Golden Ocean Group Ltd
Golden Ocean Group Limited owns and operates a fleet of dry bulk vessels. The company also transports bulk commodities, including ores, coal, grains, and fertilizers. Golden Ocean Group Limited was formerly knowns as Knightsbridge Shipping Limited and changed its name to Golden Ocean Group Limited in March 2015. The company incorporated in 1996 and is headquartered in Hamilton, Bermuda. As of Aug… Read more
Golden Ocean Group Ltd (GOGL) - Net Assets
Latest net assets as of March 2025: $1.83 Billion USD
Based on the latest financial reports, Golden Ocean Group Ltd (GOGL) has net assets worth $1.83 Billion USD as of March 2025.
Net assets (also known as shareholders' equity or book value) represent the difference between a company's total assets ($3.39 Billion) and total liabilities ($1.57 Billion). This figure indicates the residual interest in the assets after deducting liabilities, essentially showing what would remain for shareholders if all assets were liquidated and all debts paid off.
Key Net Assets Metrics
| Metric | Value |
|---|---|
| Current Net Assets | $1.83 Billion |
| % of Total Assets | 53.8% |
| Annual Growth Rate | 6.88% |
| 5-Year Change | 38.81% |
| 10-Year Change | 63.98% |
| Growth Volatility | 38.7 |
Golden Ocean Group Ltd - Net Assets Trend (1997–2024)
This chart illustrates how Golden Ocean Group Ltd's net assets have evolved over time, based on quarterly financial data. Explore and compare other companies by net assets.
Annual Net Assets for Golden Ocean Group Ltd (1997–2024)
The table below shows the annual net assets of Golden Ocean Group Ltd from 1997 to 2024.
| Year | Net Assets | Change |
|---|---|---|
| 2024-12-31 | $1.90 Billion | -1.14% |
| 2023-12-31 | $1.92 Billion | +0.25% |
| 2022-12-31 | $1.92 Billion | -0.61% |
| 2021-12-31 | $1.93 Billion | +40.91% |
| 2020-12-31 | $1.37 Billion | -9.56% |
| 2019-12-31 | $1.51 Billion | -0.66% |
| 2018-12-31 | $1.52 Billion | +1.97% |
| 2017-12-31 | $1.49 Billion | +20.61% |
| 2016-12-31 | $1.24 Billion | +6.91% |
| 2015-12-31 | $1.16 Billion | +31.03% |
| 2014-12-31 | $884.27 Million | +187.62% |
| 2013-12-31 | $307.44 Million | +10.71% |
| 2012-12-31 | $277.69 Million | -22.85% |
| 2011-12-31 | $359.93 Million | -4.25% |
| 2010-12-31 | $375.90 Million | +56.81% |
| 2009-12-31 | $239.71 Million | +7.83% |
| 2008-12-31 | $222.31 Million | +0.47% |
| 2007-12-31 | $221.28 Million | +23.49% |
| 2006-12-31 | $179.19 Million | -8.12% |
| 2005-12-31 | $195.03 Million | -14.78% |
| 2004-12-31 | $228.87 Million | +6.19% |
| 2003-12-31 | $215.53 Million | +3.30% |
| 2002-12-31 | $208.64 Million | -8.92% |
| 2001-12-31 | $229.08 Million | -17.37% |
| 2000-12-31 | $277.22 Million | +1.18% |
| 1999-12-31 | $273.98 Million | -6.23% |
| 1998-12-31 | $292.19 Million | -7.29% |
| 1997-12-31 | $315.16 Million | -- |
Equity Component Analysis
This analysis shows how different components contribute to Golden Ocean Group Ltd's total equity over time. Equity components include common stock, retained earnings, additional paid-in capital, and other elements.
Equity Composition Insights
- Retained earnings have grown by 1.9% over the analyzed period, indicating profitable operations and earnings retention.
Current Equity Component Breakdown (December 2024)
| Component | Amount | Percentage |
|---|---|---|
| Retained Earnings | $320.85 Million | 16.89% |
| Common Stock | $10.06 Million | 0.53% |
| Other Components | $1.57 Billion | 82.58% |
| Total Equity | $1.90 Billion | 100.00% |
Golden Ocean Group Ltd Competitors by Market Cap
The table below lists competitors of Golden Ocean Group Ltd ranked by their market capitalization.
| Company | Market Cap |
|---|---|
|
Astra Microwave Products Limited
NSE:ASTRAMICRO
|
$794.94 Million |
|
Gentherm Inc
NASDAQ:THRM
|
$795.04 Million |
|
KMDHF
PINK:KMDHF
|
$795.10 Million |
|
Coty Inc
NYSE:COTY
|
$795.24 Million |
|
Wuxi Hyatech Co. Ltd. A
SHG:688510
|
$794.52 Million |
|
Ningbo Construction Co Ltd
SHG:601789
|
$793.61 Million |
|
Ennostar Inc
TW:3714
|
$793.47 Million |
|
Da An Gene Co Ltd of Sun Yat-Sen University
SHE:002030
|
$793.09 Million |
Equity Growth Attribution
This analysis shows how different factors contributed to changes in Golden Ocean Group Ltd's equity between the two most recent reporting periods.
