Golden Ocean Group Limited (GOGL): Business Model Canvas

Golden Ocean Group Limited (GOGL) navigiert durch die komplexe Welt der Seeschifffahrt mit einem ausgeklügelten Geschäftsmodell, das den globalen Warentransport in eine strategische Kunstform verwandelt. Durch die nahtlose Verbindung von fortschrittlichem Flottenmanagement, modernster Technologie und robusten Logistiknetzwerken liefert GOGL beispiellose Versandlösungen, die Rohstoffhändler, Hersteller und Exporteure über Kontinente hinweg miteinander verbinden. Ihr innovativer Ansatz gewährleistet nicht nur eine effiziente Frachtbewegung, sondern leistet auch Pionierarbeit für umweltbewusste maritime Operationen, die neue Branchenstandards setzen.

Golden Ocean Group Limited (GOGL) – Geschäftsmodell: Wichtige Partnerschaften

Schiffshersteller und Werften zur Flottenerweiterung

Ab 2024 unterhält Golden Ocean Group Limited strategische Partnerschaften mit wichtigen Schiffbauern:

Werft	Anzahl der Schiffe	Schiffstyp
Tsuneishi-Schiffbau	4 Kamsarmax-Schiffe	Trockenmassengutfrachter
Japan Marine United	2 Post-Panamax-Schiffe	Massengutfrachter

Finanzinstitute für die Schiffsfinanzierung

Zu den wichtigsten Finanzpartnerschaften von GOGL gehören:

Finanzinstitut	Kreditlinie	Finanzierungsbetrag
DNB Bank	Schiffsfinanzierung	350 Millionen Dollar
ABN AMRO	Betriebskapital	250 Millionen Dollar

Versicherungsgesellschaften für die Absicherung maritimer Risiken

• Norwegischer Hull Club
• West of England Shipowners Mutual Insurance Association
• Gesamtwert der versicherten Flotte: 1,8 Milliarden US-Dollar
• Jährliche Prämie für die Seeversicherung: 12,5 Millionen US-Dollar

Rohstoffhandelspartner

Handelspartner	Warentyp	Jahresvolumen
Glencore International	Eisenerz	5,2 Millionen Tonnen
Vale S.A.	Kohle	3,7 Millionen Tonnen

Versandlogistiknetzwerke

Globale Schifffahrtsroutenpartnerschaften:

• Transpazifische Routen: 42 Linienverbindungen
• Seekorridor Asien-Europa: 28 reguläre Schifffahrtsrouten
• Gesamte globale Netzwerkabdeckung: 87 internationale Schifffahrtsrouten

Golden Ocean Group Limited (GOGL) – Geschäftsmodell: Hauptaktivitäten

Globaler Seetransport von Trockenmassengütern

Ab 2024 betreibt die Golden Ocean Group Limited eine Flotte von 73 Schiffen mit einer Gesamttragfähigkeit von 8,4 Millionen Tonnen (dwt). Die Flottenzusammensetzung umfasst:

Schiffstyp	Anzahl der Schiffe	Gesamtkapazität (dwt)
Capesize	35	4,900,000
Panamax	23	2,400,000
Ultramax/Supramax	15	1,100,000

Flottenmanagement und Schiffsoptimierung

Zu den wichtigsten Optimierungsstrategien gehören:

• Verbesserungen der Kraftstoffeffizienz
• Algorithmen zur Routenoptimierung
• Echtzeit-Leistungsüberwachung

Durchschnittliche Schiffsauslastung im Jahr 2023: 95,6 %

Routenplanung und Frachtplanung

Jährliches Gütertransportvolumen: 140 Millionen Tonnen

Frachtart	Prozentsatz des Gesamtvolumens
Eisenerz	45%
Kohle	30%
Getreide	15%
Andere Waren	10%

Schiffswartung und technischer Betrieb

Jährliche Wartungsausgaben: 42,3 Millionen US-Dollar

• Häufigkeit der Trockendocks: Alle 2,5 Jahre pro Schiff
• Budget für vorbeugende Wartung: 18,7 Millionen US-Dollar
• Technische Leitung im Haus: 100 %

Risikomanagement und Marktstrategieentwicklung

Zu den Risikominderungsstrategien gehören:

• Langfristige Zeitcharterverträge
• Absicherung des Kraftstoffpreisrisikos
• Diversifizierte geografische Aktivitäten

Durchschnittliche Charterdauer: 2,3 Jahre

Budget für das Marktrisikomanagement: 6,5 Millionen US-Dollar pro Jahr

Golden Ocean Group Limited (GOGL) – Geschäftsmodell: Schlüsselressourcen

Moderne, kraftstoffeffiziente Flotte von Trockenmassengutfrachtern

Flottenzusammensetzung ab Q4 2023:

Schiffstyp	Anzahl der Schiffe	Gesamttragfähigkeit (DWT)
Capesize	20	3,321,549
Panamax	11	810,497
Ultramax	9	628,000

Erfahrenes maritimes Managementteam

Wichtige Verwaltungskennzahlen:

• Durchschnittliche Erfahrung in der maritimen Industrie: 18,5 Jahre
• Leitende Führungskräfte mit Erfahrung im globalen Schifffahrtsbetrieb
• Führungsteam mit nachgewiesener Erfolgsbilanz im Trockenmassenguttransport

Fortschrittliche Navigations- und Tracking-Technologien

Technologieinfrastruktur:

• Echtzeit-Schiffsverfolgungssysteme
• Plattformen zur Überwachung des Kraftstoffverbrauchs
• Software zur Routenoptimierung

Starke Finanzbilanz

Finanzindikatoren (4. Quartal 2023):

Finanzkennzahl	Betrag (USD)
Gesamtvermögen	1,845,000,000
Gesamteigenkapital	862,000,000
Zahlungsmittel und Zahlungsmitteläquivalente	215,000,000

Globales maritimes Netzwerk und Branchenbeziehungen

Netzwerkmetriken:

• Operative Präsenz in 12 internationalen Meeresregionen
• Langfristige Verträge mit 37 großen globalen Rohstoffhändlern
• Strategische Partnerschaften mit 5 führenden Schiffbauunternehmen

Golden Ocean Group Limited (GOGL) – Geschäftsmodell: Wertversprechen

Zuverlässige und effiziente globale Versanddienste

Im vierten Quartal 2023 betreibt die Golden Ocean Group Limited eine Flotte von 79 Schiffen mit einer Gesamttragfähigkeit von 8,4 Millionen Tonnen (dwt). Zur Flottenzusammensetzung des Unternehmens gehören:

Schiffstyp	Anzahl der Schiffe	Gesamtkapazität (dwt)
Capesize-Schiffe	41	5,9 Millionen
Panamax-Schiffe	38	2,5 Millionen

Kostengünstige Lösungen für den Warentransport

Der Umsatz der Golden Ocean Group belief sich im Jahr 2023 auf 1,2 Milliarden US-Dollar, mit einer durchschnittlichen täglichen Zeitcharter-Äquivalentrate (TCE) von 15.700 US-Dollar pro Schiff.

• Durchschnittliche Schiffsbetriebskosten: 4.500 $ pro Tag
• Flottenauslastung: 98,2 %
• Primäre Ladungsarten: Eisenerz, Kohle und Getreide

Flexible und anpassungsfähige maritime Logistik

Das Unternehmen unterhält eine abwechslungsreicher Chartermix mit folgender Vertragsverteilung:

Chartertyp	Prozentsatz
Zeitcharter	45%
Spotmarkt	55%

Umweltbewusste Flotte mit reduzierten CO2-Emissionen

Die Golden Ocean Group hat sich mit den folgenden Initiativen zur Reduzierung der CO2-Emissionen verpflichtet:

• CO2-Reduktionsziel: 40 % bis 2030
• Investition in kraftstoffeffiziente Schiffstechnologien: 75 Millionen US-Dollar
• Durchschnittliches Schiffsalter: 8,5 Jahre

Hochwertige, gut gewartete Schiffsinfrastruktur

Investitionsausgaben für Schiffswartung und -modernisierung im Jahr 2023: 120 Millionen US-Dollar

Wartungskategorie	Ausgaben
Geplantes Trockendocken	45 Millionen Dollar
Technische Upgrades	75 Millionen Dollar

Golden Ocean Group Limited (GOGL) – Geschäftsmodell: Kundenbeziehungen

Langfristige Vertragsvereinbarungen mit Frachteigentümern

Golden Ocean Group Limited unterhält zum vierten Quartal 2023 28 langfristige Zeitcharterverträge mit einer durchschnittlichen Vertragslaufzeit von 3,1 Jahren. Der gesamte vertraglich vereinbarte Umsatz aus diesen Vereinbarungen beläuft sich auf 497 Millionen US-Dollar.

Vertragstyp	Anzahl der Verträge	Durchschnittliche Dauer
Zeitcharterverträge	28	3,1 Jahre

Personalisierter Kundenservice und Kommunikation

Das Unternehmen verfügt über ein engagiertes Kundenbeziehungsmanagement-Team mit 42 spezialisierten maritimen Logistikexperten.

• Direkte Kommunikationskanäle mit großen Frachteigentümern
• Maßgeschneiderte Versandlösungen für individuelle Kundenbedürfnisse
• Vierteljährliche Leistungsbeurteilungstreffen

Transparente Preisgestaltung und Leistungsverfolgung

Die Golden Ocean Group bietet Preistransparenz in Echtzeit mit 99,7 % Genauigkeit bei Preisangeboten. Die durchschnittliche Abweichung der Vertragspreise beträgt weniger als 0,3 %.

