Golden Ocean hit with big deficit in Q1

Dry bulk carrier Golden Ocean reports of a market that in the first quarter came in well below operating costs across all segments, resulting in a major deficit. Fearnley points to improved liquidity at carrier.

Photo: Golden Ocean

Golden Ocean, which is controlled by Norwegian-Cypriot shipping magnate John Fredriksen, finished the quarter of the year with a deficit of USD 68.2 million, according to the dry bulk carrier's interim report, published Tuesday.

"The rates observed in the first quarter of 2016 were below operating costs in all segments and were the lowest rates observed for a whole quarter over the last thirty years," writes Golden Ocean in the report.

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