Golden Ocean Group Limited (GOGL): Modelo de negócios Canvas [Jan-2025 Atualizado]

O Golden Ocean Group Limited (GOGL) navega no complexo mundo do transporte marítimo com um modelo de negócios sofisticado que transforma o transporte global de commodities em uma forma de arte estratégica. Ao misturar perfeitamente o gerenciamento avançado de frota, a tecnologia de ponta e as redes de logística robustas, a GOGL fornece soluções de remessa incomparáveis ​​que conectam comerciantes, fabricantes e exportadores de commodities em continentes. Sua abordagem inovadora não apenas garante movimentos eficientes de carga, mas também pioneiros em operações marítimas conscientes do meio ambiente que estabelecem novos padrões da indústria.

Golden Ocean Group Limited (GOGL) - Modelo de negócios: Parcerias -chave

Fabricantes de navios e estaleiros para expansão da frota

A partir de 2024, o Golden Ocean Group Limited mantém parcerias estratégicas com os principais construtores de navios:

Estaleiro	Número de embarcações	Tipo de embarcação
Tsuneishi Shipbuilding	4 vasos Kamsarmax	Transportadores a granel seco
Japan Marine United	2 embarcações pós-panamax	Transportadores a granel

Instituições financeiras para financiamento de embarcações

As principais parcerias financeiras da GOGL incluem:

Instituição financeira	Linha de crédito	Valor de financiamento
DNB BANK	Financiamento de embarcações	US $ 350 milhões
ABN AMRO	Capital de giro	US $ 250 milhões

Companhias de seguros para cobertura de risco marítimo

• Clube do Hull norueguês
• Oeste da Inglaterra, Associação de Seguros Mútuos da Inglaterra
• Valor total da frota segurada: US $ 1,8 bilhão
• Prêmio anual de seguro marítimo: US $ 12,5 milhões

Parceiros de Comércio de Commodities

Parceiro comercial	Tipo de commodities	Volume anual
Glencore International	Minério de ferro	5,2 milhões de toneladas métricas
Vale S.A.	Carvão	3,7 milhões de toneladas métricas

Redes de logística de envio

Parcerias globais de rota de remessa:

• Rotas transpacíficas: 42 conexões agendadas
• Corredor marítimo da Ásia-Europa: 28 faixas de remessa regulares
• Cobertura total da rede global: 87 rotas internacionais de remessa

Golden Ocean Group Limited (GOGL) - Modelo de negócios: Atividades -chave

Transporte marítimo global de mercadorias a granel seco

A partir de 2024, o Golden Ocean Group Limited opera uma frota de 73 embarcações com uma capacidade total de carga de 8,4 milhões de toneladas de peso morto (DWT). A composição da frota inclui:

Tipo de embarcação	Número de embarcações	Capacidade total (DWT)
Capesize	35	4,900,000
Panamax	23	2,400,000
Ultramax/supramax	15	1,100,000

Gerenciamento de frota e otimização de embarcações

As principais estratégias de otimização incluem:

• Melhorias de eficiência de combustível
• Algoritmos de otimização de rota
• Monitoramento de desempenho em tempo real

Taxa média de utilização de embarcações em 2023: 95,6%

Planejamento de rota e agendamento de carga

Volume anual de transporte de carga: 140 milhões de toneladas métricas

Tipo de carga	Porcentagem do volume total
Minério de ferro	45%
Carvão	30%
Grão	15%
Outras mercadorias	10%

Manutenção de embarcações e operações técnicas

Despesas anuais de manutenção: US $ 42,3 milhões

• Frequência de escalada a seco: a cada 2,5 anos por embarcação
• Orçamento de manutenção preventiva: US $ 18,7 milhões
• Gestão técnica Cobertura interna: 100%

Gerenciamento de riscos e desenvolvimento de estratégia de mercado

As estratégias de mitigação de riscos incluem:

• Contratos de fretamento de longo prazo
• Exposição ao preço de combustível de hedge
• Operações geográficas diversificadas

Duração média da fretamento: 2,3 anos

Orçamento de gerenciamento de riscos de mercado: US $ 6,5 milhões anualmente

Golden Ocean Group Limited (GOGL) - Modelo de negócios: Recursos -chave

Frota de transportadora a granel seco moderna e com economia de combustível

Composição da frota a partir do quarto trimestre 2023:

Tipo de embarcação	Número de embarcações	Tonelagem total de peso morto (DWT)
Capesize	20	3,321,549
Panamax	11	810,497
Ultramax	9	628,000

Equipe de gerenciamento marítimo experiente

Métricas de gerenciamento -chave:

• Experiência média da indústria marítima: 18,5 anos
• Executivos seniores com origens em operações de remessa global
• Equipe de liderança com histórico demonstrado em transporte a granel seco

Tecnologias avançadas de navegação e rastreamento

Infraestrutura de tecnologia:

• Sistemas de rastreamento de embarcações em tempo real
• Plataformas de monitoramento de consumo de combustível
• Software de otimização de rota

Balanço Financeiro Forte

Indicadores Financeiros (Q4 2023):

Métrica financeira	Quantidade (USD)
Total de ativos	1,845,000,000
Patrimônio total	862,000,000
Caixa e equivalentes de dinheiro	215,000,000

Rede marítimo global e relacionamentos da indústria

Métricas de rede:

• Presença operacional em 12 regiões marítimas internacionais
• Contratos de longo prazo com 37 principais comerciantes globais de commodities
• Parcerias estratégicas com 5 principais empresas de construção naval

Golden Ocean Group Limited (GOGL) - Modelo de negócios: proposições de valor

Serviços de remessa globais confiáveis ​​e eficientes

A partir do quarto trimestre de 2023, o Golden Ocean Group Limited opera uma frota de 79 navios com uma capacidade total de carga de 8,4 milhões de toneladas de peso morto (DWT). A composição da frota da empresa inclui:

Tipo de embarcação	Número de embarcações	Capacidade total (DWT)
Cappesize vasos	41	5,9 milhões
Vasos Panamax	38	2,5 milhões

Soluções de transporte de mercadorias econômicas

A receita do Golden Ocean Group em 2023 foi de US $ 1,2 bilhão, com uma taxa média de taxa diária de fretamento de tempo (TCE) de US $ 15.700 por embarcação.

• Despesas operacionais médias de embarcações: US $ 4.500 por dia
• Taxa de utilização da frota: 98,2%
• Tipos de carga primária: minério de ferro, carvão e grãos

Logística marítima flexível e adaptável

A empresa mantém um mix de charter diversificado Com a seguinte distribuição de contrato:

Tipo de fretamento	Percentagem
Carta de tempo	45%
Mercado Spot	55%

Frota ambientalmente consciente com emissões de carbono reduzidas

O Golden Ocean Group se comprometeu a reduzir as emissões de carbono com as seguintes iniciativas:

• Alvo de redução de emissão de CO2: 40% até 2030
• Investimento em tecnologias de embarcações com eficiência de combustível: US $ 75 milhões
• Idade média do navio: 8,5 anos

Infraestrutura de vaso bem conservada e bem conservada

Despesas de capital para manutenção e atualizações de embarcações em 2023: US $ 120 milhões

Categoria de manutenção	Gasto
Docking a seco programado	US $ 45 milhões
Atualizações técnicas	US $ 75 milhões

Golden Ocean Group Limited (GOGL) - Modelo de Negócios: Relacionamentos do Cliente

Acordos contratuais de longo prazo com proprietários de carga

O Golden Ocean Group Limited mantém 28 contratos de fretamento de longo prazo a partir do quarto trimestre 2023, com uma duração média do contrato de 3,1 anos. A receita total contratada desses acordos é de US $ 497 milhões.

Tipo de contrato	Número de contratos	Duração média
Contratos de charter de tempo	28	3,1 anos

Atendimento ao cliente personalizado e comunicação

A empresa opera uma equipe dedicada de gerenciamento de relacionamento com o cliente com 42 profissionais de logística marítima especializados.

• Canais de comunicação direta com os principais proprietários de cargas
• Soluções de remessa personalizadas para necessidades individuais de clientes
• Reuniões trimestrais de revisão de desempenho

Preços transparentes e rastreamento de desempenho

O Golden Ocean Group fornece transparência de preços em tempo real com 99,7% de precisão nas cotações de taxa. O desvio médio do preço do contrato é inferior a 0,3%.

