Golden Ocean Group’s top management sold shares worth $5m last week after seeing the stock almost double since last summer.
On Thursday, chief executive Lars-Christian Svensen offloaded 200,000 shares in the Oslo-listed company after exercising options.
He sold the shares for a total of NOK 27m ($2.5m), according to Oslo Stock Exchange filings.
The total exercise price was NOK 3m ($0.28m).
The expiration date of the options was in November 2025.
Svensen was appointed permanent CEO in January after being in interim charge since 2022.
Chief financial officer Peder Simonsen also exercised 200,000 options with a total exercise price of NOK 2.6m.
Simonsen sold 200,500 shares for NOK 27m. He held 500 shares previously.
The Golden Ocean stock is up around 38% this year amid a strong upturn for the bulker market.
Its shares have jumped almost 100% since they hit rock bottom in July.
On Monday, the shares closed at NOK 136. The market value of the company is NOK 27bn.
Svensen said earlier in March that the firm sees a strong market going forward.
“We’re focusing on low cash breakeven to be able, like we did in Q1, to have zero cover going into Q1. We believed that the market was going to be strong. We were able to tilt the whole fleet in the spot market to fully capture it,” Svensen said at a conference in Oslo.
“That’s a strategy we’re quite comfortable with. And we will continue with it going forward,” Svensen said.
