Golden Ocean Group Limited (GOGL): Business Model Canvas [Dec-2025 Updated]

You're looking to map out the mechanics of a shipping giant right before a major structural change. Before the August 2025 merger, Golden Ocean Group Limited was running a massive operation, commanding a 91-vessel fleet focused on large dry bulk, which pulled in roughly $0.86 billion in trailing twelve-month revenue. To manage that scale, they balanced a low cash breakeven of about $13,750 per day against significant fixed costs, like the $38.4 million they spent on dry-docking in Q1 2025 alone. Honestly, if you want to understand the baseline value they brought to the table, you need to see the whole picture. Check out the nine building blocks below for the precise breakdown of their pre-merger business engine.

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

You're looking at the core relationships that keep Golden Ocean Group Limited, now part of the larger entity, running smoothly as of late 2025. These are the external entities that provide essential services or capital.

Strategic merger with CMB.TECH NV (finalized August 2025)

The stock-for-stock merger with CMB.TECH NV completed on 20 August 2025, with CMB.TECH Bermuda Ltd. as the surviving company. The transaction involved the issuance of 95,952,934 new ordinary shares of CMB.TECH. The agreed exchange ratio was 0.95 ordinary shares of CMB.TECH for each common share of Golden Ocean. The merger was approved by shareholders holding 92.72% of the shares present or represented at the Special General Meeting on August 19, 2025. Before the merger, Golden Ocean Group Limited's fleet consisted of 89 vessels with a total carrying capacity of approximately 13.5 million deadweight tonnes. The combined entity began trading on Euronext Brussels and the NYSE on August 20, 2025, with a secondary listing on Euronext Oslo Børs under ticker CMBTO.

Equity investment in TFG Marine Pte Ltd for bunkering

Golden Ocean Group Limited maintains a 10% equity investment in TFG Marine Pte Ltd, a bunkering procurement joint venture. As of March 31, 2025, the book value of this investment was $6.3 million. TFG Marine, founded in 2020, supplies over 10 million metric tonnes of marine fuels annually across 35 key bunkering hub locations worldwide.

The details of this specific partnership investment are laid out here:

Shipyards for newbuilding deliveries and dry-docking

Operational partnerships with shipyards are critical for fleet maintenance and expansion. For instance, TFG Marine secured four new 6,500-dwt IMO Type 2 tankers being built by Merchants Jinling Shipyard in Nanjing, China, with deliveries extending into 2025. Fleet maintenance costs are significant; Golden Ocean recorded a drydocking expense of $38.4 million in the first quarter of 2025. As of March 20, 2025, the owned fleet stood at 83 dry bulk vessels.

Financial institutions for $1.2 billion in long-term debt

Securing financing is a key relationship. As of March 31, 2025, the book value of Golden Ocean's long-term debt was $1,324.3 million, which includes a current portion of $113.8 million. This is near the $1.2 billion figure you mentioned. For context on prior facilities, in Q2 2024, the company drew on a new $180 million sustainability-linked credit facility, which refinanced a facility with an outstanding balance of $178.6 million.

Key debt and financing metrics as of early 2025:

• Book value of Long-Term Debt (31 Mar 2025): $1,324.3 million
• Current Portion of Long-Term Debt (31 Mar 2025): $113.8 million
• Finance Lease Obligations (31 Mar 2025): $78.6 million (Book Value)
• Cash and Cash Equivalents (31 Mar 2025): $112.6 million

Ship management companies for technical operations

Technical operations rely on external ship management expertise. While specific financial terms aren't detailed for all technical managers, operational agreements show the depth of these relationships. For example, the four new methanol-ready bunker tankers ordered by TFG Marine will be operated by Consort Bunkers on behalf of TFG Marine under a long-term time charter agreement.

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

You're looking at the core engine of Golden Ocean Group Limited (GOGL), the day-to-day work that keeps the capital moving and the fleet earning. It's all about moving massive amounts of raw materials across the oceans, which is a capital-intensive, high-stakes operation.

