Golden Ocean Group Limited (GOGL): Business Model Canvas [Jan-2025 Mis à jour]

Golden Ocean Group Limited (GOGL) navigue dans le monde complexe de l'expédition maritime avec un modèle commercial sophistiqué qui transforme le transport mondial des produits de base en une forme d'art stratégique. En mélangeant de manière transparente la gestion avancée de la flotte, une technologie de pointe et des réseaux logistiques robustes, GOGL fournit des solutions d'expédition inégalées qui connectent les commerçants, les fabricants et les exportateurs de produits de base. Leur approche innovante garantit non seulement un mouvement de fret efficace, mais aussi les pionniers des opérations maritimes soucieuses de l'environnement qui établissent de nouvelles normes de l'industrie.

Golden Ocean Group Limited (GOGL) - Modèle commercial: partenariats clés

Fabricants de navires et chantiers navals pour l'expansion de la flotte

En 2024, Golden Ocean Group Limited maintient des partenariats stratégiques avec les principaux constructeurs navals:

Chantier naval	Nombre de navires	Type de navire
Tsuuneishi	4 navires Kamsarmax	Porteurs de vrac secs
Japon Marine United	2 navires post-panamax	Transporteurs en vrac

Institutions financières pour le financement des navires

Les principaux partenariats financiers de GOGL comprennent:

Institution financière	Ligne de crédit	Montant du financement
Banque DNB	Financement des navires	350 millions de dollars
ABN AMRO	Fonds de roulement	250 millions de dollars

Compagnies d'assurance pour la couverture des risques maritimes

• Norwegian Hull Club
• Association d'assurance mutuelle à l'ouest de l'Angleterre
• Valeur totale de la flotte assurée: 1,8 milliard de dollars
• Prime d'assurance maritime annuelle: 12,5 millions de dollars

Partenaires commerciaux de matières premières

Partenaire commercial	Type de marchandise	Volume annuel
Glencore International	Minerai de fer	5,2 millions de tonnes métriques
Vale S.A.	Charbon	3,7 millions de tonnes métriques

Réseaux de logistique d'expédition

Partenariats mondiaux d'itinéraire d'expédition:

• Routes transpacifiques: 42 Connexions planifiées
• Asie-Europe Maritime Corridor: 28 Lanes d'expédition régulières
• Couverture totale du réseau mondial: 87 itinéraires internationaux d'expédition

Golden Ocean Group Limited (GOGL) - Modèle d'entreprise: activités clés

Transport maritime mondial des produits sèches en vrac

En 2024, Golden Ocean Group Limited exploite une flotte de 73 navires avec une capacité de charge totale de 8,4 millions de tonnes de poids mort (DWT). La composition de la flotte comprend:

Type de navire	Nombre de navires	Capacité totale (DWT)
Capessiter	35	4,900,000
Panamax	23	2,400,000
Ultramax / supramax	15	1,100,000

Gestion de la flotte et optimisation des navires

Les principales stratégies d'optimisation comprennent:

• Améliorations d'efficacité énergétique
• Algorithmes d'optimisation de l'itinéraire
• Surveillance des performances en temps réel

Taux d'utilisation moyen des navires en 2023: 95,6%

Planification d'itinéraire et planification des fret

Volume annuel du transport des marchandises: 140 millions de tonnes métriques

Type de cargaison	Pourcentage du volume total
Minerai de fer	45%
Charbon	30%
Grain	15%
Autres produits	10%

Maintenance des navires et opérations techniques

Dépenses de maintenance annuelles: 42,3 millions de dollars

• Fréquence de dockage à sec: tous les 2,5 ans par navire
• Budget de maintenance préventive: 18,7 millions de dollars
• Couverture interne de gestion technique: 100%

Gestion des risques et développement de stratégie du marché

Les stratégies d'atténuation des risques comprennent:

• Contrats de charte à long terme
• Exposition au prix du carburant de couverture
• Opérations géographiques diversifiées

Durée de charte moyenne: 2,3 ans

Budget de gestion des risques du marché: 6,5 millions de dollars par an

Golden Ocean Group Limited (GOGL) - Modèle d'entreprise: Ressources clés

Flotte de porte-vrac sèche moderne et économe en carburant

Composition de la flotte au Q4 2023:

Type de navire	Nombre de navires	Tonnage total de poids mort (DWT)
Capessiter	20	3,321,549
Panamax	11	810,497
Ultramax	9	628,000

Équipe de gestion maritime expérimentée

Mesures de gestion clés:

• Expérience moyenne de l'industrie maritime: 18,5 ans
• Cadres supérieurs ayant des antécédents dans les opérations d'expédition mondiales
• Équipe de leadership avec des antécédents démontrés dans l'expédition en vrac sèche

Technologies avancées de navigation et de suivi

Infrastructure technologique:

• Systèmes de suivi des navires en temps réel
• Plates-formes de surveillance de la consommation de carburant
• Logiciel d'optimisation de l'itinéraire

Banque financier solide

Indicateurs financiers (Q4 2023):

Métrique financière	Montant (USD)
Actif total	1,845,000,000
Total des capitaux propres	862,000,000
Equivalents en espèces et en espèces	215,000,000

Réseau maritime mondial et relations de l'industrie

Métriques du réseau:

• Présence opérationnelle dans 12 régions maritimes internationaux
• Contrats à long terme avec 37 principaux commerçants mondiaux de matières premières
• Partenariats stratégiques avec 5 principales sociétés de construction navale

Golden Ocean Group Limited (GOGL) - Modèle d'entreprise: propositions de valeur

Services d'expédition mondiaux fiables et efficaces

Au quatrième trimestre 2023, Golden Ocean Group Limited exploite une flotte de 79 navires avec une capacité de charge totale de 8,4 millions de tonnes de poids morts (DWT). La composition de la flotte de l'entreprise comprend:

Type de navire	Nombre de navires	Capacité totale (DWT)
Capesize navires	41	5,9 millions
Navires Panamax	38	2,5 millions

Solutions de transport de produits de base rentables

Le chiffre d'affaires de Golden Ocean Group pour 2023 était de 1,2 milliard de dollars, avec un taux d'équivalent quotidien en temps quotidien (TCE) de 15 700 $ par navire.

• Dépenses de fonctionnement moyen des navires: 4 500 $ par jour
• Taux d'utilisation de la flotte: 98,2%
• Types de chargement primaires: minerai de fer, charbon et grain

Logistique maritime flexible et adaptable

La société maintient un mélange de charter diversifié avec la distribution de contrat suivante:

Type charter	Pourcentage
Charte de temps	45%
Marché au compteur	55%

Flotte soucieuse de l'environnement avec des émissions de carbone réduites

Golden Ocean Group s'est engagé à réduire les émissions de carbone avec les initiatives suivantes:

• CO2 OBJECTIF DE RÉDUCTION D'ÉMISSION: 40% d'ici 2030
• Investissement dans les technologies des navires économes en carburant: 75 millions de dollars
• Âge moyen des navires: 8,5 ans

Infrastructure de navires bien entretenue de haute qualité

Dépenses en capital pour la maintenance et les mises à niveau des navires en 2023: 120 millions de dollars

Catégorie de maintenance	Dépense
Docking sec programmé	45 millions de dollars
Mises à niveau technique	75 millions de dollars

Golden Ocean Group Limited (GOGL) - Modèle d'entreprise: relations avec les clients

Accords contractuels à long terme avec les propriétaires de fret

Golden Ocean Group Limited maintient 28 contrats de charte à long terme au quatrième trimestre 2023, avec une durée de contrat moyenne de 3,1 ans. Le total des revenus contractés par ces accords s'élève à 497 millions de dollars.

Type de contrat	Nombre de contrats	Durée moyenne
Contrats de la charte à l'heure	28	3,1 ans

Service client et communication personnalisés

La société exploite une équipe de gestion de la relation client dédiée avec 42 professionnels de la logistique maritime spécialisés.

• Canaux de communication directes avec les principaux propriétaires de fret
• Solutions d'expédition personnalisées pour les besoins individuels des clients
• Réunions de révision des performances trimestrielles

Prix ​​transparents et suivi des performances

Golden Ocean Group offre la transparence des prix en temps réel avec Précision de 99,7% dans les devis de taux. L'écart moyen des prix du contrat est inférieur à 0,3%.

