Golden Ocean Group Limited (GOGL): Lienzo del Modelo de Negocio [Actualizado en Ene-2025]

Golden Ocean Group Limited (GOGL) navega por el complejo mundo del envío marítimo con un modelo de negocio sofisticado que transforma el transporte mundial de productos básicos en una forma de arte estratégico. Al combinar a la perfección la gestión avanzada de la flota, la tecnología de vanguardia y las redes de logística robustas, Gogl ofrece soluciones de envío incomparables que conectan comerciantes, fabricantes y exportadores de productos básicos en todos los continentes. Su enfoque innovador no solo garantiza un movimiento de carga eficiente, sino que también es pionero en operaciones marítimas con consciente ambiental que establecen nuevos estándares de la industria.

Golden Ocean Group Limited (GOGL) - Modelo de negocios: asociaciones clave

Fabricantes de barcos y astilleros para la expansión de la flota

A partir de 2024, Golden Ocean Group Limited mantiene asociaciones estratégicas con constructores navales clave:

Astillero	Número de embarcaciones	Tipo de vaso
Construcción naval Tsuneishi	4 buques kamsarmax	Portadores a granel secos
Japan Marine United	2 recipientes post-panamax	Transportista a granel

Instituciones financieras para financiamiento de embarcaciones

Las asociaciones financieras clave de Gogl incluyen:

Institución financiera	Línea de crédito	Monto financiero
Banco DNB	Financiación de buques	$ 350 millones
Abn amro	Capital de explotación	$ 250 millones

Compañías de seguros para cobertura de riesgo marítimo

• Club de casco noruego
• Asociación de seguros mutuos del oeste de Inglaterra
• Valor total de la flota asegurada: $ 1.8 mil millones
• Prima anual de seguro marítimo: $ 12.5 millones

Socios comerciales de productos básicos

Socio comercial	Tipo de mercancía	Volumen anual
Glencore International	Mineral de hierro	5.2 millones de toneladas métricas
Vale S.A.	Carbón	3.7 millones de toneladas métricas

Redes de logística de envío

Asociaciones de ruta de envío global:

• Rutas de Transpacific: 42 conexiones programadas
• Corredor marítimo de Asia-Europa: 28 carriles de envío regulares
• Cobertura de red global total: 87 rutas de envío internacionales

Golden Ocean Group Limited (GOGL) - Modelo de negocio: actividades clave

Transporte marítimo global de productos secos a granel

A partir de 2024, Golden Ocean Group Limited opera una flota de 73 embarcaciones con una capacidad de carga total de 8,4 millones de toneladas de peso muerto (DWT). La composición de la flota incluye:

Tipo de vaso	Número de embarcaciones	Capacidad total (DWT)
Capesizar	35	4,900,000
Panamax	23	2,400,000
Ultramax/Supramax	15	1,100,000

Gestión de la flota y optimización de embarcaciones

Las estrategias de optimización de clave incluyen:

• Mejoras de eficiencia de combustible
• Algoritmos de optimización de ruta
• Monitoreo del rendimiento en tiempo real

Tasa de utilización promedio de los buques en 2023: 95.6%

Planificación de ruta y programación de carga

Volumen anual de transporte de carga: 140 millones de toneladas métricas

Tipo de carga	Porcentaje del volumen total
Mineral de hierro	45%
Carbón	30%
Grano	15%
Otros productos	10%

Mantenimiento de embarcaciones y operaciones técnicas

Gastos de mantenimiento anual: $ 42.3 millones

• Frecuencia de división seca: cada 2.5 años por recipiente
• Presupuesto de mantenimiento preventivo: $ 18.7 millones
• Cobertura interna de gestión técnica: 100%

Gestión de riesgos y desarrollo de estrategias de mercado

Las estrategias de mitigación de riesgos incluyen:

• Contratos de la carta de tiempo a largo plazo
• Cosculación de exposición al precio del combustible
• Operaciones geográficas diversificadas

Duración promedio de la carta: 2.3 años

Presupuesto de gestión de riesgos de mercado: $ 6.5 millones anuales

Golden Ocean Group Limited (GOGL) - Modelo de negocio: recursos clave

Flota moderna y eficiente en el volumen seco de combustible

Composición de la flota a partir del cuarto trimestre 2023:

