Golden Ocean Management News

Dry bulk shipowner Golden Ocean Group Limited has informed that Ulrik Andersen, Chief Executive Officer of Golden Ocean Management AS, has decided to step down from his position. The Board has appointed Lars-Christian Svensen, Golden Ocean’s Chief Commercial Officer, to take the role as Interim Chief Executive Officer of Golden Ocean Management AS. "Lars-Christian has a solid background within the industry and a profound understanding of the Company and its organization. The Board is confident that this new appointment will ensure a successful and seamless transition of the role. Mr. Andersen will be available for the company till September 1st, 2023," Golden Ocean said."I would like to thank Ulrik for his contribution to Golden Ocean.

Dry bulk shipowner Golden Ocean Group on Monday announced it has entered into an agreement to acquire six 208,000 deadweight tons (dwt) Newcastlemax vessels for a total consideration of $291 million. The newly-acquired vessels—each equipped with exhaust gas cleaning systems, or scrubbers—will be chartered back to their former owner, an unrelated third party, for approximately 36 months at an average daily time charter equivalent rate of approximately $21,000 net.Following the acquisition, Golden Ocean will be the world's largest publicly-listed dry bulk company in terms of dwt."This acquisition cements our position as the largest owner of modern Capesize vessels.

Dry bulk shipowner Golden Ocean Group on Friday announced it has entered into agreements for the construction of three bulk carrier newbuilds, as well as for the sale of two owned bulkers.The newbuilds will be 85,000 dwt ECO-type dual-fuel Kamsarmax vessels constructed at the same Chinese shipyard group as the company's seven previously contracted newbuilds. Deliveries are scheduled to take place from the third quarter of 2024 through the first quarter of 2025.The aggregate sale price of the Ultramax vessels Golden Cecilie and Golden Cathrine is $63 million, and Golden Ocean said it expects to record a gain of approximately $22 million from sale and receive net cash proceeds of approximately $41 million in late Q3/early Q4 2022.

Dry bulk shipowner Golden Ocean Group Limited announced on Tuesday it has sold three Panamax vessels to an unnamed buyer for a combined $52 million.The three vessels, Golden Empress, Golden Enterprise and Golden Endeavour, were delivered in 2010 and 2011 and are among the oldest in the Golden Ocean fleet.The company said it expects to record a gain from the sales of approximately $9.6 million in the second quarter of 2022. Aggregate net cash proceeds of approximately $30.7 million are expected to be received in the second quarter of 2022, when the vessels are delivered to their buyers.Over the past 15 months, Golden Ocean has sold seven older Panamax vessels…

Dry bulk shipowner Golden Ocean Group Limited announced Monday it has sold two older Panamax vessels and placed orders for the construction of four Kamsarmax vessels.The aggregate sale price of the vessels Golden Opportunity and Golden Endurer is $37.2 million, and the company said it expects to record gain from sale of approximately $4.9 million in Q3 2021 and $5 million in Q4 2021 and receive net cash proceed of approximately $22.2 million in Q4. The net cash proceeds will fund close to half of the estimated required equity for the Kamsarmax vessels, the company said, adding that the balance will be funded through cash on hand and long-term debt financing to be secured closer to delivery.The four Kamsarmax vessels are 85…

Oslo-listed dry bulk shipowner Golden Ocean has ordered three "high-specification latest generation" 85,000 dwt ECO-type Kamsarmax vessels,which will be constructed at an unnamed "first-class" Chinese yard. Golden Ocean said the vessels would feature the latest and most efficient propulsion system, contributing with significant improvements in fuel consumption and emissions performance. The vessels will be dual-fuel ready, giving the company time to evaluate alternatives while…

Dry bulk shipping company Golden Ocean Group Limited on Tuesdat announced it has terminated its relationship with Capesize Chartering Ltd. (CCL), a joint venture to coordinate the Capesize spot chartering services of Golden Ocean, Starbulk, CTM and Bocimar.Ulrik Andersen, CEO of Golden Ocean Management AS, said, "We have enjoyed our close cooperation with our CCL partners over the last five years. CCL was formed in 2016 to achieve greater commercial scale amid a challenging commercial environment. "Since then, the market has improved, and Golden Ocean has significantly expanded and modernized its fleet, most recently with the acquisition…

Dry bulk shipping company Golden Ocean Group Limited announced Wednesday that it has appointed Lars-Christian Svensen as Chief Commercial Officer of Golden Ocean Management AS effective December 1. Svensen, who is based in Oslo, most recently worked for Western Bulk, an asset-light dry bulk operator, where he was responsible for South Atlantic and U.S. Gulf chartering operations.Ulrik Andersen, Chief Executive Officer of Golden Ocean Management AS, said, "We are extremely pleased to welcome Lars-Christian to our team. His proven experience managing a chartering environment that leveraged digitalization, analytics and risk management aligns with Golden Ocean’s approach and will help to further our high-quality chartering operations.”Svensen said…

Dry bulk shipping company Golden Ocean Group said Monday that Per Heiberg, Chief Financial Officer of Golden Ocean Management AS, had resigned.Heiberg has held the CFO since April 2016 and has worked for the company in various capacities since July 2005.Oslo-listed Golden Ocean, which owns or controls a fleet of 78 dry bulk carriers, has appointed Peder Simonsen as the new CFO of Golden Ocean Management AS. Simonsen was most recently the Chief Financial Officer and Interim Chief Executive Officer of Avance Gas AS, a company specializing in very large gas carriers.Before joining Avance Gas AS in 2014, he was First Vice President at Nordea Bank Norge ASA, where he worked with large shipping and offshore companies.