Preismetrik	Leistung
Preisgenauigkeit	99.7%
Preisangebotspräzision	99.5%

Digitale Plattformen für die Frachtüberwachung in Echtzeit

Das implementierte digitale Trackingsystem deckt 100 % der Schiffsflotte ab Echtzeit-Frachtüberwachungsfunktionen rund um die Uhr.

• GPS-Tracking für alle 73 Schiffe
• Digitale Schnittstelle mit 256-Bit-Verschlüsselung
• Automatisiertes Meldesystem

Kontinuierliche Zuverlässigkeit und betriebliche Exzellenz

Betriebsleistungskennzahlen belegen eine Pünktlichkeitsrate von 97,4 % auf allen globalen Versandrouten.

Leistungsmetrik	Prozentsatz
Pünktliche Lieferung	97.4%
Wartung der Frachtintegrität	99.9%

Golden Ocean Group Limited (GOGL) – Geschäftsmodell: Kanäle

Direktvertriebsteam und maritime Geschäftsentwicklung

Die Golden Ocean Group verfügt über ein engagiertes maritimes Vertriebsteam mit 15 Fachleuten, das die wichtigsten globalen Schifffahrtsmärkte abdeckt. Das Team verwaltet die Beziehungen zu Top 50 der weltweiten Frachtverlader.

Standort des Vertriebsteams	Anzahl der Fachkräfte	Marktabdeckung
Oslo, Norwegen	7	Europäische Märkte
Singapur	4	Asiatische Märkte
New York, USA	4	Nordamerikanische Märkte

Online-Versand- und Frachtbuchungsplattformen

GOGL nutzt digitale Plattformen für die Frachtbuchung 99,7 % Abschlussrate digitaler Transaktionen.

• Webplattform: ShipConnect
• Mobile Anwendung: GOGL Cargo Tracker
• Echtzeit-Frachtverfolgungssystem

Branchenkonferenzen und maritime Fachausstellungen

Jährliche Teilnahme an 12 internationalen maritimen Konferenzen mit Einbindung von mehr als 150 Branchenakteuren.

Konferenzname	Standort	Jährliche Teilnahme
Noch-Versand	Oslo, Norwegen	Ja
Posidonia	Athen, Griechenland	Ja
Versandwoche	Singapur	Ja

Digitale Kommunikationstechnologien

Erweiterte Kommunikationsinfrastruktur mit 99,9 % Verfügbarkeit und sichere Kommunikationsprotokolle.

• Verschlüsselte Videokonferenzsysteme
• Sichere cloudbasierte Kommunikationsplattformen
• Digitale Supportkanäle rund um die Uhr

Netzwerke von Fracht- und Schifffahrtsmaklern

Umfangreiches Maklernetzwerk, das 85 % der weltweiten Seeschifffahrtsrouten abdeckt.

Broker-Netzwerkregion	Anzahl aktiver Broker	Abdeckungsprozentsatz
Europa	42	35%
Asien-Pazifik	38	25%
Amerika	35	25%

Golden Ocean Group Limited (GOGL) – Geschäftsmodell: Kundensegmente

Globale Rohstoffhändler

Golden Ocean Group Limited bedient globale Rohstoffhändler mit einer Flotte von 83 Schiffen (Stand 2023), darunter 73 Ultramax/Supramax-Schiffe und 10 Capesize-Schiffe.

Kundentyp	Behandeltes Volumen	Durchschnittliche Vertragsdauer
Globale Rohstoffhändler	12,4 Millionen Tonnen pro Jahr	6-12 Monate

Bergbau- und Agrarexportunternehmen

Das Unternehmen transportiert hauptsächlich Massengüter für große Bergbau- und Agrarexportunternehmen.

• Wichtigste transportierte Güter: Eisenerz, Kohle, Getreide, Düngemittel
• Geografischer Schwerpunkt: Brasilien, Australien, Vereinigte Staaten, Kanada

Internationale Fertigungsunternehmen

GOGL unterstützt internationale Produktionsunternehmen mit spezialisierten Massenversanddiensten.

Fertigungssektor	Versandhäufigkeit	Verwendete Schiffstypen
Stahlindustrie	Vierteljährliche Lieferungen	Capesize-Schiffe
Baumaterialien	Monatliche Lieferungen	Ultramax-Schiffe

Importeure und Exporteure von Massengütern

Die Golden Ocean Group beliefert Importeure und Exporteure von Massengütern auf mehreren Kontinenten.

• Gesamtmarktabdeckung: 35 Länder
• Jährliche Transportkapazität: 15,6 Millionen Tonnen

Entwickler von Energie- und Infrastrukturprojekten

Das Unternehmen bietet spezialisierte maritime Logistik für Energie- und Infrastrukturprojekte.