Tipo de vaso	Número de embarcaciones	Total de tonelaje de peso muerto (DWT)
Capesizar	20	3,321,549
Panamax	11	810,497
Ultramax	9	628,000

Equipo experimentado de gestión marítima

Métricas de gestión clave:

• Experiencia promedio de la industria marítima: 18.5 años
• Senior ejecutivos con antecedentes en operaciones de envío global
• Equipo de liderazgo con historial demostrado en envío a granel seco

Tecnologías avanzadas de navegación y seguimiento

Infraestructura tecnológica:

• Sistemas de seguimiento de buques en tiempo real
• Plataformas de monitoreo de consumo de combustible
• Software de optimización de ruta

Balance financiero fuerte

Indicadores financieros (cuarto trimestre 2023):

Métrica financiera	Cantidad (USD)
Activos totales	1,845,000,000
Equidad total	862,000,000
Equivalentes de efectivo y efectivo	215,000,000

Redes marítimas globales y relaciones de la industria

Métricas de red:

• Presencia operativa en 12 regiones marítimas internacionales
• Contratos a largo plazo con 37 comerciantes de productos básicos principales
• Asociaciones estratégicas con 5 compañías líderes de construcción naval

Golden Ocean Group Limited (GOGL) - Modelo de negocio: propuestas de valor

Servicios de envío globales confiables y eficientes

A partir del cuarto trimestre de 2023, Golden Ocean Group Limited opera una flota de 79 embarcaciones con una capacidad de carga total de 8,4 millones de toneladas de peso muerto (DWT). La composición de la flota de la compañía incluye:

Tipo de vaso	Número de embarcaciones	Capacidad total (DWT)
Buques de capasto	41	5.9 millones
Buques de panamax	38	2.5 millones

Soluciones de transporte de productos básicos rentables

Los ingresos de Golden Ocean Group para 2023 fueron de $ 1.2 mil millones, con una tasa promedio diaria de la carta equivalente (TCE) de $ 15,700 por barco.

• Gastos operativos promedio de buques: $ 4,500 por día
• Tasa de utilización de la flota: 98.2%
• Tipos de carga primarios: mineral de hierro, carbón y grano

Logística marítima flexible y adaptable

La compañía mantiene un mezcla de chárter diversificada Con la siguiente distribución del contrato:

Tipo de afición	Porcentaje
Estatuto de tiempo	45%
Mercado al contado	55%

Flota consciente ambientalmente con emisiones reducidas de carbono

Golden Ocean Group se ha comprometido a reducir las emisiones de carbono con las siguientes iniciativas:

• Objetivo de reducción de emisiones de CO2: 40% para 2030
• Inversión en tecnologías de embarcaciones de bajo consumo de combustible: $ 75 millones
• Edad promedio de la embarcación: 8,5 años

Infraestructura de embarcaciones de alta calidad y bien mantenida

Gasto de capital para mantenimiento y actualizaciones de embarcaciones en 2023: $ 120 millones

Categoría de mantenimiento	Gasto
Destino seco programado	$ 45 millones
Actualizaciones técnicas	$ 75 millones

Golden Ocean Group Limited (GOGL) - Modelo de negocios: relaciones con los clientes

Acuerdos contractuales a largo plazo con propietarios de carga

Golden Ocean Group Limited mantiene 28 contratos de la carta de tiempo a largo plazo a partir del cuarto trimestre de 2023, con una duración promedio de contrato de 3.1 años. El total de ingresos contratados de estos acuerdos es de $ 497 millones.

Tipo de contrato	Número de contratos	Duración promedio
Contratos de la carta de tiempo	28	3.1 años

Servicio al cliente y comunicación personalizados

La compañía opera un equipo dedicado de gestión de relaciones con el cliente con 42 profesionales especializados de logística marítima.

• Canales de comunicación directa con los principales propietarios de carga
• Soluciones de envío personalizadas para necesidades individuales del cliente
• Reuniones trimestrales de revisión de rendimiento

Precios transparentes y seguimiento de rendimiento

Golden Ocean Group proporciona transparencia de precios en tiempo real con 99.7% de precisión en cotizaciones de tasas. La desviación promedio de precios del contrato es inferior al 0.3%.