Equity Growth Insights
- From 2023 to 2024, total equity changed from 1,921,891,000 to 1,899,977,000, a change of -21,914,000 (-1.1%).
- Net income of 223,214,000 contributed positively to equity growth.
- Dividend payments of 239,913,000 reduced retained earnings.
- Share repurchases of 5,737,000 reduced equity.
Equity Change Factors (2023 to 2024)
| Factor | Impact | Contribution |
|---|---|---|
| Net Income | $223.21 Million | +11.75% |
| Dividends Paid | $239.91 Million | -12.63% |
| Share Repurchases | $5.74 Million | -0.3% |
| Other Changes | $522.00K | +0.03% |
| Total Change | $- | -1.14% |
Book Value vs Market Value Analysis
This analysis compares Golden Ocean Group Ltd's book value (net assets) with its market value over time. The relationship between these values can provide insights into investor sentiment and company valuation.
Valuation Insights
- Current price-to-book ratio: 0.84x
- The company is trading below its book value, potentially indicating the market believes the assets are overvalued on the balance sheet or anticipates future losses.
- The price-to-book ratio has increased from 0.07x to 0.84x over the analyzed period, suggesting growing market confidence.
Historical Price-to-Book Ratios
| Date | Book Value per Share | Market Price | P/B Ratio |
|---|---|---|---|
| 1997-12-31 | $119.81 | $7.98 | x |
| 1998-12-31 | $78.68 | $7.98 | x |
| 1999-12-31 | $73.77 | $7.98 | x |
| 2000-12-31 | $74.64 | $7.98 | x |
| 2001-12-31 | $61.68 | $7.98 | x |
| 2002-12-31 | $56.18 | $7.98 | x |
| 2003-12-31 | $58.03 | $7.98 | x |
| 2004-12-31 | $61.63 | $7.98 | x |
| 2005-12-31 | $52.49 | $7.98 | x |
| 2006-12-31 | $48.19 | $7.98 | x |
| 2007-12-31 | $59.57 | $7.98 | x |
| 2008-12-31 | $59.85 | $7.98 | x |
| 2009-12-31 | $64.54 | $7.98 | x |
| 2010-12-31 | $90.52 | $7.98 | x |
| 2011-12-31 | $67.43 | $7.98 | x |
| 2012-12-31 | $52.05 | $7.98 | x |
| 2013-12-31 | $54.88 | $7.98 | x |
| 2014-12-31 | $77.41 | $7.98 | x |
| 2015-12-31 | $38.28 | $7.98 | x |
| 2016-12-31 | $13.01 | $7.98 | x |
| 2017-12-31 | $11.95 | $7.98 | x |
| 2018-12-31 | $10.55 | $7.98 | x |
| 2019-12-31 | $10.52 | $7.98 | x |
| 2020-12-31 | $9.53 | $7.98 | x |
| 2021-12-31 | $10.00 | $7.98 | x |
| 2022-12-31 | $9.53 | $7.98 | x |
| 2023-12-31 | $9.59 | $7.98 | x |
| 2024-12-31 | $9.50 | $7.98 | x |
Capital Efficiency Dashboard
This dashboard shows how efficiently Golden Ocean Group Ltd utilizes its equity to generate returns, including Return on Equity (ROE) and its components based on the DuPont analysis framework.
Capital Efficiency Insights
- Current Return on Equity (ROE): 11.75%
- The company shows good efficiency in utilizing shareholder equity.
- DuPont Analysis Breakdown:
- • Net Profit Margin: 23.05%
- • Asset Turnover: 0.29x
- • Equity Multiplier: 1.78x
- Recent ROE (11.75%) is above the historical average (9.63%), indicating improving capital efficiency.
