LONDON (Bloomberg) — Bermuda-based Golden Ocean Group Ltd., a commodity-shipping line controlled by Norwegian billionaire John Fredriksen, lost $15 million on wrong-way bets on the cost of renting vessels.The shipping line, which incorrectly predicted ship-rental prices would fall, assigned a $7 million loss to the second quarter, Golden Ocean said yesterday in a statement to the Oslo stock exchange. The remainder was assigned to its valuations of future positions.

Part of the loss was due to "hedging" the rates its vessels earned, the company said. Golden Ocean expects the loss to be offset in the future by increased rates for renting out its carriers.