Dry CargoEurope

Golden Ocean quits cape pool

John Fredriksen’s dry bulk venture Golden Ocean has quit a cape pool it has been involved in for the last five years.

Golden Ocean has decided to exit Capesize Chartering Ltd, a cape pool it has been involved with Starbulk, CTM and Bocimar since 2016.

Pools often have their greatest numbers of participants when shipping markets are weak, helping companies form defensive positions. The move by Golden Ocean today signals the Norwegian company’s firm belief that this year’s strong dry bulk run has still got plenty of time to run yet.

Ulrik Andersen, CEO of Golden Ocean Management, commented: “We believe Golden Ocean has the critical mass to achieve the benefits of scale outside of the joint venture. With all of our vessels managed by a single commercial management platform, Golden Ocean will have better control of the commercial strategy, as well as coming closer to our customers.”

Sam Chambers

Starting out with the Informa Group in 2000 in Hong Kong, Sam Chambers became editor of Maritime Asia magazine as well as East Asia Editor for the world’s oldest newspaper, Lloyd’s List. In 2005 he pursued a freelance career and wrote for a variety of titles including taking on the role of Asia Editor at Seatrade magazine and China correspondent for Supply Chain Asia. His work has also appeared in The Economist, The New York Times, The Sunday Times and The International Herald Tribune.
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