Golden Ocean Group Extends Share Buy-Back Program for Another 12 Months

Golden Ocean Group Limited, a leading dry bulk shipping company, has announced the extension of its share buy-back program for an additional 12 months. The program, initially established in October 2022, has proven successful, with the company repurchasing a total of 1,507,328 shares for a consideration of $11,629,758.

Under the program, Golden Ocean Group has repurchased 741,900 shares at an average price of $7.84 per share on the Nasdaq, and 765,428 shares at an average price of NOK 81.2 on the Oslo Stock Exchange. The company will continue to execute and report buy-backs in accordance with the disclosure requirements of the Oslo Stock Exchange.

Lars-Christian Svensen, the Interim Chief Executive Officer, expressed the company’s commitment to its shareholders’ interests. He stated, “The volatility in capital markets and dry bulk freight sentiment continues, and our share is trading at a discount to underlying substance values. We believe it is in the shareholders’ interest to extend the authorization to repurchase our common stock as part of its capital allocation strategy.”

Svensen further highlighted the company’s focus on long-term dividends and the opportunistic utilization of the extended program. Over the past 12 months, Golden Ocean Group has successfully repurchased 1.5 million shares at attractive levels.

The decision to extend the share buy-back program reflects the company’s confidence in its capital allocation strategy and its commitment to enhancing shareholder value. The timing and amount of any future repurchases will be determined based on various factors, including market conditions, stock price, and alternative uses of capital.

Golden Ocean Group Limited is headquartered in Hamilton, Bermuda, and operates in the global dry bulk shipping industry. The company’s extension of the share buy-back program demonstrates its dedication to maximizing shareholder returns and capitalizing on market opportunities.