Freight Rates On The Rise As Port Fees Shake Up Shipping - Finimize
Freight rates are increasing, with the Baltic Exchange index climbing due to new port fees from the US and China, alongside tightening vessel supply. This surge in shipping costs is causing a ripple effect across global shipping routes, impacting ocean shipping firms with higher operational expenses. The elevated freight rates are expected to continue, influencing supply chain strategies and potentially benefiting shipping stocks, while also signaling shifts in global trade dynamics.
Freight Rates Climb As China Hits Back With Port Fees
Freight rates are increasing as China retaliates against new US port fees by imposing its own charges on American-linked ships. This has driven the Baltic sea freight index and capesize vessel earnings to multi-week highs, sparking concerns about higher costs and increased volatility in commodity prices and global trade. The geopolitical friction between the two economic powers is forcing supply chains to adapt and redrawing the shipping map.
Golden Ocean Group (GOGL) Exits Russell Indices Will Index Removal Reshape Its Investment Appeal?
Golden Ocean Group (GOGL) was removed from several Russell equity indices in August 2025, a move attributed to its finalized acquisition by Cmb.Tech NV and impending exchange delisting. This exit is expected to influence the company's market presence and liquidity, aligning with its evolving ownership and public listing status. While the index removal highlights structural changes, the primary investment risk remains the volatility in freight rates and profitability pressures due to market conditions.
CMB.TECH completes merger with Golden Ocean
CMB.TECH has successfully completed its stock-for-stock merger with Golden Ocean Group Limited after shareholders approved the deal. This merger creates one of the world's largest diversified listed maritime groups with a combined fleet of around 250 vessels, including over 80 hydrogen and ammonia-ready ships, and a fair market value of approximately US$11.1 billion. The newly issued CMB.TECH shares will begin trading on Euronext Brussels, the New York Stock Exchange, and Euronext Oslo under the ticker symbol "CMBTO" starting today.
Golden Ocean & CMB.TECH Merge To Create One Of World’s Largest Maritime Groups
CMB.TECH NV has completed its stock-for-stock merger with Golden Ocean Group Limited, forming one of the world's largest diversified listed maritime companies. The merger, strongly supported by Golden Ocean shareholders, involved the issuance of 95,952,934 new CMB.TECH shares, which commenced trading today on Euronext Brussels, NYSE, and Euronext Oslo. The newly merged entity now operates a fleet of approximately 250 vessels, valued at USD 11.1 billion, including a significant number designed for low-carbon fuels.
PRESS RELEASE: CMB.TECH completes merger with Golden Ocean
CMB.TECH has successfully completed its stock-for-stock merger with Golden Ocean Group Limited. The merger creates one of the world's largest diversified listed maritime groups with a fleet of around 250 vessels and a fair market value of approximately USD 11.1 billion. CMB.TECH shares will begin trading on Euronext Brussels, NYSE, and Euronext Oslo today, with Golden Ocean shareholders receiving CMB.TECH shares at an exchange ratio of 0.95 shares for each common share of Golden Ocean.
PRESS RELEASE: CMB.TECH completes merger with Golden Ocean
CMB.TECH NV has successfully completed its stock-for-stock merger with Golden Ocean Group Limited, creating one of the world's largest diversified listed maritime groups. The merger, approved by a significant majority of Golden Ocean shareholders, results in a combined fleet of approximately 250 vessels, including over 80 hydrogen- and ammonia-ready ships, with a fair market value of USD 11.1 billion. CMB.TECH's ordinary shares, including the newly issued shares for Golden Ocean shareholders, will begin trading on Euronext Brussels, NYSE, and Euronext Oslo Børs today under the ticker symbol “CMBTO”.
Golden Ocean Group shareholders approve merger with CMB.TECH NV
Golden Ocean Group Ltd. shareholders have approved a stock-for-stock merger with CMB.TECH Bermuda Ltd., a subsidiary of CMB.TECH NV. This approval means Golden Ocean will merge into CMB.TECH Bermuda Ltd., with CMB.TECH NV issuing shares as consideration. The merger's completion will mark Tuesday as Golden Ocean common shares' final trading day.