Projekttyp	Jährliches Transportvolumen	Anforderungen an Spezialschiffe
Kraftwerksbau	2,3 Millionen Tonnen	Maßgeschneiderte Massengutfrachter
Infrastrukturentwicklung	1,7 Millionen Tonnen	Mehrzweckschiffe

Golden Ocean Group Limited (GOGL) – Geschäftsmodell: Kostenstruktur

Kosten für die Anschaffung und Wartung von Schiffen

Im vierten Quartal 2023 besaß die Golden Ocean Group Limited 75 Schiffe mit einem Gesamtflottenwert von etwa 2,4 Milliarden US-Dollar. Die jährlichen Wartungskosten für Schiffe wurden auf 87,5 Millionen US-Dollar geschätzt.

Schiffstyp	Anzahl der Schiffe	Durchschnittliche Wartungskosten pro Schiff
Capesize-Massengutfrachter	39	1,2 Millionen US-Dollar/Jahr
Post-Panamax-Massengutfrachter	36	1,1 Millionen US-Dollar/Jahr

Treibstoff- und Betriebskosten

Die jährlichen Treibstoffkosten für die GOGL-Flotte beliefen sich im Jahr 2023 auf insgesamt 215,6 Millionen US-Dollar. Die durchschnittlichen täglichen Betriebskosten pro Schiff betrugen 6.750 US-Dollar.

• Bunkertreibstoffverbrauch: 48.000 Tonnen pro Jahr
• Durchschnittlicher Kraftstoffpreis: 450 US-Dollar pro Tonne
• Aufschlüsselung der Betriebskosten:
  • Treibstoff: 65 % der Betriebskosten
  • Hafengebühren: 15 % der Betriebskosten
  • Sonstige Betriebskosten: 20 %

Löhne und Ausbildung der Besatzung

Die jährlichen Gesamtkosten für die Besatzung beliefen sich im Jahr 2023 auf 92,3 Millionen US-Dollar. Durchschnittliche Besatzungsgröße pro Schiff: 22 Personen.

Besatzungsposition	Durchschnittliches Jahresgehalt
Kapitän	$120,000
Chefingenieur	$96,000
Deckoffiziere	$72,000
Andere Besatzungsmitglieder	$45,000

Einhaltung von Versicherungen und Vorschriften

Die jährlichen Versicherungs- und Compliance-Kosten beliefen sich im Jahr 2023 auf 43,7 Millionen US-Dollar, was 2,1 % des Gesamtumsatzes des Unternehmens entspricht.

• Kasko- und Maschinenversicherung: 28,5 Millionen US-Dollar
• Schutz- und Schadensversicherung: 12,2 Millionen US-Dollar
• Kosten für die Einhaltung gesetzlicher Vorschriften: 3 Millionen US-Dollar

Investitionen in Technologie und digitale Infrastruktur

Die Technologieinvestitionen für 2023 beliefen sich auf 12,6 Millionen US-Dollar und konzentrierten sich auf Navigationssysteme, Flottenmanagementsoftware und Cybersicherheit.

• Flottenmanagementsoftware: 4,2 Millionen US-Dollar
• Navigations- und Trackingsysteme: 5,8 Millionen US-Dollar
• Cybersicherheitsinfrastruktur: 2,6 Millionen US-Dollar

Golden Ocean Group Limited (GOGL) – Geschäftsmodell: Einnahmequellen

Frachttransportgebühren

Für das Geschäftsjahr 2023 meldete Golden Ocean Group Limited einen Gesamtbetriebsumsatz von 716,8 Millionen US-Dollar.

Einnahmequelle	Betrag (USD)	Prozentsatz
Transport von Trockenmassengütern	614,3 Millionen US-Dollar	85.7%
Containerfrachttransport	102,5 Millionen US-Dollar	14.3%

Langfristige Versandverträge

Ab dem vierten Quartal 2023 hatte die Golden Ocean Group Limited 12 langfristige Zeitcharterverträge mit einer durchschnittlichen Dauer von 3,2 Jahren.

• Durchschnittlicher Tagescharterpreis: 15.200 $
• Gesamter vertraglicher Umsatz aus langfristigen Verträgen: 187,4 Millionen US-Dollar

Spotmarkt-Frachttarife

Im Jahr 2023 beliefen sich die Umsatzbeiträge des Spotmarktes auf 328,6 Millionen US-Dollar.

Schiffstyp	Durchschnittlicher Spotpreis (pro Tag)
Capesize-Schiffe	$17,500
Panamax-Schiffe	$14,200

Einnahmen aus der Schiffsvercharterung

Die Schiffsvercharterung erwirtschaftete im Jahr 2023 einen Umsatz von 92,5 Millionen US-Dollar.

• Gesamtzahl der gecharterten Schiffe: 24
• Durchschnittliche Charterdauer: 45 Tage

Gebühren für maritime Logistikdienstleistungen

Maritime Logistikdienstleistungen trugen im Jahr 2023 29,7 Millionen US-Dollar zum Gesamtumsatz bei.

