Golden Ocean exits bulker JV after fleet renewal

Bermuda-registered, Norway-based dry bulk shipping company Golden Ocean Group Limited (GOGL) 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.

 “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,” Ulrik Andersen, Chief Executive Officer of Golden Ocean Management AS, commented.

Andersen explained that since 2016, the market has improved, and the company has significantly expanded and modernised its fleet, most recently with the acquisition of eighteen dry bulk vessels.

The company currently owns and controls a fleet of 94 ships with an average age of about six years.

“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.”