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Investors give Golden Ocean the cold shoulder

Investors, scared by the severity of the dry bulk downturn, have given John Fredriksen’s Golden Ocean a cold shoulder.

Golden Ocean had been looking to make around NOK171.84m ($20m) from the sale of 34.37m new shares at NOK5 a piece. However, investors only came in for less than half of the allotted new shares. Golden Ocean reported today that just 15m new shares were bought.

Fredriksen sold $510m worth of shares in Marine Harvest, the world’s largest salmon farmer, recently with a view to make some investments in distressed assets in dry bulk as well as offshore.

 

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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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