Golden Ocean is a dry bulk shipping company that owns and operates a fleet of large vessels transporting commodities — primarily iron ore, coal, bauxite, and grain — on worldwide trade routes. As of early 2025, Golden Ocean operated 91 vessels, with Newcastlemax and Capesize vessels representing over 80% of total fleet capacity. Golden Ocean earns revenue by chartering its vessels to cargo operators — commodity traders, miners, and industrial buyers — either in the spot market or under time charter contracts. The key revenue metric is Time Charter Equivalent (TCE) rate, measuring daily net revenue per vessel after voyage costs. Golden Ocean actively manages its mix of spot and fixed-rate time charter exposure based on its market outlook. As of early 2025, roughly 55 vessels were in the spot market, 28 on index-linked time charters, and 8 on fixed-rate time charters. The dry bulk shipping market is cyclical, driven by commodity trade volumes, tonne-mile demand, and fleet supply. On the cost side, Golden Ocean's main expenses are vessel operating costs, drydocking, and finance costs. Management argues that a low cash breakeven rate allows Golden Ocean to remain profitable and pay dividends in weaker markets. Golden Ocean has been selectively selling older, smaller vessels while reinvesting in newer Capesize and Newcastlemax tonnage. Capital is returned to shareholders primarily through dividends, which have historically tracked close to 100% of net profit.