocean Group operates around 79 bulk carriers. Golden Ocean Group’s revenue improvement was principally pushed by higher average freight rates on bulk carriers that were chartered in for trading in the spot market. In Q4 2019, Golden Ocean Group reported an average TCE (Time Charter Equivalent) rate of $21,668 per day. John Fredriksen-backed Golden Ocean Group’s stable performance maintained in Q4 despite a weakening charter rate environment. Norway-based dry bulk shipping company Golden Ocean Group focuses on sustaining cost-effective operations and a solid balance sheet and liquidity position. According to Golden Ocean Group, capesize bulk carrier segment with the most prominent leverage to enhancing shipping market conditions. John Fredriksen-backed Golden Ocean Group is confident of the medium to longer-term development of dry bulk shipping demand. 19-February-2020

 

Bermuda-registered, Norway-based dry bulk shipping company Golden Ocean Group has quadrupled its quarterly dividend payment as earnings surpassed expectations. John Fredriksen-backed shipowner Golden Ocean Group will pay a cash dividend of $0.10 per share for Q2 2019. Dry bulk shipowner Golden Ocean Group announced the improved dividend was based on positive shipping market circumstances rather than the company’s financial results. Golden Ocean Group accused plummeting interest rates for the derivatives loss, which corresponded with a period of increased operating expenses. Furthermore, Golden Ocean Group’s derivatives losses coincided with a drydocking schedule, which boosted fleet operating expenses. However, Golden Ocean Group accomplished to curb the influence of the weak capesize market by producing an average TCE (Time-Charter Equivalent) rate above the Baltic Dry Capesize Index. In Q2 2019, Oslo-listed dry bulk shipping company Golden Ocean Group reported an adjusted Ebitda of $21.5 million. Golden Ocean Group anticipates the forthcoming IMO (International Maritime Organization) 2020 regulations to absolutely influence the dry bulk shipping market by making shipowners of new, fuel-efficient fleets more competitive. Lately, dry bulk shipowner Golden Ocean Group signed a contract with Trafigura and Frontline to set a joint venture for the supply of bunker. In April 2019, Norway-based dry bulk shipping company Golden Ocean Group invested in Peter Weernink-led Singapore Marine. John Fredriksen-backed shipowner Golden Ocean Group has acquired a 15% ownership stake in Singapore Marine. 17-August-2019

 

Bermuda-registered, Oslo, and New York-listed dry bulk shipping company Golden Ocean Group has registered $400 million worth of shares for potential sale through a prospectus and prospectus supplement filed with the SEC (Security Exchange Commission). John Fredriksen-backed shipowner Golden Ocean Group submitted as a portion of a shelf registration process that provides future sale of common shares, preferred shares, debt securities, and warrants. Currently, Golden Ocean Group has a market capitalization of $969 million. John Fredriksen-backed shipowner Golden Ocean Group’s fleet consists of 46 capesize bulk carriers, 28 panamaxes bulk carriers, and 3 ultramax bulk carriers. 17-July-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. 15-January-2019

 

Shipowner John Fredriksen is the richest Norwegian that has lived ever. When John Fredriksen was 16 years old, he started his career as a telex messenger at shipbroker company Blehr & Tenvig. Currently, Norwegian shipping tycoon John Fredriksen’s capital is around $14 billion. Norwegian shipping tycoon John Fredriksen is the most wealthy Norwegian ever, particularly if inflation is corrected. What is driving Norwegian shipping tycoon John Fredriksen, as it seems not to be generating the capital, however, that John Fredriksen has a triumphant instinct. Shipowner John Fredriksen is the most influential and most prosperous shipping man the world has ever seen. Unlike other rich Norwegians, shipping tycoon John Fredriksen focuses on running his company and is less enthusiastic in Norwegian culture. Norwegian shipping tycoon John Fredriksen established the most influential shipping companies such as Frontline, Golden Ocean Group, Flex LNG, Seadrill-Northern Drilling, and Marine Harvest etc. 7-May-2019

 

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 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 sulfur 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. The capesize bulk carriers market strengthens over the summer of 2018. 19-August-2018

 

Oslo and New York-listed Golden Ocean Group have 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 of $16 million. Since 2014, Oslo and New York-listed Golden Ocean have 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. 22-May-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 observing growth in dry bulk freight rates. IMO 2020 and ballast water regulations will influence fleet growth. 20-February-2018

 

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. 20-July-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. 11-April-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, the 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. 15-May-2017