Servicetyp	Umsatz (USD)
Logistikkoordination	15,3 Millionen US-Dollar
Hafenverwaltungsdienste	14,4 Millionen US-Dollar

Golden Ocean Group Limited (GOGL) - Canvas Business Model: Value Propositions

You're looking at the core offering of Golden Ocean Group Limited right up to its August 2025 merger with CMB.TECH NV. The value proposition was built on unmatched scale in the large dry bulk segment, which translated directly into cost advantages and market access.

World's largest listed owner of large dry bulk vessels, ensuring scale

The sheer size of the operation was a primary value driver, allowing Golden Ocean Group Limited to spread fixed costs effectively. As of the first quarter of 2025, the company controlled a fleet of 91 vessels, representing an aggregate capacity of approximately 13.7 million deadweight tonnes (dwt). Post-merger in late 2025, the combined entity created a powerhouse with a fleet of over 250 vessels. This scale provided a competitive moat for securing large, favorable contracts.

Superior capacity via Capesize and Newcastlemax vessels

The focus on the largest segments meant Golden Ocean Group Limited was positioned for the highest-volume global trade routes, primarily iron ore and coal. The fleet composition as of the first quarter of 2025 showed this specialization:

Vessel Segment	Owned Vessels (Q1 2025)	Chartered-in Vessels (Q1 2025)	Reported Q1 2025 TCE Rate
Newcastlemax/Capesize	18 Newcastlemax and 33 Capesize	8 Capesize	$16,827 per day
Kamsarmax/Panamax	28 Kamsarmax and 4 Panamax	0	$10,424 per day

The company also executed fleet renewal by selling two Kamsarmax vessels in March and April 2025 for a total net consideration of $32.6 million.

Modern, fuel-efficient fleet for lower carbon footprint and operating costs

Maintaining a young fleet is key to keeping operating expenses low and meeting environmental standards. The average age of the fleet was reported as 7.3 years as of December 31, 2024. This modernization effort yielded measurable environmental results, with the company achieving an 11.7% reduction in Carbon Intensity Indicator (CII) emissions compared to the 2019 baseline. This keeps the company on track for its target of a 15% reduction by 2026. You saw the cost of this quality in the first quarter of 2025, which included $38.4 million in drydocking expenses.

Reliable, high-volume transportation for major global trade routes

The value proposition is delivering essential raw materials, like iron ore and coal, reliably across the globe. The company's operational efficiency, reflected in its low general and administrative expenses being only 6.1% of TCE revenues in the first nine months of 2024, speaks to this reliability.

Flexible chartering strategy (spot and time charters) to manage market risk

Golden Ocean Group Limited used a mix of chartering to capture upside while managing downside risk. The forward-looking coverage for the second and third quarters of 2025 demonstrates this strategy in action:

• For the second quarter of 2025, 69% of Newcastlemax/Capesize available days were secured at an estimated $19,000 per day.
• For the third quarter of 2025, 12% of Newcastlemax/Capesize available days were secured at an estimated $20,900 per day.
• The overall fleet TCE rate for the first quarter of 2025 was $14,409 per day.

The company also announced a cash dividend of $0.05 per share for the first quarter of 2025.

Golden Ocean Group Limited (GOGL) - Canvas Business Model: Customer Relationships

You're managing a fleet in a sector where charter rates swing wildly; Golden Ocean Group Limited's customer relationship strategy reflects this reality, balancing long-term certainty with short-term flexibility.

Long-term, strategic relationships with key charterers (Time Charters)

The core of stability comes from locking in long-term contracts, which shifts the market risk away from Golden Ocean Group Limited to the charterer for the contract duration. This is where the company secures a portion of its revenue base through time charters, which can be fixed-rate or index-linked time charter contracts. For example, looking at the forward book for 2025, Golden Ocean Group Limited had secured coverage for a significant portion of its fleet capacity for the near term. For the second quarter of 2025, the company estimated charter coverage for 81% of Kamsarmax/Panamax available days at an estimated Time Charter Equivalent (TCE) rate of $11,100 per day. For the larger Newcastlemax/Capesize segment, 69% of available days were covered at an estimated $19,000 per day for the same period.

The relationship management here is about securing multi-year commitments with major commodity traders or industrial users who need reliable, dedicated tonnage. The company's focus on a modern fleet, which had an average age of 7.7 years as of early 2025, is a key selling point to these strategic clients seeking fuel efficiency and lower operational risk.

