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Golden Ocean Group in major Q1 impairment

Listed dry bulk carrier Golden Ocean Group suffered a net deficit of USD 75.3 million in the first quarter 2015, and the company performs a large impairment on five Capesize vessels, which have been sold and leased back.

Photo: Golden Ocean

Bulk carrier Golden Ocean Group - a merger between the two John Fredriksen-controlled companies Knightsbridge and Golden Ocean - lost USD 75.3 million in the first three months of the year, where the company also performed a USD 141 million impairment on five Capesize vessels that were sold and leased back from similarly Fredriksen-owned Ship Finance.

The impairment corresponds to the difference between the vessels' book value and the price they were sold for.

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