Golden Ocean Group is adding 10 vessels to its operated bulker fleet.
The owner, which is part of John Fredriksen’s stable of companies, will take on commercial management of newcastlemax newbuildings from the shipping tycoon's private vehicle, Seatankers.
“We cannot have these ships competing with Golden Ocean,” Fredriksen told TradeWinds in an exclusive interview.
Seatankers has ordered four 210,000-dwt units at Bohai Shipbuilding Heavy Industry. Two are set for delivery this year and two in 2020.
Six newcastlemaxes of 208,000 dwt have been booked at New Times Shipbuilding. One is set for delivery this year and the other five are due in 2020.
None of the 10 newbuildings have charters attached, as Fredriksen prefers a spot-oriented policy.
Golden Ocean today has a fleet of 46 capesizes, 29 of which are operating in the spot market or on charters with index-linked rates.
Seatankers ordered its 10 newcastlemaxes in 2017 at $44m to $45m each, and they could probably be resold for $10m more per vessel.
Fredriksen’s former partner Tor Olav Troim and his 2020 Bulkers have ordered eight newcastlemaxes at New Times for about the same price.
Capesize market 'bombed out'
Fredriksen is unhappy with the state of the capesize market, where owners are satisfied if they can cover operating costs. “This market is bombed out,” the frustrated shipowner said.
US and Oslo-listed Golden Ocean is a member of the Capesize Chartering pool, and Fredriksen said he is happy with the venture.
The spot pool’s other members are Star Bulk Carriers, C Transport Maritime and Bocimar.
Fredriksen said the poor market has led the pool to conduct slow-steaming of ships.
Capesize Chartering was launched in January 2016, when rates were just $3,000 per day, leading it to consider laying up ships early that year.
Fredriksen said the pool members have not considered laying up tonnage so far this year.
Capesize Chartering, currently with 78 ships, is described as a “light pool”, which gives members greater flexibility.
