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Golden Ocean exits 2015 with massive deficit

Listed bulk carrier Golden Ocean reports a net loss of USD 220.8 million for 2015. The carrier will try to raise USD 200 million in order to to have loan installments deferred for two and a half years.

Photo: Golden Ocean

Dry bulk carrier Golden Ocean, which is controlled by John Fredriksen and listed on the Oslo Stock Exchange, suffered a net loss of USD 220.8 million in 2015. The company will now try to raise USD 200 million in fresh capital, a contingency for creditors to agree to defer loan installments for two and a half years, informs Golden Ocean in a preliminary annual report published Thursday.

The report once again illustrates the severe crisis currently enveloping the global dry bulk industry, with further prospects of what analysts and observers predict will be an unusually tough 2016. For Golden Ocean in particular, as the carrier has a strong focus on the major Capesize vessels, which are hit hardest, a fact that has made carriers such as Norden, Scorpio Bulkers and J. Lauritzen divest all of their Capesizes at significant losses.

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