Golden Ocean, CMB.TECH Set August 20 Target for Closing $4.2B Merger
Golden Ocean Group Limited and CMB.TECH NV are targeting an August 20, 2025, closing for their $4.2 billion stock-for-stock merger. Golden Ocean shareholders will vote on the merger on August 19, 2025, and if approved, new CMB.TECH shares will begin trading on August 20, marking the last trading day for Golden Ocean shares. The merger is still subject to shareholder approval, regulatory clearances, secondary listing approval, and Golden Ocean’s refinancing, with legal proceedings also underway regarding shareholder disclosures and dissenters' rights.
News Content Hub - Greek owner resumes acquisitions with former Golden Ocean Kamsarmax
Greece-based Clemko Ship Management has acquired the Kamsarmax bulk carrier "Koroni" (formerly "Golden Ioanari") for approximately US$16M, marking a significant return to the S&P market for the company. This vessel holds special significance as it was custom-built for Clemko in 2010. Golden Ocean continues to sell off vessels as it transitions under the management of the Saverys family-backed CMB.TECH.
GOGL – 2024 Environmental, Social and Governance (ESG) Report
Golden Ocean Group Limited (GOGL) has released its seventh annual ESG Report for 2024, prepared in accordance with SASB and GRI Standards. The report highlights a 11.7% reduction in CII emissions compared to 2019, surpassing the 2024 target. CEO Peder Simonsen stated that the company is on track for a 15% reduction by 2026, 30% by 2030, and net-zero by 2050.
CMB.TECH and Golden Ocean press ahead with merger
CMB.TECH and Golden Ocean have announced a definitive agreement to merge, forming one of the world's largest listed diversified maritime shipping groups. Golden Ocean shareholders will receive 0.95 ordinary shares of CMB.TECH for each share they hold, with CMB.TECH expecting to issue approximately 95.95 million new shares. The combined entity will operate a fleet of about 250 vessels across various segments, and is expected to finalize the merger in the third quarter of 2025.
Shipping firms merge into maritime giant
The Golden Ocean Group and CMB.Tech are merging to create one of the world's largest listed diversified maritime groups, to be named CMB.Tech Bermuda Ltd. Golden Ocean shareholders will receive 0.95 ordinary shares of CMB.Tech for each Golden Ocean share, resulting in CMB.Tech shareholders owning approximately 70% of the combined entity. The merger, approved by both companies' boards, is expected to close in the third quarter of 2025, after which Golden Ocean will delist from Nasdaq and Euronext Oslo Børs.
CMB.TECH NV AND GOLDEN OCEAN GROUP LIMITED ANNOUNCE AGREEMENT AND PLAN OF MERGER
CMB.TECH NV and Golden Ocean Group Limited have announced a stock-for-stock merger agreement, where CMB.TECH Bermuda Ltd., a subsidiary of CMB.TECH, will be the surviving company. Golden Ocean common shares will be exchanged for CMB.TECH ordinary shares at a ratio of 0.95 for each Golden Ocean share, leading to the creation of one of the largest listed diversified maritime groups globally with approximately 250 vessels. The merger is subject to regulatory and shareholder approvals and is expected to be completed in the third quarter of 2025.
Golden Ocean and CMB.TECH Lock in Merger
Golden Ocean Group Limited and CMB.TECH NV have finalized a stock-for-stock merger agreement, creating one of the world's largest diversified maritime groups with a combined fleet of approximately 250 vessels. Golden Ocean shareholders will receive 0.95 ordinary shares of CMB.TECH for each share they hold. The merger, approved by both boards and awaiting regulatory and shareholder approvals, is expected to be completed in the third quarter of 2025.
Golden Ocean Group Ltd (GOGL) Q1 2025 Earnings Call Highlights: Navigating Challenges with ...
