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Golden Ocean Posts $135 Millon Loss as Ship Scrapping Accelerates

marinesalvage by marinesalvage
June 24, 2024
in News
0
golden ocean group
golden ocean group

Golden Ocean Posts $135 Millon Loss as Ship Scrapping Accelerates

During the primary six weeks of this 12 months 19 Capesize bulk carriers have been dedicated to scrap patrons, in response to knowledge obtained by Golden Ocean Group, the dry bulk arm of Norwegian billionaire John Fredriksen’s transport empire.  The firm notes that is nearly half of what was scrapped in complete final 12 months of their This fall earnings report launched at this time.  This 12 months, 27 new Capes are scheduled for supply and 29 in 2016.

With the dry bulk transport market is sitting at its lowest level in recorded historical past and quite a few corporations sitting on the top of chapter, aggressive fleet discount is the one possibility for a lot of.

Golden Ocean Group attributes at this time’s down market to “the shortage of coal demand from China, the reduction of the
grain port congestion in South America in comparison with the earlier 12 months and the after impact of the inventory piling
forward of the Indonesian ban on uncooked ore (nickel ore and bauxite) exports.”

Looking forward into 2015 and past, analysis by Pareto Securities is displaying a 100 million ton lower in China’s home iron ore manufacturing over the following two years which might be backfilled by iron ore from Brazil and Australia, a scenario that may assist to assist dry bulk ton-mile demand.  The dry bulk sector may also be supported by an anticipated 2 % progress in Chinese metal manufacturing over that interval whereas orders for brand spanking new bulk carriers seems to be at a close to standstill.

Other optimistic drivers for progress lie in the foreign money markets, says Golden Ocean.  A weakening Russian Ruble and Australian greenback helps exports from each international locations and a strengthening Rupee helps coal imports into India.

Golden Ocean Group, says the discount in China’s home ore manufacturing will doubtless assist to maintain ships employed, nevertheless as a result of quantity of transport capability at the moment accessible, it is not going to be sufficient to push constitution charges up considerably.

Golden Ocean Group reported a web lack of $135.1 million for the quarter on revenues of $53.0 million in comparison with a revenue of $18.2 million a 12 months in the past.

Earnings earlier than curiosity, taxes, depreciation and amortisation (EBITDA) fell to $69.7 million, outperforming expectations for $13.4 million, in response to Reuters.

Golden Ocean Posts $135 Millon Loss as Ship Scrapping Accelerates

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Tags: Dry Bulk Shippinggolden ocean group
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