Golden Ocean Group Limited, the world's largest listed owner of large-size dry bulk vessels, has posted a net loss of $8.8 million for the first quarter of 2023, after earning $68.2 million for the fourth quarter of 2022.

The company agreed in February to acquire six modern Newcastlemax vessels, three of which have already been delivered. It is being partially financed by a $233.0 million two-year credit facility.

The company is selling two older Capesize vessels, Golden Feng and Golden Shui, for an aggregate net sale price of $43.6 million.

An $80.0 million facility is partially financing four Kamsarmax newbuildings being delivered during the second quarter of 2023.

The company has taken delivery of the first of ten Kamsarmax newbuildings under construction.

The fifth consecutive annual environmental, social and governance report notes a 9.1 per cent drop in CO2 emissions since 2019, a big step towards the goals of reaching 15 per cent by 2026 and 30 per cent by 2030.

The company expects higher demand and stronger freight rates over the next two years.

Ulrik Andersen, the chief executive, spoke about how freight rates had already rebounded from the seasonal quarter one weakness, with the improving Chinese economy driving better rate performance.

The company took advantage of Q1 soft asset prices to buy six modern and high-efficient vessels. It will mean 34 vessels in two years, bringing down the average age of the fleet to just 6.5 years.

He said: “The company has a proven track record of generating healthy cashflows due to our industry-leading cash break-even levels and the fuel efficiency of our fleet.

”This provides a unique level of downside protection in periods of market weakness.

“Equally important, it supports our mission to deliver value to our shareholders through consistent dividends in the strong markets we expect in the coming years.”