Golden Ocean Group Ltd (GOGL) reported a net loss of $44.1 million in Q1 2025, a significant decrease from a net income of $39 million in Q4 2024, alongside a substantial drop in adjusted EBITDA and fleet-wide net TCE rates. Despite financial setbacks and high dry-docking costs, the company declared a dividend of $0.05 per share and is pursuing a fleet renewal strategy by selling older Kamsarmax vessels. Management remains optimistic about the second half of the year, expecting improved market conditions and strong volumes for Capesize vessels.
Golden Ocean reports Q1 net loss of $44.1m
Golden Ocean Group Ltd, the world's largest listed owner of large-size dry-bulk vessels, reported an unaudited net loss of $44.1 million for the first quarter of 2025, or 22 cents per share. This contrasts with a net income of $39.0 million in the previous quarter. The company attributed the loss to a weaker market, softer charter rates, lower trading activity, and an intensive drydocking schedule.
John Fredriksen’s SFL offloads another bulker
SFL Corporation, part of John Fredriksen's business empire, has sold its tenth bulker in 2025, the 14-year-old SFL Sara, for $11.2 million to Chinese interests. This sale is part of SFL's strategy to modernize its fleet and acquire newer vessels, following other recent divestments including a sister vessel and a feeder containership. After these sales, SFL's dry bulk portfolio is reduced to four remaining vessels.
CMB.TECH and Golden Ocean to merge into 'one of largest diversified listed maritime groups'
Dry bulk shipping company Golden Ocean Group (GOGL) and Belgian shipowner CMB.TECH have signed a term sheet for a merger that is expected to create one of the largest diversified listed maritime groups globally, with a combined fleet of over 250 vessels. The transaction would involve Golden Ocean merging into CMB.TECH Bermuda, a subsidiary of CMB.TECH, with CMB.TECH shareholders owning approximately 70% of the combined company. The merger aims to create significant long-term value for shareholders and leverages CMB.TECH's focus on decarbonization and increased liquidity.
CMB.TECH to Absorb Golden Ocean in All-Stock Deal
CMB.TECH and Golden Ocean Group have announced an all-stock merger that will create a large, diversified maritime group with over 250 vessels. Golden Ocean shareholders will receive 0.95 shares of CMB.TECH for each of their shares, resulting in CMB.TECH shareholders owning approximately 70% of the combined entity. The merger, which follows CMB.TECH's recent acquisition of a significant stake in Golden Ocean, is expected to close in the third quarter of 2025 and signifies a major consolidation in the maritime sector focused on decarbonization.
What Is Golden Ocean Group Limited's (NASDAQ:GOGL) Share Price Doing?
Golden Ocean Group Limited (NASDAQ:GOGL) experienced a 10% share price growth on the NASDAQGS recently, but its stock still appears expensive according to the price multiple model, trading at 6.4x compared to the industry average of 3.78x. Despite its volatility and current high valuation, the company's future earnings growth is expected to be in the teens, suggesting robust cash flows and a higher share value ahead. This analysis advises shareholders to consider if it's a good time to sell given the current pricing, while potential investors are cautioned about the stock surpassing its industry peers but encouraged by its positive outlook.
Golden Ocean Group Limited's (NASDAQ:GOGL) top owners are private companies with 40% stake, while 31% is held by institutions
Private companies hold the largest stake (40%) in Golden Ocean Group Limited (NASDAQ:GOGL), indicating their significant influence on key decisions, while institutions own 31% of the company. A total of five investors collectively own a majority stake with 50% ownership, with Greenwich Holdings Ltd. being the largest single shareholder with 40%. Individual investors (general public) hold a 28% stake in the company.
CMB.TECH acquires 40.8% stake in Bermuda’s Golden Ocean Group
CMB.TECH has acquired an 40.8% stake in Bermuda-based shipping company Golden Ocean Group for $14.49 per share, totaling 81,363,730 shares. Golden Ocean specializes in dry bulk cargo transport with a fleet of 91 vessels, and CMB.TECH plans to refinance parts of its existing debt. This acquisition marks a significant milestone in CMB.TECH’s diversification strategy.
Why Golden Ocean Group Shares Dip?
