LONDON (Bloomberg) — Bermuda-based Golden Ocean Group Ltd., Norwegian billionaire John Fredriksen's commodities shipping line, posted a threefold profit increase after spending less on hiring ships and said it expects better results in 2010.

Net income for the fourth quarter advanced to $23.8 million from $6.4 million a year ago, Golden Ocean said in a statement yesterday. While sales fell 34 percent to $83.1 million, Golden Ocean cut charter hire expenses, the amount it pays to rent other owners' ships, by 71 percent to $31.7 million.

Golden Ocean has adopted a "conservative approach to chartering and acquisitions," meaning it has leased a "high" proportion of its fleet on long-term contracts to earn a fixed income.

That means that even if charter rates fell to zero, it would generate $45 million in "positive net cash flow" this year, it said. That will help the company produce stronger operating results in 2010 than in 2009, it said.