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Dry bulk shipper Golden Ocean makes Q1 loss on impairments
May 28, 2015 / 7:03 AM / 3 years ago

Dry bulk shipper Golden Ocean makes Q1 loss on impairments

OSLO, May 28 (Reuters) - Dry bulk shipping firm Golden Ocean reported first-quarter net earnings below forecasts on Thursday due to a large impairment charge and said its market went from “bad to worse” during the quarter.

Golden Ocean said its made a net loss of $75.3 million in the first quarter, below expectations for a loss of $27 million, but the figure also included a $141 million of impairments on its vessels.

Excluding the impairments, the firm made an EBITDA loss of $3.6 million, not far from forecasts for a $1 million loss. (Reporting by Balazs Koranyi, editing by Terje Solsvik)

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