Golden Ocean Group Limited's Competitiveness
A competitive positioning analysis and financial ratio benchmarking of Golden Ocean Group Limited (GOGL) against its publicly traded competitors: sales growth, net income, profitability, valuation and market share, plus each peer's market capitalization, revenue, income and employees. Free below: the top 5 peers. Subscriber access adds the full competitor list and CSV downloads.
Key Findings: Golden Ocean Group Limited vs Its Competitors
- TTM: Trailing 12-month revenue of 968M vs 12,538M combined for tracked competitors (7.2% combined share).
- Trending: Latest-quarter revenue run-rate is accelerating (+300.0% annualized vs trailing 12 months), vs accelerating (+285.1%) for its tracked peer group.
- Growth: Golden Ocean Group Limited generated 9.3% revenue growth year over year in Q4 2024, vs 3.2% for its tracked competitors combined.
- Profitability: Its 23.1% net margin compares with 23.2% for the peer group.
- Scale: Golden Ocean Group Limited ranks #9 of 20 companies by market capitalization in the Cruise and Shipping industry, holding 2.5% of industry market cap.
- Peer revenue share: Golden Ocean Group Limited accounted for 7.4% of combined revenue among its tracked peer group, up from 7.0% a year earlier.
- Peer differentiation: Revenue per employee of $0.65M compares with $0.86M for the peer group (0.8x).
Every figure above is sourced and cited in detail further down this page (Market Structure, Profitability & Cost Structure, Productivity vs Peers).
GOGL Sales vs. its Competitors, Q4 2024
Golden Ocean Group Limited reported revenue growth of 9.33 % year on year in Q4 2024, above its competitors' combined revenue growth of 3.19 %.
With a net margin of 23.05 %, Golden Ocean Group Limited reported lower profitability than its competitors (23.17 %).
Golden Ocean Group Limited generated 7.43 % of the combined sales of its peer group, up from 7.04 % a year earlier.
Golden Ocean Group Limited vs. its Competitors, Q4 2024
Revenue growth, year on year
Net income growth, year on year
Net margin
Revenue run-rate vs trailing 12 months
TTM net margin
TTM = trailing twelve months. Run-rate annualizes the latest quarter (×4) and compares it to TTM. In millions of $. High-Confidence Competitors are named as a competitor directly in an SEC filing; Similar-Size Competitors are the closest peers by market-cap rank within the same industry; Similar Growth & Profitability Competitors are the closest peers by combined revenue growth, operating margin and ROIC, all independent of the competitor list.
TTM revenue, latest-quarter run-rate and net income/margin benchmarked across Golden Ocean Group Limited and its 4 competitor groupings. Available under Commercial License.
| Entity | TTM Revenue | Rev Run-rate vs TTM |
|---|---|---|
| Golden Ocean Group Limited | $12,345M | +12.3% · Accelerating |
| Competitors combined | $12,345M | +12.3% · Accelerating |
| Similar-Size Competitors (9) | $12,345M | +12.3% · Accelerating |
TTM revenue, run-rate and net margin benchmarking across Golden Ocean Group Limited's competitor groups requires a Commercial License.
For context: the Cruise and Shipping industry grew revenue 9.0% year over year, combined, vs 9.3% for Golden Ocean Group Limited. Golden Ocean Group Limited's share of combined industry revenue moved from 1.63% to 1.64%, a gain of 0.00 percentage points.
Golden Ocean Group Limited's Competitor Quality Breadth
Share of each group, trailing 12 months: profitable (net margin > 0), expanding (revenue growth > 0), growing faster than the industry's own median, and financially distressed (Piotroski F-Score of 2 or below).
| Entity | Profitable | Expanding | Above Industry Growth | Distressed |
|---|---|---|---|---|
| Golden Ocean Group Limited | - | - | - | - |
| Competitors combined (23) | ||||
| Similar-Size Competitors (9) |
Source: CSIMarket API, trailing 12 months. Altman Z-Score is not shown here: it is not populated in the underlying data for any company. Percentages are of companies in each group that report the relevant metric, not of the full group size.
