The End of an Era | John Fredriksen Exits Golden Ocean
Shipping magnate John Fredriksen has officially exited Golden Ocean Group, marking the end of an era in dry bulk shipping.
Originally incorporated as Knightsbridge Tankers in 1996 and listed on NASDAQ in 1997, Golden Ocean evolved under Fredriksen’s leadership from a very large crude carrier (VLCC)-focused company into a dominant player in dry bulk shipping. Through strategic acquisitions from his own entities—including Frontline 2012 and Karpasia—the company consolidated its fleet, ultimately merging with Golden Ocean in 2014 and adopting its name.
As of March 4, 2025, Golden Ocean operates 83 dry bulk vessels with a market cap of $2 billion and a closing share price of $10.06. Fredriksen, through Hemen Holdings, has agreed to sell his entire 40.8% stake to CMB.TECH, controlled by Belgium’s Saverys family, at $14.49 per share—a 44% premium to today’s closing price and above the estimated net asset value (NAV) of $14 per share.
This move follows Fredriksen’s recent sale of gas carriers from Avance Gas to Exmar, another Saverys-controlled company, as well as the announcement that Avance itself will be liquidated. Last year, Avance divested its very large gas carrier (VLGC) fleet to BW LPG, controlled by the Sohmen Pao family.
