
For the six month period ended

(in thousands of USD)	June 30, 2025	June 30, 2024

Commissions paid	(10,975)	(9,158)
Bunkers	(79,970)	(59,270)
Other voyage related expenses	(32,797)	(17,475)
Total voyage expenses and commissions	(123,742)	(85,903)

The voyage expenses and commissions increased in the first six months of 2025 compared to the same

period in 2024 mainly due to an increase in bunker costs and other voyage related expenses.

The increase in bunker cost and commissions paid in the first semester of 2025 is mainly due to the

integration of the Golden Ocean vessels as of March 12, 2025 and thus more vessels operating on the

spot. For vessels operated on the spot market, voyage expenses are paid by the shipowner while voyage

expenses for vessels under a time charter contract, are paid by the charterer. Voyage expenses for vessels

The majority of other voyage expenses are port costs and agency fees which are owner's expenses on

voyage charters. Port costs vary depending on the number of spot voyages performed and the number

and type of ports. This also increases significantly due to the acquisition of the Golden Ocean fleet as per


For the six month period ended

(in thousands of USD)	June 30, 2025	June 30, 2024

Operating expenses	(159,276)	(92,813)
Insurance	(16,197)	(7,200)
Total vessel operating expenses	(175,473)	(100,013)

The operating expenses relate mainly to the crewing, technical and other costs to operate vessels. Crewing

costs are related to crew wages, travel and victualling costs. Technical costs relate mainly to maintenance,

spare parts and forwarding costs. Other costs are mainly port cost and costs for certifications and

inspections. The increase in operating expenses is mainly related to the increase of number of vessels in

the fleet during the first half of 2025 compared to 2024. This is primarily attributable due to the acquisition

of Golden Ocean Group Ltd as per March 12, 2025 and newbuild drybulk vessels delivered during the year.


	For the six month period ended

(in thousands of USD)		June 30, 2025	June 30, 2024

Wages and salaries		(12,029)	(7,332)
Social security costs		(1,918)	(1,603)
Activated costs		—	358
Other employee benefits		(1,637)	(750)
Employee benefits		(15,584)	(9,327)

Administrative expenses		(39,501)	(25,780)
Tonnage Tax		(1,459)	(866)
Claims		—	(477)
Provisions		149	163

Total general and administrative expenses		(56,395)	(36,287)

The general and administrative expenses which include amongst others: shore staff wages, director fees,

consulting and audit fees and tonnage tax, increased in the first six months of 2025 compared to the same

The increase compared to 2024 was related to both an increase in administrative expenses and an

increase in employee benefits mainly due to the integration of Golden Ocean as per March 12, 2025 (see