Métrico de fijación de precios	Actuación
Precisión de los precios	99.7%
Precisión de cotización de tarifas	99.5%

Plataformas digitales para monitoreo de carga en tiempo real

El sistema de seguimiento digital implementado cubre el 100% de la flota de embarcaciones con Capacidades de monitoreo de carga en tiempo real 24/7.

• Seguimiento del GPS para los 73 embarcaciones
• Interfaz digital con cifrado de 256 bits
• Sistema de informes automatizado

Confiabilidad constante y excelencia operativa

Las métricas de rendimiento operacional demuestran una tasa de entrega a tiempo de 97.4% en las rutas de envío globales.

Métrico de rendimiento	Porcentaje
Entrega a tiempo	97.4%
Mantenimiento de integridad de carga	99.9%

Golden Ocean Group Limited (GOGL) - Modelo de negocios: canales

Equipo de ventas directo y desarrollo comercial marítimo

Golden Ocean Group mantiene un equipo de ventas marítimos dedicado con 15 profesionales que cubren los mercados de envío globales clave. El equipo administra las relaciones con Top 50 Global Cargo Shippers.

Ubicación del equipo de ventas	Número de profesionales	Cobertura del mercado
Oslo, Noruega	7	Mercados europeos
Singapur	4	Mercados asiáticos
Nueva York, EE. UU.	4	Mercados norteamericanos

Plataformas de envío en línea y reserva de carga

Gogl utiliza plataformas digitales para la reserva de carga con Tasa de finalización de la transacción digital del 99.7%.

• Plataforma web: ShipConnect
• Aplicación móvil: rastreador de carga gogl
• Sistema de seguimiento de carga en tiempo real

Conferencias de la industria y exposiciones comerciales marítimas

Participación anual en 12 conferencias marítimas internacionales con participación de más de 150 partes interesadas de la industria.

Nombre de conferencia	Ubicación	Participación anual
Norlejo	Oslo, Noruega	Sí
Posidonia	Atenas, Grecia	Sí
Semana de envío	Singapur	Sí

Tecnologías de comunicación digital

Infraestructura de comunicación avanzada con 99.9% de tiempo de actividad y protocolos de comunicación seguros.

• Sistemas de videoconferencia cifrados
• Plataformas de comunicación seguras basadas en la nube
• Canales de soporte digital 24/7

Freight and Shipping Broker Networks

La extensa red de corredores que cubre el 85% de las rutas de envío marítimas globales.

Región de red de corredores	Número de corredores activos	Porcentaje de cobertura
Europa	42	35%
Asia-Pacífico	38	25%
América	35	25%

Golden Ocean Group Limited (GOGL) - Modelo de negocio: segmentos de clientes

Comerciantes de productos básicos globales

Golden Ocean Group Limited sirve a los comerciantes globales de productos básicos con una flota de 83 embarcaciones a partir de 2023, incluidos 73 buques Ultramax/Supramax y 10 buques capesizados.

Tipo de cliente	Volumen manejado	Duración promedio del contrato
Comerciantes de productos básicos globales	12.4 millones de toneladas métricas por año	6-12 meses

Empresas de exportación minera y agrícola

La compañía transporta principalmente productos a granel para las principales empresas mineras y de exportación agrícola.

• Productos clave transportados: mineral de hierro, carbón, granos, fertilizantes
• Enfoque geográfico: Brasil, Australia, Estados Unidos, Canadá

Corporaciones de fabricación internacional

Gogl apoya a las corporaciones de fabricación internacional con servicios de envío a granel especializados.

Sector manufacturero	Frecuencia de envío	Tipos de recipientes utilizados
Industria siderúrgica	Envíos trimestrales	Buques de capasto
Materiales de construcción	Envíos mensuales	Ultramax recipientes

Importadores y exportadores de materiales a granel

Golden Ocean Group sirve importadores y exportadores de materiales a granel en múltiples continentes.

• Cobertura total del mercado: 35 países
• Capacidad de transporte anual: 15,6 millones de toneladas métricas

Desarrolladores de proyectos de energía e infraestructura

La compañía ofrece logística marítima especializada para proyectos de energía e infraestructura.

