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.”