The world's largest listed owner of large-size dry-bulk vessels, Bermuda-incorporated Golden Ocean Group Ltd, has announced an unaudited net loss for the quarter to March 31.

The company said it had a loss of $44.1 million, or 22 cents per share, after reporting a net income of $39.0 million for the fourth quarter of 2024.

Peder Simonsen, chief executive and chief financial officer, said: “Our first-quarter results reflect a weaker market environment, with softer charter rates and lower trading activity impacting our performance, in addition to our intensive drydocking schedule.

“These headwinds were not unexpected given the seasonal slowdown and increased macroeconomic uncertainty, including the disruption caused by recently announced trade tariffs.

“Despite these challenges, the fundamentals underpinning dry-bulk shipping remain intact, in particular for the Capesize segment.

“Limited fleet growth, shifting trade patterns and infrastructure-led demand in key regions continue to support a constructive medium-term outlook.

“We continue to work towards the announced contemplated merger with CMB.Tech NV, while maintaining our focus on fleet enhancement, cost discipline and operational efficiency."

Adjusted earnings before interest, taxes, depreciation and amortisation of $12.7 million for the first quarter of 2025 compared with $69.9 million for the fourth quarter of 2024.

Adjusted net loss of $37.5 million for the first quarter of 2025 compared with adjusted net income of $12.7 million for the fourth quarter of 2024.

A total of $38.4 million in drydocking expense was recorded in the first quarter of 2025 compared with $34.3 million in the fourth quarter of 2024.

Reported time charter equivalent rates for Newcastlemax/Capesize and Kamsarmax/Panamax vessels were $16,827 per day and $10,424 per day respectively, and $14,409 per day for the entire fleet in the first quarter of the year.