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Fredriksen's bulk takes giant deficit in first half of 2015

The merger between Golden Ocean and Knightsbridge has sent operating costs soaring at the expansive dry bulk carrier which has divested several newbuildings in the first half of the year.

Photo: Golden Ocean

The John Fredriksen-controlled dry bulk carrier Golden Ocean suffered a net deficit of USD 33.5 million in the second quarter 2015 compared to a profit of USD 6.3 million in the same period last year. For the first half of the year, the carrier's interim report, published Wednesday, shows a deficit of almost USD 111 million.

In addition to a weak dry bulk market, the massive deficit is attributed to a significant increase in operating costs, from USD 13.7 million in 2014 to around USD 70.1 million in the second quarter this year, following the merger of the two Fredriksen-companies Golden Ocean and Knightsbridge.

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