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.