Métrica de precificação	Desempenho
Precisão de preços	99.7%
Precisão da cotação da taxa	99.5%

Plataformas digitais para monitoramento de carga em tempo real

O sistema de rastreamento digital implementado cobre 100% da frota de embarcações com Recursos de monitoramento de carga em tempo real 24/7 em tempo real.

• Rastreamento GPS para todos os 73 navios
• Interface digital com criptografia de 256 bits
• Sistema de relatórios automatizados

Confiabilidade consistente e excelência operacional

As métricas de desempenho operacional demonstram 97,4% de taxa de entrega pontual nas rotas globais de remessa.

Métrica de desempenho	Percentagem
Entrega no prazo	97.4%
Manutenção da integridade de carga	99.9%

Golden Ocean Group Limited (GOGL) - Modelo de Negócios: Canais

Equipe direta de vendas e desenvolvimento de negócios marítimos

O Golden Ocean Group mantém uma equipe de vendas marítimas dedicadas, com 15 profissionais que cobrem os principais mercados globais de remessa. A equipe gerencia relacionamentos com Os 50 principais carregadores de carga global.

Localização da equipe de vendas	Número de profissionais	Cobertura de mercado
Oslo, Noruega	7	Mercados europeus
Cingapura	4	Mercados asiáticos
Nova York, EUA	4	Mercados norte -americanos

Plataformas on -line de remessa e reserva de carga

Gogl utiliza plataformas digitais para reserva de carga com 99,7% da taxa de conclusão da transação digital.

• Plataforma da Web: ShipConnect
• Aplicativo móvel: GOGL Cargo Tracker
• Sistema de rastreamento de carga em tempo real

Conferências do setor e exposições de comércio marítimo

Participação anual em 12 conferências marítimas internacionais com Engajamento de mais de 150 partes interessadas da indústria.

Nome da conferência	Localização	Participação anual
Enviando Nor	Oslo, Noruega	Sim
Posidonia	Atenas, Grécia	Sim
Semana de envio	Cingapura	Sim

Tecnologias de comunicação digital

Infraestrutura de comunicação avançada com 99,9% de tempo de atividade e protocolos de comunicação seguros.

• Sistemas de videoconferência criptografados
• Plataformas de comunicação baseadas em nuvem seguras
• Canais de suporte digital 24/7

Redes de frete e corretor de remessa

A extensa rede de corretores, cobrindo 85% das rotas globais de remessa marítima.

Região de rede de corretores	Número de corretores ativos	Porcentagem de cobertura
Europa	42	35%
Ásia-Pacífico	38	25%
Américas	35	25%

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

Comerciantes globais de commodities

O Golden Ocean Group Limited atende aos comerciantes globais de commodities com uma frota de 83 embarcações a partir de 2023, incluindo 73 embarcações Ultramax/Supramax e 10 embarcações de capesize.

Tipo de cliente	Volume tratado	Duração média do contrato
Comerciantes globais de commodities	12,4 milhões de toneladas por ano	6 a 12 meses

Empresas de exportação de mineração e agricultura

A empresa transporta principalmente commodities a granel para grandes empresas de exportação de mineração e agricultura.

• Principais mercadorias transportadas: minério de ferro, carvão, grãos, fertilizantes
• Foco geográfico: Brasil, Austrália, Estados Unidos, Canadá

Empresas de manufatura internacionais

A GOGL suporta empresas internacionais de fabricação com serviços especializados em massa em massa.

Setor de manufatura	Frequência de envio	Tipos de embarcações usadas
Indústria siderúrgica	Remessas trimestrais	Cappesize vasos
Materiais de construção	Remessas mensais	Vasos Ultramax

Importadores e exportadores de materiais em massa

O Golden Ocean Group serve importadores e exportadores de materiais a granel em vários continentes.

• Cobertura total do mercado: 35 países
• Capacidade anual de transporte: 15,6 milhões de toneladas métricas

Desenvolvedores de projetos de energia e infraestrutura

A empresa fornece logística marítima especializada para projetos de energia e infraestrutura.