Golden Ocean Group Limited's shares experienced a significant -11.78 percent dip on Wednesday, March 5, 2025, largely due to disappointing Q4 earnings that fell short of analyst forecasts. The company's financial performance showed a downturn in revenue compared to previous years, raising investor concerns despite a revenue of around $885.77M and a pretax profit margin of 24.3%. Analysts and market participants are now scrutinizing the company's future strategies to revitalize investor confidence and address underlying financial issues.
Golden Ocean Group reports Q3 net income of $56.3m
Golden Ocean Group Ltd, the world's largest listed owner of large-size dry bulk vessels, reported a net income of $56.3 million for the third quarter of 2024, a decrease from $62.5 million in the previous quarter. The company achieved strong market rates above indexes, attributing this to its modern, fuel-efficient fleet and strong commercial capabilities. Interim CEO and CFO Peder Simonsen expressed optimism for the future, citing expected tonne-mile growth driven by iron ore and bauxite exports to Asia and a healthy vessel supply outlook.
Bermuda’s Golden Ocean Group posts Q2 net income of $62.5m
Bermudian-based Golden Ocean Group Ltd reported a second-quarter net income of $62.5 million, a slight decrease from the previous quarter, but with increased adjusted earnings and a declared cash dividend of $0.30 per share. The company's interim CEO highlighted a healthy dry bulk shipping market and strong demand fundamentals, particularly from China, anticipating continued strong cashflows. The article also touches on other Bermudian companies' financial results, including Avance Gas Holding Ltd's record-high half-year net profit and Borr Drilling Ltd's plans for delisting from the Oslo Stock Exchange.
CEO Lars-Christian Svensen Steps Down from Golden Ocean Group
Lars-Christian Svensen is stepping down as CEO of Golden Ocean Group (NASDAQ: GOGL) after serving as interim head and later permanent CEO. Peder Simonsen, the current chief of finance, will take over as interim CEO. Svensen will remain available until September as the company, which reported a first-quarter profit of $65.4 million, transitions leadership.
Lars-Christian Svensen steps down as Golden Ocean CEO
Lars-Christian Svensen is stepping down as CEO of Golden Ocean Group to pursue new opportunities, effective until September. Peder Simonsen, the chief of finance, will take over as interim CEO for the Nasdaq- and Oslo-listed company. Golden Ocean Group reported a profit of $65.4m in the first quarter and operates a fleet of 94 vessels.
Golden Ocean Group newcastlemax to carry logs to China in industry first
Golden Ocean Group is using a newcastlemax bulker to transport logs to China, marking an industry first. This unconventional move is driven by high freight rates for handysize bulkers, creating new opportunities for larger vessels. The 208,400-dwt newcastlemax Golden Champion is facilitating this innovative cargo transport.
Jens Martin Jensen appointed to Frontline and Golden Ocean boards
Jens Martin Jensen has been appointed to the boards of John Fredriksen's tanker firm Frontline and dry bulk outfit Golden Ocean. This marks Jensen's return to the Fredriksen group after an absence of six years, having previously held significant roles within the maritime industry. In related news, Golden Ocean announced the sale of three panamax bulkers for a total of $52m.
Cocaine found stashed on Golden Ocean capesize in Rotterdam
Cocaine worth $10 million was discovered hidden in the anchor-chain locker of the Golden Calvus, a capesize bulker owned by Golden Ocean Group, while the ship was in Rotterdam. The drugs were found by authorities during an inspection.
Asian dry bulk owners take the lead in accepting containers on deck
Asian dry bulk owners like Swire Bulk and Pacific Basin are now actively moving containers on their bulk carriers to provide critical supply chain support to shippers, despite it being less efficient. Golden Ocean Group is also exploring this as a new revenue stream, investigating combining iron ore or coal cargoes with containers on deck. P&I Clubs have issued guidance warning of vessel modification requirements, strength and stability assessments, and the need for additional firefighting equipment due to the unusual nature of this cargo for bulk carriers.