Tipo de proyecto	Volumen de transporte anual	Requisitos de buques especializados
Construcción de planta de energía	2.3 millones de toneladas métricas	Portadores a granel personalizados
Desarrollo de infraestructura	1.7 millones de toneladas métricas	Vasos múltiples

Golden Ocean Group Limited (GOGL) - Modelo de negocio: Estructura de costos

Gastos de adquisición y mantenimiento de los buques

A partir del cuarto trimestre de 2023, Golden Ocean Group Limited poseía 75 embarcaciones con un valor de flota total de aproximadamente $ 2.4 mil millones. Los costos anuales de mantenimiento de los buques se estimaron en $ 87.5 millones.

Tipo de vaso	Número de embarcaciones	Costo de mantenimiento promedio por barco
Capeizar portadores a granel	39	$ 1.2 millones/año
Portadoras posteriores a Panamax	36	$ 1.1 millones/año

Costos de combustible y operativo

Los gastos anuales de combustible para la flota de Gogl en 2023 totalizaron $ 215.6 millones. Los costos operativos diarios promedio por barco fueron de $ 6,750.

• Consumo de combustible de búnker: 48,000 toneladas métricas por año
• Precio promedio de combustible: $ 450 por tonelada métrica
• Desglose de costos operativos:
  • Combustible: 65% de los gastos operativos
  • CARACIONES PORTO: 15% de los gastos operativos
  • Otros gastos operativos: 20%

Salarios de la tripulación y entrenamiento

Los gastos anuales relacionados con la tripulación total para 2023 fueron de $ 92.3 millones. Tamaño promedio de la tripulación por barco: 22 personal.

Posición de la tripulación	Salario anual promedio
Capitán	$120,000
Ingeniero principal	$96,000
Oficiales de cubierta	$72,000
Otros miembros de la tripulación	$45,000

Seguros y cumplimiento regulatorio

Los costos anuales de seguro y cumplimiento para 2023 fueron de $ 43.7 millones, lo que representa el 2.1% de los ingresos totales de la compañía.

• Seguro de casco y maquinaria: $ 28.5 millones
• Protección y seguro de indemnización: $ 12.2 millones
• Gastos de cumplimiento regulatorio: $ 3 millones

Tecnología e inversiones en infraestructura digital

La inversión en tecnología para 2023 fue de $ 12.6 millones, centrándose en sistemas de navegación, software de gestión de flotas y ciberseguridad.

• Software de gestión de flotas: $ 4.2 millones
• Sistemas de navegación y seguimiento: $ 5.8 millones
• Infraestructura de ciberseguridad: $ 2.6 millones

Golden Ocean Group Limited (GOGL) - Modelo de negocio: flujos de ingresos

Tasas de transporte de carga

Para el año fiscal 2023, Golden Ocean Group Limited reportó ingresos operativos totales de $ 716.8 millones.

Fuente de ingresos	Cantidad (USD)	Porcentaje
Transporte de carga a granel seco	$ 614.3 millones	85.7%
Transporte de carga de contenedores	$ 102.5 millones	14.3%

Contratos de envío a largo plazo

A partir del cuarto trimestre de 2023, Golden Ocean Group Limited había 12 contratos de chárter de tiempo a largo plazo con una duración promedio de 3.2 años.

• Tasa de chárter de tiempo diario promedio: $ 15,200
• Ingresos contratados totales de contratos a largo plazo: $ 187.4 millones

Tasas de flete del mercado spot

En 2023, las contribuciones del mercado spot a los ingresos fueron de $ 328.6 millones.

Tipo de vaso	Tasa de mancha promedio (por día)
Buques de capasto	$17,500
Buques de panamax	$14,200

Ingresos de la altura de buques

La alquiler de buques generó $ 92.5 millones en ingresos para 2023.

• Total de embarcaciones alquiladas: 24
• Duración promedio de la carta: 45 días

Tarifas de servicio de logística marítima

Maritime Logistics Services contribuyó con $ 29.7 millones a los ingresos totales en 2023.

Tipo de servicio	Ingresos (USD)
Coordinación logística	$ 15.3 millones
Servicios de gestión de puertos	$ 14.4 millones

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.