Tipo de projeto	Volume anual de transporte	Requisitos de embarcações especializadas
Construção da usina	2,3 milhões de toneladas métricas	Portadores de massa personalizados
Desenvolvimento de infraestrutura	1,7 milhão de toneladas métricas	Vasos multiuso

Golden Ocean Group Limited (GOGL) - Modelo de negócios: estrutura de custos

Despesas de aquisição e manutenção de embarcações

A partir do quarto trimestre de 2023, o Golden Ocean Group Limited possuía 75 navios com um valor total da frota de aproximadamente US $ 2,4 bilhões. Os custos anuais de manutenção de embarcações foram estimados em US $ 87,5 milhões.

Tipo de embarcação	Número de embarcações	Custo médio de manutenção por embarcação
Capesize portadores a granel	39	US $ 1,2 milhão/ano
Portadores a granel pós-Panamax	36	US $ 1,1 milhão/ano

Custos de combustível e operacional

As despesas anuais de combustível para a frota GOGL em 2023 totalizaram US $ 215,6 milhões. Os custos operacionais médios diários por embarcação foram de US $ 6.750.

• Consumo de combustível de bunker: 48.000 toneladas por ano
• Preço médio de combustível: US $ 450 por tonelada
• Redução de custos operacionais:
  • Combustível: 65% das despesas operacionais
  • Cobranças portuárias: 15% das despesas operacionais
  • Outras despesas operacionais: 20%

Salários e treinamento da tripulação

As despesas anuais totais relacionadas à tripulação em 2023 foram de US $ 92,3 milhões. Tamanho médio da tripulação por embarcação: 22 pessoal.

Posição da tripulação	Salário médio anual
Capitão	$120,000
Engenheiro Chefe	$96,000
Oficiais do convés	$72,000
Outros membros da tripulação	$45,000

Seguro e conformidade regulatória

Os custos anuais de seguro e conformidade para 2023 foram de US $ 43,7 milhões, representando 2,1% da receita total da empresa.

• Seguro de casco e máquinas: US $ 28,5 milhões
• Seguro de proteção e indenização: US $ 12,2 milhões
• Despesas de conformidade regulatória: US $ 3 milhões

Investimentos de tecnologia e infraestrutura digital

O investimento em tecnologia para 2023 foi de US $ 12,6 milhões, com foco em sistemas de navegação, software de gerenciamento de frota e segurança cibernética.

• Software de gerenciamento de frota: US $ 4,2 milhões
• Sistemas de navegação e rastreamento: US $ 5,8 milhões
• Infraestrutura de segurança cibernética: US $ 2,6 milhões

Golden Ocean Group Limited (GOGL) - Modelo de negócios: fluxos de receita

Taxas de transporte de carga

Para o ano fiscal de 2023, o Golden Ocean Group Limited registrou receitas operacionais totais de US $ 716,8 milhões.

Fonte de receita	Quantidade (USD)	Percentagem
Transporte de carga a granel seco	US $ 614,3 milhões	85.7%
Transporte de carga de contêineres	US $ 102,5 milhões	14.3%

Contratos de remessa de longo prazo

A partir do quarto trimestre 2023, o Golden Ocean Group Limited tinha 12 contratos de fretamento de longo prazo com uma duração média de 3,2 anos.

• Taxa média de fretamento diário de tempo: US $ 15.200
• Receita contratada total de contratos de longo prazo: US $ 187,4 milhões

Taxas de frete do mercado spot

Em 2023, as contribuições do mercado spot para a receita foram de US $ 328,6 milhões.

Tipo de embarcação	Taxa spot média (por dia)
Cappesize vasos	$17,500
Vasos Panamax	$14,200

Receita de fretamento de embarcações

A Carta de embarcação gerou US $ 92,5 milhões em receita para 2023.

• Total de embarcações fretadas: 24
• Duração média da fretamento: 45 dias

Taxas de serviço de logística marítima

Os serviços de logística marítima contribuíram com US $ 29,7 milhões para a receita total em 2023.

Tipo de serviço	Receita (USD)
Coordenação de logística	US $ 15,3 milhões
Serviços de Gerenciamento de Portos	US $ 14,4 milhões

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.