Dry bulk shipper moves on from joint ventures
Bermuda-based dry bulk shipping company Golden Ocean Group Ltd has terminated a five-year joint venture with Capesize Chartering Ltd due to improved market conditions and an expanded fleet. The company believes it now has the critical mass to achieve scale benefits independently, allowing for better control of its commercial strategy and closer customer relationships. Golden Ocean owns or controls a modern fleet of 94 vessels, including 56 Capesize vessels, making it the largest publicly listed owner of this vessel class, and is listed on the Nasdaq and Oslo Stock Exchange under the symbol ‘GOGL’.
Dry bulk shipping rates are surging and the rally isn’t over
Dry bulk shipping rates have surged over 50% this year due to rising demand for raw materials and accelerating manufacturing post-pandemic. Analysts expect the rally to continue into 2022, driven by inventory rebuilding and tight vessel supply. The uneven global recovery has also led to creative shipping solutions, like using bulk vessels for goods traditionally shipped in containers.
Golden Ocean buys 18 bulkers from Fredriksen
John Fredriksen’s listed dry bulk arm Golden Ocean Group is acquiring 18 bulk carriers from Fredriksen's family company Hemen Holding for approximately $752m. This acquisition includes 10 newcastlemax and eight kamsarmax bulkers, aiming to increase Golden Ocean's fleet scale, reduce breakeven levels, and align with its fleet renewal strategy. Hemen will provide a $414m loan facility and pre-commit to a $169m allocation in a $338m private placement to facilitate the deal.
OSM Maritime Enters into Preliminary Agreement to Acquire SeaTeam Management
OSM Maritime announced it is in final negotiations to acquire SeaTeam Management from Frontline Ltd and Golden Ocean Group Limited. This acquisition is expected to strengthen OSM's position as a leading provider of international ship management services and enhance its presence in Asia, particularly in Singapore. The transaction is anticipated to be completed within the next thirty days, further solidifying OSM's market leadership.
OSM Maritime to acquire SeaTeam Management from Frontline/Golden Ocean
OSM Maritime announced its acquisition of SeaTeam Management, the ship management arm of Frontline and Golden Ocean. This deal, expected to finalize within 30 days, will enhance OSM's market position, especially in Singapore, and allow Frontline and Golden Ocean to focus on their core businesses while maintaining lean organizations. The acquisition will bring OSM Maritime's Singapore-managed fleet to over 100 vessels.
Billionaire Fredriksen picks investment chief, invites outside capital
Billionaire John Fredriksen's holding company, Seatankers, has appointed veteran fund manager Vegard Soeraunet as investment chief to broaden its portfolio and attract outside capital. This move aims to leverage Seatankers' expertise and free capital by creating a new unit that will open up to external investors for long-term and active ownership beyond its core shipping and offshore oil services. This follows Fredriksen's previous statements about seeking outside investors for some of his companies.
Fredriksen picks new CEO of Seatankers
John Fredriksen, the Norwegian-Cypriot shipping tycoon, has appointed Tor Andre Svelland as the new CEO of his Seatankers Group. Svelland, a close associate already on the boards of Frontline and Golden Ocean, will help Fredriksen and his daughters identify emerging business opportunities. Fredriksen's net worth is estimated at $13 billion by Kapital, while Forbes estimates it at $10.1 billion.
Golden Ocean Group Ltd (GOGL) Q3 2019 Earnings Call Transcript
Golden Ocean Group Ltd (GOGL) reported a strong Q3 2019 with a net profit of $36.7 million and an adjusted EBITDA of $81.1 million, marking their best quarter in a long time. The company discussed its dividend policy, refinancing efforts, scrubber installations, and a joint venture to secure marine fuels, while also providing an outlook on the dry bulk market. CEO Birgitte Vartdal announced her resignation at the end of the month but expressed confidence in the company's future strategy.
Birgitte Ringstad Vartdal to leave Golden Ocean
Birgitte Ringstad Vartdal, CEO of Golden Ocean Management, has resigned from her position after ten years with the company. She steps down at the end of November but will remain available until the end of February 2020, with chairman Ola Lorentzon stepping in as interim CEO. The announcement coincided with Golden Ocean reporting its best quarterly net income since 2013 at $36.7m and the completion of a $284m refinancing for 15 vessels.
