November 21, 2017 / 7:31 AM / in a year

BRIEF-Golden Ocean Q3 beats forcast​, sees higher rates ahead

Nov 21 (Reuters) - Golden Ocean Group Ltd

* Q3 earnings per share $0.00

* Q3 earnings per share view $-0.05 — Thomson Reuters I/B/E/S

* Golden ocean q3 net result $‍0.4​ million (Reuters poll loss $4.4 million)

* Golden ocean q3 adjusted ebitda $‍40.4​ million (Reuters poll $31.1 million)

* ‍significantly improved operating cash flow in an improving freight environment​

* ‍financial position has also been enhanced significantly over past twelve months following improved operating results, strategic asset sales, and equity issuance completed last month​

* ‍has been able to terminate waivers on its recourse debt and return to normal financial covenants as well as removing restrictions on new acquisitions, new debt and dividend payments one year ahead of timeline company previously agreed​

* ‍our balance sheet should continue to strengthen. This provides us financial flexibility with respect to majority of our free cash flow to pursue additional opportunities and build shareholder value​

* Thus far in the fourth quarter, rates have continued to improve, which should contribute positively to the company’s earnings in the quarter‍​

* The gradual improvement in the dry bulk market continues, and in particular the growth in the demand of seaborne transportation has exceeded expectations so far this year‍​

* low stockpiles of coal in several countries and the quality difference between imported iron ore and iron ore produced in china should be supporting factors for a continued improvement in demand.

* Further improvements in average rates are therefore expected going forward‍​

* Three quarterly installments of debt will be paid in the fourth quarter, further deleveraging the company’s balance sheet‍​ Source text for Eikon: Further company coverage: (Reporting By Joachim Dagenborg)

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