Golden Ocean Returns to Profit

Norway-based dry bulk shipping company Golden Ocean Group Limited (GOGL) returned to profit in the third quarter of 2017 as dry bulk freight rates continued to improve in the period.

The company delivered a net income of USD 0.4 million for the three months ended September 30, compared with a net loss of USD 26.7 million reported in the same period a year earlier.

Operating revenues amounted to USD 127 million in the third quarter, up from USD 70.8 million seen in the three month period of 2016, driven by an increase in freight rates.

Dry bulk freight rates continued to improve in the third quarter, with market rates for all vessel classes above those from the previous quarter. Rates for Capesize vessels experienced the highest volatility among the vessel classes the company is exposed to and ended the quarter well above the rates for Panamax and Supramax vessels.

Global fleet utilization also improved during the third quarter. According to Maritime Analytics, fleet utilization ended at 84.5% in the third quarter, up from 81.6% in the third quarter of 2016.

“Thus far in the fourth quarter, rates have continued to improve, which should contribute positively to the company’s earnings in the quarter,” GOGL said.

“The company has taken a series of steps to maximize its market leverage by focusing commercial efforts on the vessel segments we believe provide the greater exposure to a recovery in the dry bulk shipping market,” Birgitte Ringstad Vartdal, Chief Executive Officer of Golden Ocean Management AS, said.

Share this article

Follow World Maritime News

In Depth>

Events>

<< Oct 2019 >>
MTWTFSS
30 1 2 3 4 5 6
7 8 9 10 11 12 13
14 15 16 17 18 19 20
21 22 23 24 25 26 27
28 29 30 31 1 2 3

CrewConnect Global 2019

CrewConnect Global is the leading forum for collaboration to advance new industry approaches to seafarer recruitment and training.

read more >

The 5th CWC China LNG & Gas International Summit

Gain Access to Global LNG & Gas Decision Makers in China

Take a peek inside our 2019 Introductory Brochure and stay on top of this rapidly developing market.

See who is already working with us this year as Speakers, Sponsors and Partners – download your Preview Brochure today and meet them in Beijing on 15-16 October 2019.

As the world’s second largest LNG importer, China will remain the biggest contributor to global LNG demand growth in the foreseeable future. Network with global LNG & gas decision makers, buyers, NOCs and Government Officials at the industry’s leading international event in China.

More info

read more >

CEDA Dredging Days 2019

CEDA Dredging Days programme will follow its successful format of contributed peer-reviewed…

read more >

Offshore Wind Europe 2019

#OWEU19 is a meeting place for governments, developers and suppliers to grow the confidence in wind power. Perfect to grow your business by securing new customers, meeting officials and industry heads.

read more >