GOGL Stock Performance relative to its Competitors
GOGL Stock Performance relative to Similar-Size Competitors
5 Best-Performing Tracked Competitors, Trailing 12 Months
| # | Competitor | TTM Share Price Return | vs U.S.A. 500 |
|---|---|---|---|
| 1 | Nordic American Tankers Ltd | 282.9% | Outperformed |
| 2 | Frontline Plc | 282.9% | Outperformed |
| 3 | Navios Maritime Partners L p | 282.9% | Outperformed |
| 4 | Teekay Tankers Ltd | 282.9% | Outperformed |
| 5 | Safe Bulkers Inc | 282.9% | Outperformed |
TTM share price return and U.S.A. 500 outperformance for Golden Ocean Group Limited's best-performing tracked competitors requires a Commercial License.
Source: CSIMarket API, trailing 12 months.
Golden Ocean Group Limited's Comment on Competition and Industry Peers
Publicly Traded Peers of Golden Ocean Group Limited
Revenue and income for trailing 12 months, in millions of $, except employees| Company | Market Cap | Revenues |
|---|---|---|
| Golden Ocean Group Limited | 4,706.83 | 968.42 |
| Frontline Plc | 5,484.32 | 1,971.17 |
| Golar Lng Limited | 5,203.15 | 393.52 |
| Star Bulk Carriers Corp | 3,388.74 | 1,042.50 |
| Teekay Tankers Ltd | 3,375.31 | 951.80 |
| Navios Maritime Partners L p | 2,577.28 | 1,344.14 |
| SUBTOTAL | 39,402.66 | 14,450.21 |
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Sources: Golden Ocean Group Limited's official press releases and regulatory filings; CSIMarket.com's market research; and the financial filings and press releases of the other companies cited.
Updated on:
Focus of this report: publicly traded companies. Ten additional tables on Golden Ocean Group Limited versus competitors, including market share analysis, are in the navigation menu under Competition. To download the tables, please subscribe.
Golden Ocean Group Limited's Competitors Named by the Company
Competitive relationships identified from SEC filings and corroborating sources, each with a basis and confidence.| Competitor | Basis | Confidence |
|---|---|---|
| Star Bulk Carriers Corp | Named by the company | 85% |
| Navios Maritime Partners L p | Named by the company | 85% |
| Freeseas Inc. | Named by the company | 85% |
| Nordic American Tankers Ltd | Named by the company | 85% |
| Eagle Bulk Shipping Inc | Named by the company | 85% |
| Pangaea Logistics Solutions Ltd | Named by the company | 85% |
| Navigator Holdings Ltd | Named by the company | 85% |
| Genco Shipping and Trading Limited | Named by the company | 85% |
| Navios Maritime Holdings Inc | Named by the company | 85% |
| Euroseas Ltd | Named by the company | 85% |
| Ardmore Shipping Corp | Named by the company | 85% |
Filing basis, confidence, active dates and source counts for Golden Ocean Group Limited's named competitors require a Commercial License.
Methodology: relationships are extracted from SEC filings (named-competitor disclosures) and corroborating sources. Named by the company = explicitly disclosed as a competitor; Inferred = derived from corroborating signals. Confidence reflects evidence strength.
Golden Ocean Group Limited's Business Segment Mix vs Peers
Revenue by operating segment or division, as named and reported by each company. Segment names are the filer's own and are not standardized across companies. Do not assume a same-named or similarly-named segment is defined identically between two companies. Shares are of each company's own total revenue and are not required to sum to 100% (intersegment revenue, unallocated items).| Company | Largest Segment |
|---|---|
| Golar Lng Limited | FLNG 93.19 % |
| Teekay Tankers Ltd | Tankers 86.57 % |
| Teekay Corporation Ltd | Tankers 86.78 % |
| Whole Earth Brands Inc | Branded CPG 76.51 % |
| Top Ships Inc | Tanker Segment 94.59 % |
Source: operating segment revenue as reported in each company's SEC filings (10-K/10-Q), via the CSIMarket API, leaf-level reportable segments only (parent roll-up segments are excluded where sub-segments are separately disclosed).
