Golden Ocean wasted no time in buying back shares after announcing its $54m repurchasing plan last week.
After four rounds of buybacks, all on the Oslo Stock Exchange, the Norwegian bulker owner now owns 445,000 of its own shares.
The first buy came last Thursday, after the plan was announced. Then, the Birgitte Vartdal-led company bought 170,000 shares at NOK 50.43 ($5.78). The next day, it bought 150,000 at $5.89.
This week, Golden Ocean bought 75,000 of its own shares at $5.84 on Thursday and 50,000 at $6.02 Friday.
The company, per the terms of the buyback agreement, can buy 6 million of its own stock at a maximum of $9, or NOK 78.52, per share.
The company has until 20 December 2019 to repurchase the remaining 5.5 million shares left on the plan.
After the close in Oslo Friday, Golden Ocean shares were trading at NOK 52.35, or $6. In New York midday, shares were trading at $6.05.
