The JohnFredriksen-controlled bulker company as had a secondary listing in the LionRepublic since March 2010.
"Thevolume of shares traded on SGX is very limited and the company would like tosimplify its operation and reduce cost,” it said Friday.
“Thecompany’s presence in Asia on the shipping side is increasing and would not be affectedby this delisting.”
News of the possible de-listing came as GoldenOcean reported a near 50% year-on-year increase in first quarter net profit to$10.1m.
The Oslo-listedshipowner was boosted by a 36% increase in revenue to $74.2m, but this wasoffset by a 45% increase in costs to $65m.
Capesizevessels earned on average $16,300 per day during the first quarter, andexperienced strong volatility ranging from $7,900 per day to $35,000 per day,while panamaxes earned on average $10.425 per day with less volatility.
“Themarket performed better than most forecasters predicted, given that iron ore stockpilesin the major Chinese ports were high by the end of last year,” Golden Oceansaid.
“Wehave witnessed some draw down of inventories in recent weeks and the capesizespot market in particular has reacted accordingly.”
GoldenOcean said China imported 240mt of iron ore during the first quarter, 20% more thanthe same quarter last year, while coal imports were up 9.5% at 71mt.
“Preliminary data is indicating an overallvolume growth in seaborne dry bulk trade of 6% for the first three months of2014 against a net fleet growth of about 5%.”
Golden Ocean said Aprilsaw both spot and forward markets have been under pressure, but it added that mostanalysts remain confident that the fundamentals should cater for a marketupswing within the next few months.
