GOGL - Third Quarter 2016 Results
November 22 2016 - 2:35AM
Golden Ocean Group Limited (NASDAQ: GOGL / OSE: GOGL) (the
"Company" or "Golden Ocean"), a leading dry bulk shipping company,
today announced its preliminary results for the quarter ended
September 30, 2016.
Highlights
- Reports a net loss of $26.7 million and a loss per share of
$0.25 for the third quarter of 2016, an improvement of $12.5
million compared with a net loss of $39.2 million and a loss per
share of $0.37 for the second quarter of 2016.
- Took delivery of one Ultramax newbuilding, the Golden Leo, and
paid a final installment of $15.7 million on delivery.
- Acquired the Golden Lyderhorn following the vessel owner's
exercise of its option to sell the vessel to the Company, and
subsequently sold the vessel to an unrelated third
party.
- Completed a 1-for-5 reverse share split in August 2016.
- Took delivery of the Capesize newbuilding Front Mediterranean
subsequent to the end of the third quarter and immediately sold and
delivered the vessel to its new owner, resulting in net cash flow
of $12.7 million in the fourth quarter.
Birgitte Ringstad Vartdal, Chief Executive
Officer of Golden Ocean Management AS commented:
"Following significant steps the Company took to
strengthen its balance sheet and delay vessel deliveries earlier
this year, we are pleased to see that the dry bulk market has
strengthened lately. Revenues in the third quarter improved due to
better market conditions and utilization of our ice class vessels
in specialized trade during the quarter. We expect increased rates
for our Capesize vessels will positively impact our fourth quarter
results. While the dry bulk market has not yet stabilized and may
experience weakness over the next several quarters, we believe we
are well positioned for an eventual market recovery due to our
large fleet of modern vessels with an average age of approximately
four years, our very attractive breakeven levels and our strong
cash position."
The full report is available in the link
below.
The Board of DirectorsHamilton, BermudaNovember
22, 2016
Questions should be directed to:
Birgitte Ringstad Vartdal: Chief Executive Officer, Golden Ocean
Management AS+47 22 01 73 53
Per Heiberg: Chief Financial Officer, Golden Ocean Management
AS+47 22 01 73 45
Forward Looking
StatementsMatters discussed in this report may constitute
forward-looking statements. The Private Securities Litigation
Reform Act of 1995 provides safe harbor protections for
forward-looking statements, which include statements concerning
plans, objectives, goals, strategies, future events or performance,
and underlying assumptions and other statements, which are other
than statements of historical facts. Words such as "believe,"
"anticipate," "intends," "estimate," "forecast," "project," "plan,"
"potential," "may," "should," "expect," "pending" and similar
expressions identify forward-looking statements. The
forward-looking statements in this report are based upon various
assumptions. Although we believe that these assumptions were
reasonable when made, because these assumptions are inherently
subject to significant uncertainties and contingencies which are
difficult or impossible to predict and are beyond our control, we
cannot assure you that we will achieve or accomplish these
expectations, beliefs or projections. The information set forth
herein speaks only as of the date hereof, and we disclaim any
intention or obligation to update any forward-looking statements as
a result of developments occurring after the date of this
communication.
In addition to these important factors and
matters discussed elsewhere herein, important factors that, in our
view, could cause actual results to differ materially from those
discussed in the forward-looking statements include the strength of
world economies, fluctuations in currencies and interest rates,
general market conditions, including fluctuations in charter hire
rates and vessel values, changes in demand in the dry bulk market,
changes in our operating expenses, including bunker prices,
drydocking and insurance costs, the market for our vessels,
availability of financing and refinancing, changes in governmental
rules and regulations or actions taken by regulatory authorities,
potential liability from pending or future litigation, general
domestic and international political conditions, potential
disruption of shipping routes due to accidents, political events or
acts by terrorists, and other important factors described from time
to time in the reports filed by the Company with the Securities and
Exchange Commission.
This information is subject to the disclosure
requirements pursuant to section 5-12 of the Norwegian Securities
Trading Act.
Attachments:
http://www.globenewswire.com/NewsRoom/AttachmentNg/cab6f102-0fea-4439-bb4f-72419465f34c