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Golden Ocean Warns on Profit, Supply Chains Due to Coronavirus

marinesalvage by marinesalvage
October 25, 2021
in News
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Golden Ocean Warns on Profit, Supply Chains Due to Coronavirus

Reuters

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February 18, 2020

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By Terje Solsvik OSLO, Feb 18 (Reuters)– Shipping team Golden Ocean cautioned on Tuesday its earnings would certainly be struck by a downturn sought after because of the coronavirus episode in China, sending its shares down greater than 3% in very early profession.

The globe’s second-biggest economic climate has actually seen company task stopped in current weeks as it fights to deal with the spread of the infection, lowering delivery prices for products such as coal as well as iron ore made use of in Chinese manufacturing facilities.

“The market is currently presenting a challenging scenario that will impact our results in the near term,” Ola Lorentzon, Golden Ocean’s chairman as well as acting president, claimed.

Controlled by Norwegian- birthed billionaire John Fredriksen, Golden Ocean is experts in completely dry mass products such as coal or iron ore as well as runs the majority of its fleet– 66 out of 79 vessels– in the place market or on comparable temporary agreements, therefore promptly really feeling the effect from any type of ups or downs on the market.

The Oslo- as well as New York- noted company claimed: “It is too early to forecast the potential impact of the coronavirus beyond the short term and information being released from China does not provide a complete view of its current impact.”

On Monday, the Chinese reserve bank reduced the rate of interest on its medium-term financing as well as the nation has actually likewise introduced strategies to reduce tax obligations as well as charges to aid soften the effect on the economic climate.

However, Golden Ocean claimed typical company procedures were not likely to promptly return to. “As a result, commodity-related supply chains may become disrupted, with some taking longer than others to return to normal.”

In situation of consistent market weak point, the delivery market is most likely to boost the junking of older, much less fuel-efficient, vessels as a method to rebalance the marketplace, it included.

In the last 3 months of 2019, Golden Ocean made a web earnings of $41 million, up 74% year on year as well as defeating an ordinary projection of $37 million in a Refinitiv survey of experts.

The business reduced its fourth-quarter returns to $0.05 per share from $0.15 in the 3rd quarter, missing out on an ordinary expert projection of $0.14.

“As the current market dynamic continues to unfold, our focus remains on maintaining efficient operations and a strong balance sheet and liquidity position,” Lorentzon claimed.

Golden Ocean’s Oslo- noted shares traded 3.2% reduced at 0858 GMT, underperforming a 0.4% decrease in the Oslo benchmark index. The business’s shares have actually dropped by 20% year-to-date. (Reporting by Terje Solsvik Editing by Edmund Blair as well as David Holmes)

( c) Copyright Thomson Reuters 2019.

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