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Golden Ocean Group Limited's Productivity vs Peers Comparison
Revenue and income per employee, trailing 12 months, in $; market cap in millions of $| Company | Market Cap | Revenue / Employee | Income / Employee |
|---|---|---|---|
| Golden Ocean Group Limited | 4,707 | 649,946 | 149,808 |
| Frontline Plc | 5,484 | 25,599,649 | 4,923,130 |
| Golar Lng Limited | 5,203 | 504,515 | 144,328 |
| Star Bulk Carriers Corp | 3,389 | 3,545,915 | 286,306 |
| Teekay Tankers Ltd | 3,375 | 38,071,880 | 14,047,440 |
| Navios Maritime Partners L p | 2,577 | 1,344,143 | 285,334 |
| PEERS TOTAL | 34,696 | 863,387 | 166,443 |
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Golden Ocean Group Limited's Geographic Revenue Exposure vs Peers
Revenue by country/region as reported in each company's most recent filing. Disclosure granularity varies by filer (some report by country, others by broad region) and is shown as disclosed.| Company | Largest Market |
|---|---|
| Singularity Future Technology Ltd | CN 100.00 % |
Source: revenue geography as reported in each company's SEC filings (10-K/10-Q), via the CSIMarket API. Percentages are of that company's own total consolidated revenue for its most recent reported period.
Golden Ocean Group Limited's Position in Industry Market Structure
Market-capitalization share and concentration across all 19 companies in Golden Ocean Group Limited's industry classification, broader than the peer set above. Market cap in millions of $.Golden Ocean Group Limited ranks #9 of 19 companies by market capitalization in its industry, holding 2.49 % of total industry market cap. The industry's Herfindahl-Hirschman Index (HHI) is 2,183, indicating a moderately concentrated market structure (U.S. antitrust guidance: below 1,500 unconcentrated, 1,500 to 2,500 moderately concentrated, above 2,500 highly concentrated).
| Rank | Company | Market Cap | Industry Share |
|---|---|---|---|
| 1 | Royal Caribbean Cruises Ltd | 71,319 | 37.92 % |
| 2 | Viking Holdings Ltd | 34,968 | 18.59 % |
| 3 | Carnival Corporation | 34,062 | 18.11 % |
| 4 | Kirby Corporation | 7,048 | 3.75 % |
| 5 | Norwegian Cruise Line Holdings ltd | 1,234 | 5.2% |
| 6 | Matson inc | 1,234 | 5.2% |
| 7 | International Seaways Inc | 1,234 | 5.2% |
| 8 | Golar Lng Limited | 1,234 | 5.2% |
| 9 | Golden Ocean Group Limited | 4,691 | 2.49 % |
| 10 | Tidewater Inc | 1,234 | 5.2% |
Market cap and industry share for the rest of Golden Ocean Group Limited's industry peers requires a Commercial License.
Source: CSIMarket API (daily market-structure computation) across CSIMarket's industry classification, market capitalization as of 2026-09-30.
Golden Ocean Group Limited's Same-Size Peers & Stock Performance
Peers chosen by closeness in market-cap rank within the same industry classification (not the named-competitor list above). Trailing 12-month total return, 3-month price momentum, beta and Sharpe ratio vs the broad U.S. market.| Rank | Company | Market Cap | TTM Return |
|---|---|---|---|
| 4 | Kirby Corporation | 7,048 | 55.62 % |
| 5 | Norwegian Cruise Line Holdings ltd | 6,801 | -39.43 % |
| 6 | Matson inc | 6,655 | 124.36 % |
| 7 | International Seaways Inc | 5,491 | 144.55 % |
| 8 | Golar Lng Limited | 1,234 | 12.3% |
| 9 | Golden Ocean Group Limited | 4,691 | 116.17 % |
| 10 | Tidewater Inc | 1,234 | 12.3% |
| 11 | Teekay Tankers Ltd | 1,234 | 12.3% |
| 12 | Nordic American Tankers Ltd | 1,234 | 12.3% |
| 13 | Flex Lng Ltd | 1,234 | 12.3% |
| 14 | Costamare Bulkers Holdings Limited | 1,234 | 12.3% |
Market cap, return, momentum, beta and Sharpe ratio for the rest of Golden Ocean Group Limited's same-size peers requires a Commercial License.