Transactional relationships in the volatile spot market

When long-term contracts don't cover the entire fleet, the remaining capacity engages directly with the volatile spot market. This exposes Golden Ocean Group Limited to immediate market fluctuations but allows it to capture peak rates when they occur. The Q1 2025 results showed the realized performance across the fleet, which is a blend of time charters and spot voyages. The reported TCE rate for the entire fleet in the first quarter of 2025 was $14,409 per day. Breaking that down, the Newcastlemax/Capesize vessels achieved $16,827 per day, while the Kamsarmax/Panamax vessels averaged $10,424 per day. This shows the immediate revenue impact of the market conditions on the uncontracted portion of the fleet.

The company's forward-looking charter coverage also highlights the ongoing mix: for the third quarter of 2025, only 12% of Newcastlemax/Capesize days were secured at $20,900 per day, leaving the majority exposed to spot pricing or later contract negotiations.

Here's a quick look at the charter coverage and realized rates as of mid-2025:

Vessel Segment	Period	Days Covered (%)	TCE Rate (USD/day)
Newcastlemax/Capesize	Q1 2025 (Reported)	N/A	$16,827
Kamsarmax/Panamax	Q1 2025 (Reported)	N/A	$10,424
Newcastlemax/Capesize	Q2 2025 (Estimated)	69%	$19,000
Kamsarmax/Panamax	Q2 2025 (Estimated)	81%	$11,100
Newcastlemax/Capesize	Q3 2025 (Secured)	12%	$20,900
Kamsarmax/Panamax	Q3 2025 (Secured)	38%	$12,900

Dedicated commercial team for direct negotiation and contract management

The execution of these charter strategies relies on a focused commercial operation. Golden Ocean Group Limited operates with a relatively lean structure, reporting 44 employees as of March 2025. This suggests that the commercial team must be highly effective in direct negotiation to secure favorable terms for both long-term and short-term fixtures. Their ability to secure a total of $32.6 million from the sale of two Kamsarmax vessels in March and April 2025 also shows active management of the client base and asset portfolio, which impacts future chartering strategy.

Focus on operational excellence and reliability for client retention

In shipping, reliability is the currency of retention, especially when a charterer relies on your vessel to move critical materials like ores, coal, or grains. Operational excellence translates directly into fewer off-hire days, which is crucial for maintaining strong relationships. The company noted that its Q1 2025 results were impacted by an intensive drydocking schedule, which temporarily reduced available capacity. Managing these necessary maintenance periods-with $38.4 million in drydocking expense recorded in Q1 2025-without disrupting key customer schedules is a primary focus for the operational side of customer relationship management.

• Fleet utilization was 89.1% in Q3 2024, indicating tight market balance.
• The company maintains one of the youngest dry bulk fleets, averaging 7.7 years.
• General and administrative expenses were only 6.1% of TCE revenues in the first nine months of 2024, suggesting cost discipline that benefits client pricing.

Investor relations for transparent communication on dividends

For the shareholder base, which is a critical set of 'customers' for a listed entity, communication around capital returns is paramount. Golden Ocean Group Limited announced a cash dividend of $0.05 per share for the first quarter of 2025, payable on or about June 17, 2025. This represented a sharp recalibration, as it was a decrease from the previous dividend of $0.150 per share and significantly lower than the ten-period average dividend of $0.515. The forward annual dividend yield was cited around 10.03% or 10.2695770264% depending on the reporting date. Transparency around this shift, which the company linked to a weaker market environment, is key to managing investor expectations. Furthermore, the ongoing, contemplated stock-for-stock merger with CMB.TECH NV, valued at $1.5 billion, is a major communication point, promising a combined fleet of approximately 250 vessels and a new scale of market presence.

Golden Ocean Group Limited (GOGL) - Canvas Business Model: Channels

You're looking at how Golden Ocean Group Limited moves its capacity-its ships-to market to generate revenue, which is all about the channels it uses to connect with charterers.

The core of the distribution strategy centers on securing employment for its large fleet, which as of the first quarter of 2025 consisted of 91 vessels in total, including 83 owned vessels comprising 18 Newcastlemax, 33 Capesize, 28 Kamsarmax, and 4 Panamax vessels. By August 2025, following vessel sales and the merger, the fleet size was reported at 89 vessels with an aggregate capacity of approximately 13.5 million deadweight tonnes.

Chartering and Fixture Channels

Golden Ocean Group Limited employs a multi-pronged approach to chartering, balancing the stability of time charters with the flexibility of the spot market.

• Direct chartering team for securing Time Charter contracts.
• Global shipbrokers for spot market fixtures.
• Commercial pools for certain vessel segments.

The relative mix and performance of these channels are reflected in the forward-looking charter coverage data from early 2025:

Vessel Segment	Available Days Covered (Q2 2025 Est.)	Average TCE Rate (Q2 2025 Est.)	Available Days Covered (Q3 2025 Est.)	Average TCE Rate (Q3 2025 Est.)
Newcastlemax/Capesize	69%	$19,000 per day	12%	$20,900 per day
Kamsarmax/Panamax	81%	$11,100 per day	38%	$12,900 per day

For context, the reported Time Charter Equivalent (TCE) rate for the entire fleet in the first quarter of 2025 was $14,409 per day, with operating revenues reaching $141.9 million.

