Golden Ocean loses USD 40.7 million in the third quarter

Third-quarterly results from Golden Ocean reflect the challenging dry bulk market, delivering a loss of USD 40.6 million net. The carrier has lost USD 151.6 million in the first nine months of the year. (To be updated)

Photo: Golden Ocean

Dry bulk carrier Golden Ocean, owned by the Norwegian shipping magnate John Frederiksen, is struggling in a market plagued by low rates. It has emerged from the third quarter with a net loss of USD 40.7 million, reveals the third-quarterly report published Tuesday morning. This is a significant decline when compared with the same period last year, where the deficit landed at USD 6.2 million net.

The first nine months of 2015 have also looked markedly different when compared with the same period in 2014, when Golden Ocean delivered a profit of USD 10.8 million. In contrast, 2015 has brought in a deficit of USD 151.6 million net at a tough point for the market, where the leading dry bulk index Baltic Dry hit its lowest level yet with 504 points, as one dry cargo shipping company after another reports losses. Recently J. Lauritzen presented a loss of USD 16 million for the third quarter, while another Norwegian dry bulk operator, Western Bulk, has initiated a plan to secure the company's financial resources given the challenging state of the dry bulk market.

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