Source: CSIMarket API (daily market-structure computation); returns and risk metrics as of 2026-09-30. Beta and Sharpe ratio are versus the broad U.S. equity market, not this industry.
Golden Ocean Group Limited's BCG Growth-Share Matrix
Relative market share (vs Golden Ocean Group Limited's largest competitor by market cap) against industry revenue growth, using the standard textbook thresholds (1.0x share, 10% growth) a common framework, not a precision instrument.
Golden Ocean Group Limited falls in the Dog quadrant: relative market share of 0.07x vs its largest competitor, in an industry growing revenue -0.2% (median, trailing 12 months).
Source: CSIMarket API (market-cap share and industry revenue growth). The 10% growth and 1.0x share lines are standard textbook thresholds, not derived from this industry's own distribution. A caveat worth reading alongside this chart: Royal Caribbean Cruises Ltd alone holds 38% of this industry's market cap. In an industry this dominated by one leader, the framework will place nearly every OTHER company in "Dog" or "Question Mark" purely because relative share is measured against that leader, regardless of how strong those other companies actually are on their own fundamentals. Check the Profitability, Valuation and Financial Strength sections above before treating this quadrant label as a verdict.
Golden Ocean Group Limited's Competitive Forces (Porter's Five Forces)
Only the forces this data can support honestly are shown; the other three are marked as such rather than guessed.| Force | Assessment | Basis |
|---|---|---|
| Competitive Rivalry | Moderate | Industry HHI of 2,183 (see Industry Market Structure & Concentration above) |
| Supplier Power | Not covered on this page | See Golden Ocean Group Limited's dedicated suppliers page for concentration and dependency data |
| Buyer Power | Not covered on this page | See Golden Ocean Group Limited's dedicated customers page for concentration and dependency data |
| Threat of Substitutes | - | No systematic data source for cross-product substitution exists in this system; not estimated |
Note: this is a partial, data-grounded application of the framework, not a complete strategic assessment. Rivalry and barriers-to-entry readings are mechanical translations of the HHI and capital-intensity figures shown elsewhere on this page, not independent judgments.
Golden Ocean Group Limited's Industry Attractiveness & Competitive Strength
A CSIMarket composite, not a standard field: each axis is an equal-weighted average of three factors already shown elsewhere on this page (industry growth, industry profitability and rivalry for attractiveness; relative market share, profitability and growth vs industry for strength). Disclosed as a designed methodology, not a precision measurement.
Golden Ocean Group Limited falls in the Low attractiveness / Low strength cell: Harvest / Divest.
Source: CSIMarket API, trailing 12 months. Each axis score is a simple 1(low)/2(medium)/3(high) average across its three inputs -- a transparent, disclosed simplification, not a validated academic scoring model.
Golden Ocean Group Limited's SWOT
Every point below is a fixed rule applied to a metric already shown elsewhere on this page (Market Structure, Profitability, Valuation, Run-Rate, Stock Performance, Quality Breadth) not an independent strategic assessment. A blank quadrant means no rule was met, not that none apply.Strengths
- Latest-quarter revenue run-rate is accelerating (+300.0% annualized vs trailing 12 months).
- Outperforming the U.S.A. 500 over the trailing 12 months.
Weaknesses
- Low relative market share vs the industry leader (0.07x).
Opportunities
- A meaningful share of tracked competitors (31.80 %) show financial-distress signals, a possible opening to gain share.
Threats
- Industry dominated by Royal Caribbean Cruises Ltd, holding 37.92 % of industry market cap.
Methodology: mechanical, rule-based SWOT. Each bullet reuses a figure already sourced and cited elsewhere on this page; nothing here is generated narrative or independent analyst judgment.