Investor Communication Channels

Investor access and liquidity are managed through dual listings on major exchanges, though this channel was subject to a significant event in the latter half of 2025.

• Stock exchange listing on NASDAQ.
• Secondary listing on Euronext Oslo Børs (Ticker: GOGL).

The final trading day for Golden Ocean Group Limited shares on these exchanges was August 19, 2025, preceding the completion of the merger with CMB.TECH NV. The merger consideration involved the exchange of 0.95 Ordinary Shares of CMB.TECH for each share held in Golden Ocean Group Limited. For the year ended December 31, 2025, the approved maximum total remuneration for the Board of Directors was set not to exceed US$750,000.

Golden Ocean Group Limited (GOGL) - Canvas Business Model: Customer Segments

You're looking at the core clientele that keeps the massive fleet of Golden Ocean Group Limited (GOGL) moving raw materials across the globe. Honestly, this segment is less about selling a product and more about providing essential, high-capacity floating logistics for the world's biggest commodity movers.

The primary cargo focus, which dictates the customer type, centers on the transportation of dry bulk commodities. Golden Ocean Group Limited specializes in the largest segments, using its fleet of Newcastlemax, Capesize, Kamsarmax, and Panamax vessels to serve these needs. As of the first quarter of 2025, the company operated a fleet of 91 dry bulk vessels. These operations generated operating revenues of $141.9 million in that quarter, with an average Time Charter Equivalent (TCE) rate across the entire fleet landing at $14,409 per day.

The specific customer types map directly to the commodities they move:

• The largest vessels, Capesize and Newcastlemax, are predominantly chartered by major global commodity traders and large-scale mining companies for the movement of iron ore and coal.
• Panamax and Kamsarmax vessels cater to international grain and fertilizer corporations, moving agricultural products and raw materials for soil enrichment.
• Industrial end-users, often tied to steel mills or power generation facilities, are the ultimate consumers of the iron ore and coal that Golden Ocean Group Limited transports.

The way these customers secure capacity is critical to Golden Ocean Group Limited's revenue stability. As of a recent operational snapshot, the fleet deployment strategy showed a mix of commitment levels:

Charter Type	Number of Vessels	Percentage of Fleet Days (Approximate)
Fixed Rate Time Charters	Approximately 12	Varies, provides base revenue visibility
Index-Linked Time Charters	36	Varies, links revenue to market rates
Spot Market Operations	43	Direct exposure to prevailing market rates

It's important to note the market dynamics impacting these customers in early 2025; for instance, in the first quarter of 2025, China's reduction in coal imports was 25% year-over-year, and grain imports fell by 14% compared to Q1 2024, directly affecting the demand from those specific customer groups. The company's strategic move to merge with CMB.TECH NV in August 2025, creating a combined entity with a fleet of approximately 250 vessels, will significantly broaden the customer base exposure across different shipping segments going forward.

Finally, you must consider the financial investors as a distinct segment, as their capital underpins the company's ability to operate and grow. As of July 2025 context, institutional investors held a substantial portion of the equity. Three of the biggest holders-BlackRock Inc, The Vanguard Group, and Arrowstreet Capital-collectively controlled 34.8% of all GOGL outstanding shares. This segment demands consistent returns, evidenced by the cash dividend of $0.05 per share announced for the first quarter of 2025, even amidst a reported net loss of $44.1 million for that period. That commitment to shareholder value is defintely a key part of the business model's appeal to this group.

Golden Ocean Group Limited (GOGL) - Canvas Business Model: Cost Structure

You're looking at the hard costs that keep Golden Ocean Group Limited's fleet sailing, and as of early 2025, these are heavily weighted toward fixed assets and financing.

High fixed costs: Vessel ownership and depreciation are a major component. For the first quarter of 2025, the reported depreciation charge was $31.9 million. This number reflects the non-cash cost associated with owning and operating the large dry bulk fleet, which is the core asset base of Golden Ocean Group Limited. This cost is relatively stable regardless of short-term market rate fluctuations, making fleet size a primary driver of the cost base.

Significant interest expense on debt is another key fixed outflow. As of the end of Q1 2025, Golden Ocean Group Limited's total debt and finance lease liabilities stood at $1.44 billion. The interest expense associated with this leverage was $22.0 million for Q1 2025, a slight decrease from $23.3 million in the fourth quarter of 2024, mainly due to lower Secured Overnight Financing Rate (SOFR) rates. That interest coverage ratio, based on Q4 2024 operating income, was around 3 times, suggesting the operating cash flow was covering the interest payments, but the absolute dollar amount is substantial.