Historical Capital Efficiency Metrics
| Year | Return on Equity | Net Profit Margin | Asset Turnover | Equity Multiplier | Economic Value Added |
|---|---|---|---|---|---|
| 1997 | 6.18% | 46.23% | 0.09x | 1.45x | $-12.04 Million |
| 1998 | 5.95% | 38.60% | 0.11x | 1.47x | $-11.83 Million |
| 1999 | 4.59% | 31.22% | 0.10x | 1.47x | $-14.83 Million |
| 2000 | 17.58% | 63.83% | 0.19x | 1.46x | $21.00 Million |
| 2001 | 14.81% | 55.12% | 0.17x | 1.60x | $11.01 Million |
| 2002 | 6.02% | 31.16% | 0.12x | 1.67x | $-8.31 Million |
| 2003 | 22.02% | 63.07% | 0.22x | 1.62x | $25.91 Million |
| 2004 | 37.51% | 63.26% | 0.37x | 1.60x | $62.95 Million |
| 2005 | 22.54% | 43.89% | 0.31x | 1.66x | $24.46 Million |
| 2006 | 25.51% | 43.24% | 0.35x | 1.68x | $27.80 Million |
| 2007 | 38.34% | 96.23% | 0.26x | 1.55x | $62.71 Million |
| 2008 | 21.62% | 57.96% | 0.25x | 1.49x | $25.82 Million |
| 2009 | 9.04% | 32.20% | 0.18x | 1.56x | $-2.29 Million |
| 2010 | 10.26% | 40.21% | 0.18x | 1.44x | $966.90K |
| 2011 | 9.07% | 34.55% | 0.18x | 1.45x | $-3.34 Million |
| 2012 | -19.24% | -143.18% | 0.09x | 1.43x | $-81.20 Million |
| 2013 | -1.27% | -10.40% | 0.09x | 1.33x | $-34.65 Million |
| 2014 | 1.81% | 16.54% | 0.08x | 1.43x | $-72.43 Million |
| 2015 | -19.06% | -116.46% | 0.09x | 1.88x | $-336.70 Million |
| 2016 | -10.31% | -49.54% | 0.11x | 1.91x | $-251.58 Million |
| 2017 | -0.16% | -0.51% | 0.16x | 1.92x | $-151.75 Million |
| 2018 | 5.55% | 12.88% | 0.22x | 1.94x | $-67.82 Million |
| 2019 | 2.46% | 5.27% | 0.24x | 1.96x | $-114.15 Million |
| 2020 | -10.06% | -22.65% | 0.22x | 1.99x | $-274.54 Million |
| 2021 | 27.33% | 43.82% | 0.35x | 1.79x | $334.34 Million |
| 2022 | 24.09% | 41.48% | 0.34x | 1.70x | $270.14 Million |
| 2023 | 5.84% | 12.67% | 0.25x | 1.82x | $-79.92 Million |
| 2024 | 11.75% | 23.05% | 0.29x | 1.78x | $33.22 Million |
Industry Comparison
This section compares Golden Ocean Group Ltd's net assets metrics with peer companies in the Marine Shipping industry.
Industry Context
- Industry: Marine Shipping
- Average net assets among peers: $7,377,691,596
- Average return on equity (ROE) among peers: 27.78%
Peer Company Comparison
| Company | Net Assets | Return on Equity | Debt-to-Equity | Market Cap |
|---|---|---|---|---|
| Golden Ocean Group Ltd (GOGL) | $1.83 Billion | 6.18% | 0.86x | $794.93 Million |
| Algoma Central Corporation (AGMJF) | $379.05 Million | 13.84% | 0.41x | $198.30 Million |
| AP Moeller - Maersk A/S A (AMKAF) | $28.68 Billion | 12.70% | 1.24x | $11.30 Billion |
| A.P. Møller - Mærsk A/S (AMKBF) | $42.23 Billion | 11.88% | 0.63x | $12.49 Billion |
| Ardmore Shpng (ASC) | $574.44 Million | 20.33% | 0.20x | $527.72 Million |
| American Shipping Company ASA (ASCJF) | $195.64 Million | 3.63% | 3.55x | $11.92 Million |
| Britannia Bulk Holdings Inc (BBLKF) | $32.06 Million | 25.73% | 1.21x | $9.78 |
| Braemar Shipping Services Plc (BSEAF) | $41.53 Million | 23.53% | 1.15x | $79.62 Million |
| BW LPG Limited (BWLP) | $1.59 Billion | 30.75% | 0.59x | $1.23 Billion |
| Caravelle International Group Ordinary Shares (CACO) | $10.02 Million | 122.03% | 2.55x | $12.08 Million |
| Capital Clean Energy Carriers Corp. (CCEC) | $49.40 Million | 13.38% | 3.38x | $174.42 Million |