Norway’s ADS Maritime Holding has cashed in on rises in Golden Ocean Group’s shares by selling off some of its holding.

The Oslo-listed shipping investor became a shareholder in John Fredriksen’s bulker owner in June 2023, buying 130,000 shares at NOK 84.22 each, for an outlay of NOK 10.9m ($1m).

ADS said it had offloaded 45,000 of these in the first quarter.