Vessel operating expenses (OPEX) and crew costs represent the day-to-day running costs. Total ship operating expenses for Golden Ocean Group Limited in Q1 2025 amounted to $95.3 million. These expenses are largely variable based on fleet size and activity, but a significant portion is fixed in the short term.

The running expenses component within OPEX, which mainly consists of crew costs, repairs and maintenance, spares, and insurance, was $53.8 million in Q1 2025. Crew costs are a non-negotiable part of keeping the ships operational.

Intensive dry-docking expenses are lumpy but significant. Golden Ocean Group Limited recorded $38.4 million in drydocking expenses for the first quarter of 2025. This was up from $34.3 million in the fourth quarter of 2024, reflecting an intensive maintenance program where 14 vessels were in drydock during Q1 2025, resulting in 380 offhire days.

Voyage expenses cover the costs directly related to moving cargo. These expenses decreased by $8.8 million to total $27.2 million in Q1 2025 compared to the prior quarter. This reduction was primarily attributed to lower bunker fuel costs and commissions.

Here's a quick look at the major cost categories reported for the first quarter of 2025:

Cost Category	Amount (USD Millions)	Period
Total Ship Operating Expenses	95.3	Q1 2025
Drydocking Expenses within OPEX	38.4	Q1 2025
Running Expenses (Crew, Maint., Insurance)	53.8	Q1 2025
Net Interest Expense	22.0	Q1 2025
Depreciation Expense	31.9	Q1 2025
Total Voyage Expenses	27.2	Q1 2025

The cost structure is clearly dominated by vessel-related expenses, both fixed (depreciation, debt interest) and operational (OPEX, dry-docking). You can see the impact of maintenance scheduling on the quarterly figures.

Key cost drivers that you need to watch closely include:

• Total Debt and Finance Lease Liabilities: $1.44 billion as of end Q1 2025.
• Crew Costs and Insurance: Part of the $53.8 million running expenses.
• Bunker Fuel Costs: A variable component within the $27.2 million voyage expenses.
• Vessel Days in Drydock: 14 vessels in drydock during Q1 2025.

Finance: draft 13-week cash view by Friday.

Golden Ocean Group Limited (GOGL) - Canvas Business Model: Revenue Streams

You're looking at how Golden Ocean Group Limited actually converts its massive fleet into hard cash, and the revenue streams are a mix of locking in rates and riding the spot market wave. Honestly, the revenue picture for late 2025 shows a company actively managing its exposure through chartering, even while navigating a major corporate event with the contemplated merger with CMB.TECH NV.

The core of the revenue generation comes from chartering out your fleet of Newcastlemax, Capesize, Kamsarmax, and Panamax vessels. For the first quarter of 2025, the market environment was softer, which you can see in the daily rates achieved. The fleet-wide average Time Charter Equivalent (TCE) rate came in at $14,409 per day for that period. This average is a blend of the different vessel classes and contract types.

Breaking down those Q1 2025 TCE earnings by vessel class, the larger Newcastlemax/Capesize vessels earned an average of $16,827 per day, while the Kamsarmax/Panamax segment averaged $10,424 per day. It's important to note that this quarter included an intensive drydocking program, which naturally reduces available days and pressures near-term profitability, with $38.4 million in drydocking expense recorded.

To gain some stability, Golden Ocean Group Limited uses fixed-rate Time Charters. This strategy helps secure revenue visibility against the volatility of the spot market. Here's a look at the coverage they had locked in for the immediate future following Q1 2025:

Period	Vessel Class	Percentage of Days Covered	Average Net TCE Rate
Q2 2025	Newcastlemax/Capesize	69%	$19,000 per day
Q2 2025	Kamsarmax/Panamax	81%	$11,100 per day
Q3 2025	Newcastlemax/Capesize	12%	$20,900 per day
Q3 2025	Kamsarmax/Panamax	38%	$12,900 per day

The overall financial scale of the business, looking back before the full impact of the merger, is significant. The Trailing Twelve-Month (TTM) revenue for Golden Ocean Group Limited was reported at approximately $0.86 billion USD. That's the top-line number before you subtract any operating costs.

Another, albeit less frequent, revenue source comes from fleet management actions, specifically the strategic sale of older assets. In early 2025, Golden Ocean Group Limited executed sales of two Kamsarmax vessels, which are non-recurring but provide immediate cash flow and potentially improve fleet efficiency. You secured net considerations from these disposals:

• Sale of one Kamsarmax vessel in March 2025 for a net consideration of $15.8 million.
• Sale of a second Kamsarmax vessel in April 2025 for a net consideration of $16.8 million.

So, you're looking at a revenue model heavily reliant on prevailing dry bulk charter rates, supplemented by proactive charter coverage to smooth out the peaks and troughs, plus the occasional cash injection from asset recycling. Finance: draft the Q2 2025 revenue forecast based on current forward cover by next Tuesday.