Tarification métrique	Performance
Précision des prix	99.7%
Précision de devis de tarif	99.5%

Plateformes numériques pour la surveillance des marchandises en temps réel

Le système de suivi numérique implémenté couvre 100% de la flotte des navires avec Capacités de surveillance des marchandises 24/7 en temps réel.

• Suivi GPS pour les 73 navires
• Interface numérique avec cryptage 256 bits
• Système de rapports automatisé

Fiabilité cohérente et excellence opérationnelle

Les mesures de performance opérationnelle démontrent 97,4% de taux de livraison à temps sur les routes d'expédition mondiales.

Métrique de performance	Pourcentage
Livraison à temps	97.4%
Maintenance de l'intégrité du fret	99.9%

Golden Ocean Group Limited (GOGL) - Modèle d'entreprise: canaux

Équipe de vente directe et développement commercial maritime

Golden Ocean Group maintient une équipe de vente maritime dédiée avec 15 professionnels couvrant les principaux marchés de navigation mondiaux. L'équipe gère les relations avec Top 50 des spécialistes du fret mondial.

Emplacement de l'équipe de vente	Nombre de professionnels	Couverture du marché
Oslo, Norvège	7	Marchés européens
Singapour	4	Marchés asiatiques
New York, États-Unis	4	Marchés nord-américains

Plate-formes d'expédition en ligne et de réservation de fret

GOGL utilise des plates-formes numériques pour la réservation de fret avec Taux d'achèvement des transactions numériques à 99,7%.

• Plateforme Web: ShipConnect
• Application mobile: tracker de cargaison GOGL
• Système de suivi des cargaisons en temps réel

Conférences de l'industrie et expositions commerciales maritimes

Participation annuelle à 12 conférences maritimes internationaux avec Engagement de plus de 150 parties prenantes de l'industrie.

Nom de conférence	Emplacement	Participation annuelle
Norable	Oslo, Norvège	Oui
Posidonia	Athènes, Grèce	Oui
Semaine d'expédition	Singapour	Oui

Technologies de communication numérique

Infrastructure de communication avancée avec Protocoles de disponibilité de 99,9% et de communication sécurisés.

• Systèmes de vidéoconférence cryptés
• Plates-formes de communication cloud sécurisées
• Canaux de support numériques 24/7

Réseaux de courtiers de fret et d'expédition

Un vaste réseau de courtiers couvrant 85% des voies d'expédition maritimes mondiales.

Région du réseau de courtiers	Nombre de courtiers actifs	Pourcentage de couverture
Europe	42	35%
Asie-Pacifique	38	25%
Amériques	35	25%

Golden Ocean Group Limited (GOGL) - Modèle d'entreprise: segments de clientèle

Traders mondiaux de matières premières

Golden Ocean Group Limited dessert les commerçants mondiaux de matières premières avec une flotte de 83 navires à partir de 2023, dont 73 navires Ultramax / Supramax et 10 navires à capesize.

Type de client	Volume géré	Durée du contrat moyen
Traders mondiaux de matières premières	12,4 millions de tonnes métriques par an	6-12 mois

Sociétés d'exportation d'exploitation et d'agriculture

La société transporte principalement des produits de base en vrac pour les grandes sociétés d'exportation minière et agricole.

• Commodités clés transportées: minerai de fer, charbon, céréales, engrais
• Focus géographique: Brésil, Australie, États-Unis, Canada

Sociétés de fabrication internationales

GOGL prend en charge les sociétés de fabrication internationales avec des services d'expédition en vrac spécialisés.

Secteur manufacturier	Fréquence d'expédition	Types de navires utilisés
Industrie sidérurgique	Expéditions trimestrielles	Capesize navires
Matériaux de construction	Expéditions mensuelles	Navires ultramax

Importateurs et exportateurs de matériaux en vrac

Golden Ocean Group sert des importateurs et des exportateurs de matériaux en vrac sur plusieurs continents.

• Couverture totale du marché: 35 pays
• Capacité de transport annuelle: 15,6 millions de tonnes métriques

Développeurs de projets d'énergie et d'infrastructure

La société propose une logistique maritime spécialisée pour les projets d'énergie et d'infrastructure.