Dry bulk shipping company Golden Ocean Group said its board has appointed Ulrik Uhrenfeldt Andersen as the new Chief Executive Officer of Golden Ocean Management AS with effect from Tuesday April 14, 2020.Andersen comes from a position as Chief Executive Officer of Avance Gas AS and previously worked as Head of Shipping for Petredec, Managing Director for Neu Gas Shipping and Head of the Maersk VLGC Pool.

The Bermuda registered, Norway based dry bulk shipping company Golden Ocean Group (GOGL) announced a net income of $36.7 million and earnings per share of $0.26 for the third quarter of 2019 compared with net loss of $33.1 million and loss per share of $0.23 for the second quarter of 2019.EBITDA stood at $81.1 million for the third quarter of 2019, compared with $21.5 million for the second quarter of 2019.Birgitte Ringstad Vartdal, Chief Executive Officer of Golden Ocean Management AS, said: “Our strong performance in the third quarter is the result of our strategic decision to gear our fleet towards modern, fuel-efficient vessels in…

Golden Ocean Group Limited (GOGL) reported a net income of $9.0 million for the second quarter of 2018, compared to net loss of $12.0 million for the second quarter of 2017.The Norway based dry bulk shipping company has entered into a $120 million loan facility to refinance 10 vessels on favorable terms. It delivered the Golden Eminence, a Panamax vessel, to her new owner in early August 2018.The company has also signed contracts to install exhaust gas scrubbers on 16 Capesize vessels and options for 9 additional installations.Birgitte Ringstad Vartdal, Chief Executive Officer of Golden Ocean Management AS, commented: "Golden Ocean generated positive results once again in the second quarter. The market continues to strengthen over the summer, in particular for Capesize vessels.

Golden Ocean Group has  announced that it has entered into agreements to sell six Ultramax vessels built at Chengxi between 2015 and 2017 en bloc for USD 142.5 million to an unrelated third party. The net cash proceeds from the sale after the repayment of $39.2 million of associated debt will be slightly in excess of $100 million. All vessels are expected to be delivered to their new owner during the fourth quarter of 2017. Separately, the Company has agreed to take early delivery of the Golden Nimbus, a Capesize vessel under construction at New Times Shipbuilding. The Company will make a final payment of $29.4 million for the vessel at delivery and will draw $25 million from the related bank financing in early October 2017, resulting in a net cash outlay of $4.4 million.

* Reports a net loss of $26.7 million and a loss per share of $0.25 for the third quarter of 2016, an improvement of $12.5 million compared with a net loss of $39.2 million and a loss per share of $0.37 for the second quarter of 2016. * Took delivery of one Ultramax newbuilding, the Golden Leo, and paid a final installment of $15.7 million on delivery. * Acquired the Golden Lyderhorn following the vessel owner's exercise of its option to sell the vessel to the company, and subsequently sold the vessel to an unrelated third party. * Completed a one-for-five reverse share split in August 2016. * Took delivery of the Capesize newbuilding Front Mediterranean subsequent to the end of the third quarter and immediately sold and delivered the vessel to its new owner…

The board of Golden Ocean Group Ltd. announced a pair of leadership appointments, naming Birgitte Ringstad Vartdal as the new Chief Executive Officer of Golden Ocean Management AS and Per Heiberg as the new Chief Financial Officer of Golden Ocean Management AS. Vartdal, who has held the position as Chief Financial Officer since June 2010, will replace Herman Billung, who has been the company's CEO since 2005. Vartdal holds a MSc (Siv.Ing.) in Physics and Mathematics from the Norwegian University of Science and Technology (NTNU) and a MSc in Financial Mathematics from Heriot-Watt University…

Knightsbridge Tankers Limited reports net income of $8.9 million and earnings per share of $0.48 for the third quarter of 2010. The average daily time charter equivalents ("TCEs") earned by the Company's VLCCs excluding bareboat charters and Capesize vessels were $30,800 and $40,700, respectively, compared with $49,800 and $45,500 in the preceding quarter. VLCC revenues and TCEs decreased mainly due to weaker results from the Mayfair, which operated in the spot market and the absence of profit share from the Hampstead and Kensington in the third quarter. Although Capesize revenues increased due to the delivery of Golden Future in July, average  Capesize TCEs decreased due to the lower rate earned by the Golden Future compared with the other two vessels.

Golden Ocean Group Limited advised that the company has entered into an agreement with Knightsbridge Tankers Limited to sell the capesize vessel Golden Zhejiang at a sales price of $65.5m. The vessel will be sold together with the existing four year charter agreement. The completion of the transaction is subject to successful financing and equity offering in Knightsbridge Tankers Limited. The deal is expected to be concluded during Q4 2010. The sales proceeds will be used to pay down debt on the asset and the balance, $18.5m, to acquire a number of restricted common shares in Knightsbridge. Golden Ocean will receive shares at the same price as contemplated in the public offering of shares in Knightsbridge. The investment in Knightsbridge is of long term nature.

Knightsbridge Tankers Limited has agreed to purchase two newbuilding contracts, each for a Capesize bulk carrier of approximately 170,000 deadweight tons (dwt). The ships will be built at Daehan Shipbuilding Co. Ltd in the Republic of Korea with delivery scheduled for September and December 2009 respectively. The newbuilding contracts have been acquired from Golden Ocean Group Limited ("GOGL") which company has ordered a series of sister ships at the same yard. The contract price for the two vessels is $ 81m per vessel. In addition Knightsbridge will pay a 1% commission to GOGL for arranging the deal. GOGL is listed on the Oslo Stock Exchange and is a related party of Frontline Ltd, the parent company of the Company's manager.