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Asset play pays dividends for Golden Ocean

Asset play pays dividends for Golden Ocean
Manila: John Fredriksen’s dry bulk shipping unit Golden Ocean has made $450m from asset plays since it was spun-off from Frontline in late 2004.

Speaking at the 25th anniversary of TSM Group in Manila, Helmut Billung, ceo of Golden Ocean said, “We like the words asset play.”

He explained that since the company had been set up it had bought 53 vessels, either through newbuilding orders or secondhand purchases. On the otherhand he said, “Totally we’ve sold 23 vessels making $450m in profit. It is important to sell when it is good.”

At the peak of the shipping boom Golden Ocean sold a bulker for $148m, having paid $67m for it just a few years earlier.

Jokingly Billung said that this was why you should not name ships after to your wife or daughter as it was not good to be too attached to them.

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