Type de projet	Volume de transport annuel	Exigences spécialisées des navires
Construction de centrales électriques	2,3 millions de tonnes métriques	Transporteurs en vrac personnalisés
Développement des infrastructures	1,7 million de tonnes métriques	Navires polyvalents

Golden Ocean Group Limited (GOGL) - Modèle d'entreprise: Structure des coûts

Frais d'acquisition et de maintenance des navires

Au quatrième trimestre 2023, Golden Ocean Group Limited possédait 75 navires avec une valeur de flotte totale d'environ 2,4 milliards de dollars. Les coûts annuels de maintenance des navires étaient estimés à 87,5 millions de dollars.

Type de navire	Nombre de navires	Coût de maintenance moyen par navire
Porteurs en vrac capesize	39	1,2 million de dollars / an
Porteurs en vrac post-Panamax	36	1,1 million de dollars / an

Coûts de carburant et d'exploitation

Les dépenses annuelles de carburant pour la flotte de GOGL en 2023 ont totalisé 215,6 millions de dollars. Les coûts opérationnels quotidiens moyens par navire étaient de 6 750 $.

• Consommation de carburant du bunker: 48 000 tonnes métriques par an
• Prix ​​de carburant moyen: 450 $ par tonne métrique
• Répartition des coûts opérationnels:
  • Carburant: 65% des dépenses opérationnelles
  • Frais de port: 15% des dépenses opérationnelles
  • Autres dépenses opérationnelles: 20%

Salaire et formation de l'équipage

Les dépenses annuelles totales liées à l'équipage pour 2023 étaient de 92,3 millions de dollars. Taille moyenne de l'équipage par navire: 22 personnel.

Position de l'équipage	Salaire annuel moyen
Capitaine	$120,000
Ingénieur en chef	$96,000
Officiers de pont	$72,000
Autres membres d'équipage	$45,000

Assurance et conformité réglementaire

Les coûts annuels d'assurance et de conformité pour 2023 étaient de 43,7 millions de dollars, ce qui représente 2,1% du total des revenus de l'entreprise.

• Assurance de la coque et des machines: 28,5 millions de dollars
• Assurance de protection et d'indemnisation: 12,2 millions de dollars
• Dépenses de conformité réglementaire: 3 millions de dollars

Investissements technologiques et infrastructures numériques

L'investissement technologique pour 2023 était de 12,6 millions de dollars, axé sur les systèmes de navigation, les logiciels de gestion des flotte et la cybersécurité.

• Logiciel de gestion de la flotte: 4,2 millions de dollars
• Systèmes de navigation et de suivi: 5,8 millions de dollars
• Infrastructure de cybersécurité: 2,6 millions de dollars

Golden Ocean Group Limited (GOGL) - Modèle d'entreprise: Strots de revenus

Frais de transport de fret

Pour l'exercice 2023, Golden Ocean Group Limited a rapporté un chiffre d'affaires total de 716,8 millions de dollars.

Source de revenus	Montant (USD)	Pourcentage
Transport de cargaison sèche	614,3 millions de dollars	85.7%
Transport de cargaison de conteneurs	102,5 millions de dollars	14.3%

Contrats d'expédition à long terme

Depuis le quatrième trimestre 2023, Golden Ocean Group Limited avait 12 Contrats de charte à long terme Avec une durée moyenne de 3,2 ans.

• Taux de charte de temps quotidien moyen: 15 200 $
• Revenus contractuels totaux provenant des contrats à long terme: 187,4 millions de dollars

Taux de fret du marché au comptant

En 2023, les contributions au marché au comptant des revenus étaient de 328,6 millions de dollars.

Type de navire	Taux ponctuel moyen (par jour)
Capesize navires	$17,500
Navires Panamax	$14,200

Revenu de la charte des navires

L'armonrisation des navires a généré 92,5 millions de dollars de revenus pour 2023.

• Navires affrétés totaux: 24
• Durée de charte moyenne: 45 jours

Frais de service de logistique maritime

Maritime Logistics Services a contribué à 29,7 millions de dollars au total des revenus en 2023.

Type de service	Revenus (USD)
Coordination logistique	15,3 millions de dollars
Services de gestion des ports	14,4 millions de dollars

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.