Golden Ocean Group

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