OSLO (Bloomberg) — Golden Ocean Group Ltd., Norwegian billionaire John Fredriksen's commodities shipping line, said the value of its fleet may rise after freight rates almost doubled this quarter.

The Baltic Dry Index, an overall measure of the cost of hauling commodities, has advanced to 4,340 points since closing at 2,220 on September 30.

"There has also been good activity in the medium to long term time charter market," Hamilton, Bermuda-based Golden Ocean said yesterday in a statement. "This could potentially lead to slightly higher asset values in the months to come," the statement said.

The price of a second-hand iron-ore-carrying capesize ship dropped 70 percent to $45.53 million in the second half of 2008 after a record decline in freight rates, according to data from the London-based Baltic Exchange.

Rates have recovered 25 percent this year as record Chinese imports of iron ore boosts utilization of the global fleet.

Golden Ocean said third-quarter net income fell to $75.6 million, or 17 cents a share, from $352.6 million or 37 cents, a year earlier. Sales fell to $113.2 million from $776.9 million.

The Baltic Dry Index averaged 2,811 points in the third quarter, down 22 percent on a year earlier.