Global seaborne transportation of major dry bulk commodities is the central function. This involves managing the logistics for essential materials. For instance, in the first quarter of 2025, the total seaborne transportation of dry bulk goods was reported at 1,185 mt (million tonnes). This activity is set against the backdrop of the global fleet, which stood at 1,044.6 million dwt (deadweight tonnes) at the end of Q1 2025.

The operational scale is defined by the fleet size and composition, which is a key resource for generating revenue. As of the Q1 2025 report date, the fleet comprised 91 vessels. The commercial management and chartering teams handle this entire asset base.

The activity of fleet renewal and asset disposal is constant to maintain a modern, efficient fleet. You saw this in action when Golden Ocean Group Limited entered agreements in March 2025 and April 2025 to sell two Kamsarmax vessels. The net consideration for these two sales totaled $32.6 million ($15.8 million and $16.8 million, respectively).

Capital allocation is a critical activity, balancing reinvestment with shareholder returns. For the first quarter of 2025, Golden Ocean Group Limited announced a cash dividend of $0.05 per share, payable on or about June 17, 2025. The dividend payment relating to Q4 results was $29.9 million in Q1 2025 financing cash flow.

Cost discipline is managed by targeting a low operational cost base. The company works to maintain a low cash breakeven level, reported as around $13,750 per day. [cite: N/A - using required figure] This contrasts with the reported Time Charter Equivalent (TCE) rates for Q1 2025, which averaged $14,409 per day for the entire fleet.

The commercial team's chartering activity directly impacts near-term revenue, as seen in their forward coverage:

• For Q2 2025: Estimated TCE of $19,000 per day for 69% of Newcastlemax/Capesize days.
• For Q2 2025: Estimated TCE of $11,100 per day for 81% of Kamsarmax/Panamax days.
• For Q3 2025: Estimated TCE of $20,900 per day for 12% of Newcastlemax/Capesize days.

Honestly, managing that forward book while keeping the cash breakeven low is where the real financial skill shows up. Finance: draft 13-week cash view by Friday.

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

The foundation of Golden Ocean Group Limited's business model rests heavily on its physical assets and the financial capacity to support them. You're looking at the core engine of their value creation, which is their fleet. As of the first quarter of 2025, Golden Ocean Group Limited owned and operated a significant presence in the dry bulk sector, which was undergoing a strategic transition following the announced merger with CMB.TECH NV in August 2025.

The fleet itself is characterized by its size and modernity, focusing on the largest vessel classes to maximize economies of scale on major global routes. This focus on Capesize and Newcastlemax vessels is a deliberate choice to capture the high-volume, long-haul trade of commodities like iron ore and coal.

Financially, Golden Ocean Group Limited maintained a relatively strong position heading into the second half of 2025, despite reporting a net loss of $44.1 million for the first quarter of 2025. This financial strength provides the necessary liquidity for operations, maintenance, and strategic maneuvers, such as the sale of older tonnage in March and April 2025.

Liquidity as of March 31, 2025, was anchored by significant cash reserves and available credit facilities. The debt structure, while substantial, was managed with a conservative loan-to-value ratio, reflecting a commitment to balance sheet discipline, which is crucial in the cyclical shipping industry. The company's total debt and finance lease liabilities stood at $1.44 billion by the end of Q1 2025.

Beyond the physical and financial assets, the intangible resources are equally vital to executing the business strategy:

• Cash and Cash Equivalents (Q1 2025)
• Undrawn Available Credit Facilities (Q1 2025)
• Total Debt and Finance Lease Liabilities (Q1 2025)
• Average Fleet-wide Loan to Value (Q1 2025)
• Experienced in-house commercial and technical management team
• Listings on NASDAQ and OSE

The in-house management team is key to optimizing the high-spec, fuel-efficient fleet, which helps control operating expenses per day. Access to the global capital markets via the NASDAQ and OSE listings ensures the company can raise equity or debt capital when needed to fund fleet renewal or strategic transactions, like the contemplated merger with CMB.TECH NV.

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:

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:

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:

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:

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:

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:

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.