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Dual-listed on Nasdaq and the Oslo Stock Exchange, Golden Ocean is generally seen as John Fredriksen Group’s flagship dry bulk shipping company. The Bermuda-based company is born from the consolidation of the tycoon’s dry bulk assets in several group firms.
The company receives all management from its wholly owned subsidiary, Golden Ocean Management, which operates from Norway and Singapore.
Golden Ocean posted a net profit of $368,000 in the third quarter of 2017, compared with a $26.7m net loss a year earlier, as earnings in the capesize market soared.
JP Morgan shipping analyst Noah Parquette said in a note that the results were what he had been waiting for, “handily” beating expectations.
Average earnings for capesizes are expected to have soared to $14,176 per day in 2017, double that of a year ago, according to a Lloyd's List survey.
Golden Ocean has been active in the secondhand sales market, having been one of the early movers to acquire the entire fleet of Quintana in exchange for shares last year. It also disposed of a number of ultramax vessels to focus on the larger-sized segments, raised $100m in capital, and purchased two capesizes.
Latest From Golden Ocean
Demand seems to be picking up fairly rapidly in the dry bulk sector, with iron ore and grain movements being particularly notable
Mr Andersen starts his new role on April 14
One of the last big personalities in shipping, the Norwegian-born billionaire is selling off stakes in companies and reducing his workload as he reorganises his considerable maritime assets for passing on to his twin daughters
The well-respected chief executive has been able to pay dividends for the past several quarters, despite a challenging dry bulk market
This year Mr Fredriksen has been selling off stakes, reducing his workload and reorganising his remaining holdings to leave a self-sustaining legacy
The company posted a net profit in the third quarter of the year of $36.7m, its best quarterly result since 2013
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