LONDON (Bloomberg) - Golden Ocean Group, a commodity shipping line led by Norwegian billionaire John Fredriksen, climbed as much as 5.3 percent in Oslo trading after third quarter profit more than tripled.

The shares gained as much as 2.05 Norwegian kroner (38 cents) to 40.75 kroner and were up 3.3 percent at 40 kroner. in Oslo, valuing the Bermuda-based shipping line at 10.8 billion kroner.

Profit is soaring for commodity shipping lines as China's demand for raw materials pushes vessel-hire rates to a record. Golden Ocean has a "chartering backlog" of $525 million and has sold assets worth $783 million, it said yesterday.