Golden Ocean Group Limited (NASDAQ and OSE: GOGL) (Golden Ocean) on Tuesday announced that it has terminated its relationship with Capesize Chartering Ltd. (“CCL”), a joint venture to coordinate the Capesize spot chartering services of Golden Ocean, Starbulk, CTM and Bocimar.
Mr Ulrik Andersen, Chief Executive Officer of Golden Ocean Management AS, commented: "We have enjoyed our close cooperation with our CCL partners over the last five years. CCL was formed in 2016 to achieve greater commercial scale amid a challenging commercial environment.
Since then, the market has improved, and Golden Ocean has significantly expanded and modernised its fleet, most recently with the acquisition of 18 modern dry bulk vessels.
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.
Backed by a strong commercial team, we believe that Golden Ocean will be better positioned to maximise the value of our platform.”