Golden Ocean has repurchased its third tranche of shares this week and the company's chief commercial officer has also added to his shareholding.
The Oslo-listed bulker owner today purchased 50,000 shares at an average price of NOK 39.95 per share, or around NOK 2m in total, according to an exchange filing.
Prior to this week, Golden Ocean's last buyback transaction was seen on 15 January, shortly before the Brumadinho dam disaster in Brazil on 25 January, which depressed capesize markets and equities.
Thomas Semino, Golden Ocean's chief commercial officer, has exercised his options to buy a total of 50,000 Golden Ocean shares at the same price.
His holding in the company now stands at 50,000 shares and 50,000 options.
The last purchase of Golden Ocean stock by insiders was seen in late March, when John Fredriksen's Hemen Holding bought 50,000 shares.
Earlier this week
The Fredriksen-backed company has been active in repurchasing its shares this week.
On Tuesday, Golden Ocean spent around NOK 2.2m buying 50,000 of its shares at the higher price of NOK 44.68 each.
The company bought a further 75,000 shares on Wednesday for around NOK 3.2m or NOK 42.79 per share.
The Birgitte Vartdal-led company commenced the share buyback programme on 20 December and has repurchased shares in numerous separate transactions since then, all on the Oslo Stock Exchange.
The company has until 20 December 2019 to repurchase up to 5.48m shares remaining in the $54m repurchase plan.
Golden Ocean’s board has authorised the company to pay a maximum of $9 per share or the equivalent in NOK (currently NOK 78.8).
After the market close in Oslo today, Golden Ocean shares were trading at NOK 39.98.
In New York, shares were trading on the Nasdaq at $4.56 at 09:50am.
