Golden Ocean Group Ltd

goldenocean.bm

No Longer Reporting

The company has not filed an annual or quarterly report since its FY2024 20-F, filed Mar 20, 2025. Its latest SEC filing is a 15-12G from Sep 2, 2025.

The sections below describe the company as of the FY2024 annual report.

What Did They Do?

Transports ores, coal and grains worldwide for charterers using dry bulk vessels.

How Did They Make Money?

Time-charter customers hire a vessel for a period at a daily rate and generally pay in advance for the coming contract period; voyage-charter customers hire a vessel for one cargo trip and generally pay 90 or 95% of freight within three to five days after loading.

revenue

Segment	Share	How money arrives
Time charter revenues Recurring	64% FY2021: 50%	Recurring
Voyage charter revenues Sold outright	35% FY2021: 50%	Sold outright
Other revenues	0.4% FY2021: 0.1%

Who Were Their Customers?

Cargo customers hire vessels to move dry bulk goods; independent brokers often arrange charters and may be appointed by either the shipper or shipowner.

Did Revenues Turn Into Profits?

Yes. It kept 23 cents of every revenue dollar as net income in FY2024 and turned 37 cents into free cash flow.

Operating income, FY2024

32% of revenue

▲ +67% vs FY2023 ($188.6M, 21%)

Net income, FY2024

23% of revenue

▲ +99% vs FY2023 ($112.3M, 13%)

Free cash flow, FY2024

37% of revenue

▲ Now profitable vs FY2023 (−$33.3M, −4%)

How Were They Changing?

Grew. Revenue grew 59% in 4 years, from $607.9M in FY2020 to $968.4M in FY2024, about 12% a year.

Vessel-size focus The stated focus among large dry bulk carriers has shifted from Capesize and Panamax to Newcastlemax and Capesize.

Revenue over time

Time charter revenues Voyage charter revenues Other revenues

$2B$1B$0

FY2020 FY2021 FY2022 FY2023 FY2024

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