Golden Ocean Group Limited's Financial Strength vs Peers Comparison
Quick ratio, working capital, debt to equity and asset turnover, trailing 12 months| Company | Quick Ratio | Working Capital | Debt / Equity |
|---|---|---|---|
| Golden Ocean Group Limited | 0.55 | 1.22 | 0.75 |
| Frontline Plc | 0.51 | 1.43 | 1.09 |
| Golar Lng Limited | 2.12 | 2.55 | 1.66 |
| Star Bulk Carriers Corp | 1.30 | 1.78 | 0.43 |
| Teekay Tankers Ltd | 6.14 | 7.98 | - |
| Navios Maritime Partners L p | 0.88 | 1.13 | 2.26 |
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Quick ratio = cash / current liabilities; working capital ratio = current assets / current liabilities; asset turnover = revenue / total assets. Peers in the Blank Checks industry are excluded.
Golden Ocean Group Limited's Revenue and Income Growth vs Peers
Quarterly revenue and net income growth, year over year and quarter over quarter| Company | Period | Revenue Y/Y | Income Y/Y |
|---|---|---|---|
| Golden Ocean Group Limited | Q4 2024 | +9.3 % | +98.8 % |
| Frontline Plc | Q4 2025 | -8.8 % | -23.5 % |
| Golar Lng Limited | Q4 2025 | +32.2 % | +39.3 % |
| Star Bulk Carriers Corp | Q4 2025 | -17.6 % | -72.4 % |
| Teekay Tankers Ltd | Q4 2025 | -22.6 % | -13.0 % |
| Navios Maritime Partners L p | Q4 2025 | +0.8 % | -22.3 % |
| PEERS TOTAL | -7.7 % | -14.4 % |
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Growth is shown only where both periods are positive. Peers in the Blank Checks industry are excluded.
Golden Ocean Group Limited's Peers' Costs of Sales and Capital Expenditures
Context for revenue growth: peer costs and capex, year over year and quarter over quarter| Company | Period | Costs Y/Y | Capex Y/Y |
|---|---|---|---|
| Golden Ocean Group Limited | Q4 2024 | - | -99.1 % |
| Frontline Plc | Q4 2025 | - | -98.6 % |
| Golar Lng Limited | Q4 2025 | - | -87.5 % |
| Star Bulk Carriers Corp | Q4 2025 | +47.0 % | +52.4 % |
| Teekay Tankers Ltd | Q4 2025 | -21.7 % | +169.9 % |
| Navios Maritime Partners L p | Q4 2025 | -12.8 % | -70.0 % |
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Golden Ocean Group Limited's Returns and Turnover vs Peers
ROA, ROI and ROE (trailing 12 months), receivables and inventory turnover| Company | ROA | ROI | ROE |
|---|---|---|---|
| Golden Ocean Group Limited | 6.61% | 6.81% | 11.75% |
| Frontline Plc | 6.59% | 12.61% | 15.10% |
| Golar Lng Limited | 2.11% | 2.32% | 6.11% |
| Star Bulk Carriers Corp | 2.21% | 2.36% | 3.44% |
| Teekay Tankers Ltd | 15.67% | 16.63% | 17.18% |
| Navios Maritime Partners L p | 4.81% | 5.45% | 16.12% |
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ROA = net income / total assets; ROI = net income / investments; ROE = net income / equity; turnover ratios use trailing 12 month revenue (receivables) and cost of sales (inventory).
Golden Ocean Group Limited's Valuation vs Peers
P/E, price to sales, PEG, price to cash flow and price to book| Company | P/E | Price / Sales |
|---|---|---|
| Golden Ocean Group Limited | 21.01 | 4.86 |
| Frontline Plc | 14.47 | 2.78 |
| Golar Lng Limited | 79.20 | 13.22 |
| Star Bulk Carriers Corp | 40.22 | 3.25 |
| Teekay Tankers Ltd | 9.61 | 3.55 |
| Navios Maritime Partners L p | 9.38 | 1.92 |
| PEERS AVERAGE | 13.96 | 2.73 |
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P/E = price / diluted EPS (trailing 12 months); PEG = P/E divided by EPS growth; the average row divides the peers' combined market cap by their combined income, sales, cash flow and equity.