Frontline Ltd and Golden Ocean Group Limited invest
Frontline Ltd. and Golden Ocean Group Limited announced a non-binding term sheet agreement with Trafigura Group to establish a global supplier of marine fuels. Frontline will acquire 15% and Golden Ocean 10% interests in the joint venture, with Trafigura contributing its existing physical bunkering activities. The JV aims to address logistical marine fuel supply issues created by IMO 2020 and provide competitive marine fuel sourcing for its partners and third parties.
Golden Ocean takes stake in Peter Weernink’s Singapore Marine
John Fredriksen’s Golden Ocean Group has acquired a 15% ownership interest in Singapore Marine, a new dry bulk freight operator sponsored by Peter Weernink. Singapore Marine has raised $105m in capital, with Golden Ocean providing $10m in equity and a further $10m via a subordinated shareholder loan. Thomas Semino, chief commercial officer of Golden Ocean, will join the board of Singapore Marine.
Seatankers embroiled in court battle over ex-employee’s bonus pay
John Fredriksen’s Seatankers Management is engaged in a legal dispute with an ex-employee, Espen Westeren, over bonus pay. Westeren is demanding a NOK20m bonus, which Seatankers has denied, claiming poor performance in his senior role. The case is proceeding to court in Oslo.
Golden Ocean acquires two capesize bulkers
Golden Ocean Group has announced the acquisition of two capesize vessels from affiliates of Hemen Holding for $43m per vessel. The acquisition will be financed through a seller's credit loan, cash, and newly-issued common shares, resulting in Hemen Holding owning a 34.2% stake in Golden Ocean. This move is consistent with Golden Ocean's strategy to expand its fleet and leverage a recovery in the dry bulk shipping market, while also aiming to reinstate normal covenant compliance for its recourse debt.
Fredriksen continues spending spree as Golden Ocean acquires Quintana Shipping fleet
John Fredriksen's Golden Ocean Group has acquired Quintana Shipping's fleet of 14 vessels and two additional panamax vessels from Fredriksen's Seatankers in an all-share transaction valued at approximately $412 million. This acquisition significantly expands Golden Ocean's operating fleet to 77 vessels and is expected to reduce cash breakeven levels. The company also announced a new equity offering of $60 million to partially pre-pay debt related to the acquisition.
US Consulate Recognizes Shipping Companies
The U.S. Consulate recognized five Bermudian shipping companies for their participation in the United States Coast Guard's voluntary search and rescue network, AMVER (Automated Mutual-Assistance Vessel Rescue). The awards ceremony, held aboard the U.S. Coast Guard Cutter Eagle, highlighted AMVER's life-saving importance and the companies' commitment to global maritime safety. U.S. Consul General Mary Ellen Koenig thanked the companies for their ongoing participation in the program.
Golden Ocean CEO Says Shipping Market Is Worst in Modern History
The CEO of Golden Ocean Group Ltd. states that the current shipping market, particularly for dry bulk, is the worst in modern history due to an enormous oversupply of vessels and faltering demand from China. He predicts a period of bankruptcies for the industry and little respite for at least two more years. This has led to a collapse in charter rates for large bulk carriers.
Fredriksen surprised by arrest of Jo Lunder
Norwegian shipowner John Fredriksen was surprised to learn of the arrest of his group chief executive, Jo Lunder, via email. Fredriksen is a board member and the largest shareholder at Golden Ocean Group Ltd (GOGL). The arrest occurred at Oslo airport.
Golden Ocean offloads capes as it prepares for upcoming ‘interesting opportunities’
Golden Ocean Group has offloaded eight capesize vessels to Ship Finance International in a sale and leaseback transaction valued at $272m, aiming to strengthen its cash position and balance sheet in a weak market. The company also delayed newbuilding constructions and sold four capesize vessels under construction and two existing vessels. These strategic moves are intended to position Golden Ocean for "interesting opportunities" in the coming months rather than abandoning its consolidator strategy.
