GOGL - Third Quarter 2016 Results

HAMILTON, Bermuda, Nov. 22, 2016 (GLOBE NEWSWIRE) -- 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."

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