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Golden Ocean announces improved loss

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Dry Bulk,

Golden Ocean Group – a leading dry bulk shipping company – has reported a 3Q16 net loss of US$26.7 million, an improvement of US$12.5 million on a net loss of US$39.2 million in 2Q16.

“Following significant steps the company took to strengthen its balance sheet and delay vessel deliveries earlier this year, we are pleased that the dry bulk market has strengthened lately,” said Birgitte Ringstad Vartdal, CEO of Golden Ocean.

“Revenues in the third quarter improved due to better market conditions and utilisation of our ice-class vessels in specialsed trade during the quarter.”

The company expects improvement in rates for its capsize vessels in 4Q16, Vartdal continued, but predicted more volatility lay ahead.

“While the dry bulk market has not yet stabilsed and may experience weakness over the next several quarters, we believe we are well positioned for an eventual market recovery due to our large fleet of modern vessels with an average age of approximately four years, our very attractive breakeven levels and our strong cash position."

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