Improved market conditions and an expanded fleet have prompted Bermuda-based dry bulk shipping company Golden Ocean Group Ltd to terminate a joint venture entered into five years ago.

The relationship with Capesize Chartering Ltd coordinated the Capesize spot chartering services of Golden Ocean, as well as global ship manager Starbulk, ship management service provider CTM and dry goods transportation company Bocimar.

The Capesize is the largest class of bulk ship.

Ulrik Andersen, chief executive officer of Golden Ocean Management AS, said: "We have enjoyed our close co-operation with our CCL partners over the last five years. CCL was formed in 2016 to achieve greater commercial scale amid a challenging commercial environment.

“Since then, the market has improved, and Golden Ocean has significantly expanded and modernised its fleet, most recently with the acquisition of 18 modern dry bulk vessels.

“We believe Golden Ocean has the critical mass to achieve the benefits of scale outside of the joint venture. With all of our vessels managed by a single commercial management platform, Golden Ocean will have better control of the commercial strategy, as well as coming closer to our customers.

“Backed by a strong commercial team, we believe that Golden Ocean will be better positioned to maximise the value of our platform.”

Golden Ocean owns or controls a modern fleet of 94 vessels with an average age of approximately six years.

The company owns 56 Capesize vessels making it the largest publicly listed owner of this vessel class.

Golden Ocean is listed on the Nasdaq and Oslo Stock Exchange under the symbol ‘GOGL’.