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    Marine Shipping
Golden Ocean Group Limited

Golden Ocean Group Limited

GOGL.OL
Golden Ocean Group LimitedNO flagOslo Stock Exchange
83.25
NOK
- -
- -
16.60BMarket Cap
Golden Ocean Group Limited
GOGL.OL
(Oslo Stock Exchange)

Recent

price

83.25

P/E

ratio

- -

div

yld

- -

ROIC.AI

2009
2010
2011
2012
2013
2014
2015
2016
2017
2018
2019
2020
2021
2022
2023
2024
TTM
FRC
18.16
9.85
10.46
7.04
6.64
5.43
5.79
2.7
3.68
4.55
4.92
4.24
6.26
5.55
4.43
4.84
4.32
Revenue per Share
5.85
9.3
6.16
-10.08
-0.69
0.9
-6.72
-1.34
-0.02
0.59
0.26
-0.96
2.74
2.3
0.56
1.12
0.57
Basic EPS, GAAP
-22.09
-8.47
8.03
6.95
-2.55
-20.03
-16.25
-3.05
-0.53
0.2
0.8
0.8
0.6
2.2
-1.06
1.32
0.86
Free Cash Flow per Basic Share
1.15
8.07
9.21
5.53
3.22
1.63
- -
- -
- -
0.45
0.32
0.05
1.67
2.35
0.5
1.2
1.05
Dividend per Share
16.37
15.89
9.36
-0.71
-1.35
-0.01
-6.7
-3.61
-2.76
-1.81
-1.54
-2.51
0.88
1.69
1.75
1.66
1.29
Book Value per Share
64.65
90.68
67.85
52.41
54.4
49.68
35.27
13.01
11.95
10.57
10.55
9.54
10.03
9.55
9.61
9.5
9.14
Tangible Book Value per Share
4
4
5
5
6
18
33
95
125
144
144
143
192
201
200
200
200
Basic Weighted Avg Shares
67
41
55
37
38
97
190
257
460
656
706
608
1,203
1,113
886
968
864
Sales/Revenue/Turnover
35.28
57.7
55.93
26.82
18.18
20.15
-37.6
-27.09
11.18
22.23
14.26
5.48
42.22
36.01
21.59
30.25
21.92
Operating Margin (%)
14
20
23
20
11
20
53
63
78
92
94
111
124
130
136
142
138
Depreciation Expense
22
39
33
-53
-4
16
-221
-128
-2
85
37
-138
527
462
112
223
114
Net Income, GAAP
- -
- -
- -
- -
- -
- -
- -
- -
- -
0.27
0.63
- -
0.07
0.08
0.48
0.24
0.65
Effective Tax Rate (%)
32.2
94.44
58.84
-143.18
-10.4
16.54
-116.09
-49.72
-0.51
12.89
5.27
-22.65
43.82
41.48
12.67
23.05
13.16
Profit Margin (%)
1
66
55
74
97
30
124
256
263
-80
99
43
121
88
53
52
-66
Working Capital
107
154
150
107
95
344
926
1,071
1,186
879
1,219
1,111
1,277
1,129
1,338
1,245
1,211
LT Debt
240
376
360
278
307
884
1,159
1,239
1,494
1,524
1,513
1,369
1,929
1,917
1,922
1,900
1,826
Total Equity
6.93
5.27
5.94
2.25
1.77
2.39
- -
- -
- -
5.13
3.49
- -
17.04
12.3
5.81
8.76
5.65
Return on Invested Capital (%)
14.4
20.49
16.96
-31.91
-1.1
8.22
- -
- -
- -
15.54
8.71
- -
45.95
32.28
12.32
18.38
11.68
Return on Capital (%)
41.7
60.94
56.53
- -
- -
- -
- -
- -
- -
- -
- -
- -
- -
181.45
32.59
65.56
37.28
Return on Common Equity (%)

Capital Structure

FRC

•

in mil. unless spec.
Sep'24
Dec'24
Mar'25
ST Debt
138
135
233
LT Borrowings
1,205
1,189
1,210
LT Finance Leases
61
56
1
Preferred Equity and Hybrid Capital
- -
- -
- -
Shares Outstanding
200
199
199
Market Capitalization
2,573
1,754
1,598

Working Capital

FRC

•

in mil. unless spec.
Sep'24
Dec'24
Mar'25
Total Current Assets
307
287
290
Cash, Cash Equivalents & STI
116
129
107
Accounts Receivable, Net
- -
25
- -
Inventories
- -
37
- -
Total Current Liabilities
252
234
356
Payables & Accruals
- -
76
- -
ST Debt
138
135
233
Deferred Revenue
- -
20
- -

Growth Rates

FRC

•

in mil. unless spec.

(avg. rate of change)

10 years
5 years
1 year
Total Equity
8.97%
5.97%
-1.14%
Free Cash Flow
-0.09%
-17.68%
-224.92%
Net Income, GAAP
-631.97%
-188.48%
98.82%
Sales/Revenue/Turnover
32.65%
13.09%
9.33%
Total Cash Common Dividend
- -
879.99%
139.87%

Quarterly Revenue

FRC

•

in mil. unless spec.

Year

Q1
Q2
Q3
Q4
FY
2023
197
213
222
254
886
2024
247
250
261
211
968
2025
142
- -
- -
- -
- -

Quarterly Earnings Per Share

FRC

•

in mil. unless spec.

Year

Q1
Q2
Q3
Q4
FY
2023
-0.04
0.17
0.14
0.29
0.56
2024
0.33
0.31
0.28
0.2
1.12
2025
-0.22
- -
- -
- -
- -

Quarterly Dividends Per Share

FRC

•

in mil. unless spec.

Year

Q1
Q2
Q3
Q4
FY
2023
0.18
0.1
0.1
0.1
0.5
2024
0.3
0.3
0.3
0.3
1.2
2025
0.15
- -
- -
- -
- -
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Business
Golden Ocean Group Limited is a Bermuda-registered dry bulk shipping company that owns and operates a large fleet of modern dry bulk vessels, including Newcastlemax, Capesize, Kamsarmax and Panamax vessels, transporting commodities such as iron ore, coal, grains and fertilizers worldwide on spot and time charter markets; the company also charters in vessels from SFL Corporation Ltd. As of late 2024, its fleet comprises 91 vessels with an aggregate capacity of approximately 13.7 million deadweight tonnes, managed by Golden Ocean Group Management AS in Norway. Founded in 2004 following a demerger from Frontline Ltd. and headquartered in Hamilton, Bermuda, the company serves global commodity traders, steel mills, power plants and mining companies across key international shipping routes. In August 2025, Golden Ocean Group merged with CMB.TECH in a stock-for-stock transaction valued at around $4.2 billion, creating one of the world's largest listed diversified maritime groups with a combined fleet exceeding 250 vessels; CMB.TECH had previously acquired a 40% stake in March 2025 for over $1.2 billion, following the divestment by John Fredriksen's Hemen group. The merger resulted in Golden Ocean's delisting from Nasdaq and the Oslo Stock Exchange, with CMB.TECH Bermuda as the surviving entity, enhancing diversification into decarbonized shipping while integrating complementary dry bulk assets.