GOGL – Exit from CCL Pool Joint Venture
Golden Ocean Group Limited (NASDAQ and OSE: GOGL) has announced the termination of its joint venture with Capesize Chartering Ltd. (CCL), which coordinated the Capesize spot chartering services with other partners. CEO Ulrik Andersen stated that the company has modernized its fleet by acquiring 18 new dry bulk vessels. Golden Ocean believes it can now achieve greater commercial scale independently and gain better control over its commercial strategy and customer relations, enhancing its position in the market.
- Termination of joint venture allows for greater control over commercial strategy.
- Recent acquisition of 18 modern dry bulk vessels enhances fleet capabilities.
- Golden Ocean is positioned to achieve commercial scale independently.
- None.
Golden Ocean Group Limited (NASDAQ and OSE: GOGL) (“Golden Ocean” or the “Company“) today announced that 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.
Mr Ulrik Andersen, Chief Executive Officer of Golden Ocean Management AS, commented: "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 modernised its fleet, most recently with the acquisition of 18 modern dry bulk vessels.
We believe Golden Ocean has the critical mass to achieve the benefits of scale outside of the joint venture. With all of our vessels managed by a single commercial management platform, Golden Ocean will have better control of the commercial strategy, as well as coming closer to our customers.
Backed by a strong commercial team, we believe that Golden Ocean will be better positioned to maximise the value of our platform.”
About Golden Ocean
Golden Ocean, a leading dry bulk shipping company, owns or controls a modern fleet of 94 vessels with an average age of approximately six years. The Company owns 56 Capesize vessels making it the largest publicly listed owner of this vessel class. Golden Ocean is listed on the NASDAQ and Oslo Stock Exchange under the symbol ‘GOGL’.
August 10, 2021
The Board of Directors
Golden Ocean Group Ltd.
Hamilton, Bermuda
For further queries, please contact:
Ulrik Andersen: Chief Executive Officer, Golden Ocean Management AS
+47 22 01 73 53
This information is subject to the disclosure requirements pursuant to Section 5-12 the Norwegian Securities Trading Act
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