Interim Result for the Quarter ended March 31, 2011
(Thomson Reuters ONE) -
Highlights
* Golden Ocean reports a loss of $19.5 million for the first quarter of 2011
after an impairment loss of $38.7 million related to five vessels
* Golden Ocean announces dividends of US $0.04 per share for the first quarter
of 2011
* The Company has taken delivery of two newbuildings during the first quarter
* Korea Line Corporation terminated the charters on Golden Eminence and Golden
Empress in March 2011. The Company will do the utmost to protect the claim
and make a recovery against KLC.
First Quarter 2011 Results
Golden Ocean Group Limited (the "Company" or "Golden Ocean") reports a loss of
$19.5 million and loss per share of -$0.04 for the first quarter of 2011. This
compares with profit and earnings per share of $20.9 million and $0.05
respectively for the first quarter of 2010. Total operating revenues for the
first quarter were $82.6 million, total operating expenses were $102.4 million
and net other gain was $4.2 million. Net financial items were negative with $3.9
million.
The profit for the period dropped by $43.5 million compared to the fourth
quarter in 2010. The operating revenues increased with $12.7 million from the
preceding quarter, and the operating expenses increased by $58.0 million in the
same period. Total other gain/(losses) increased by $4.5 million. The net
operating result therefore declined by a total of $40.9 million to a loss of
$15.6 million. The Company has taken an impairment related to five vessels of
$38.7 million, and this is the main reason for the decline in the operating
result. In addition, the operating result is down due to lower market rates for
the vessels in the spot market, provisions for losses on ongoing voyages and
open contracts of $3.3 million and no hire payments from KLC in the period from
mid January to mid March. The increase in other gain/(losses) is explained by
profit related gain on bunker derivatives of $2.6 million and gain on the FFA
put option of $1.6 million. Net financial items declined by $2.6 million since
the fourth quarter 2010. The net financial items this quarter is more in line
with what is expected going forward, as there was a gain from increased fair
value of the interest rate swaps in the fourth quarter. The Company has booked
dividends received from Knightsbridge Tankers Limited (KTL) of $1.2 million in
net financial items, the same as in the fourth quarter of 2010.
Cash and cash equivalents decreased by $20.9 million during the quarter. The
Company generated cash from operating activities of $33.4 million. The company
paid $31.4 million in installments in the quarter. The Company used $23.0
million net on financing activities during the quarter. The main item includes
drawdown of long term debt related to the newbuildings of $17.2 million,
interest paid of $6.5 million, repayment of long term debt of $8.0 million and
dividend payment of $22.9 million.
The full report is available in the link below.
May 23, 2011
The Board of Directors
Golden Ocean Group Limited
Hamilton, Bermuda
Questions should be directed to:
Herman Billung: CEO Golden Ocean Management AS
+47 22 01 73 41
Birgitte Ringstad Vartdal: CFO Golden Ocean Management AS
+47 22 01 73 53
This information is subject of the disclosure requirements pursuant to section
5-12 of the Norwegian Securities Trading Act.
Q1 2011 Results:
http://hugin.info/135378/R/1517774/454327.pdf
This announcement is distributed by Thomson Reuters on behalf of
Thomson Reuters clients. The owner of this announcement warrants that:
(i) the releases contained herein are protected by copyright and
other applicable laws; and
(ii) they are solely responsible for the content, accuracy and
originality of the information contained therein.
Source: Golden Ocean Group via Thomson Reuters ONE
[HUG#1517774]
Unternehmensinformation / Kurzprofil:
Datum: 23.05.2011 - 07:56 Uhr
Sprache: Deutsch
News-ID 54885
Anzahl Zeichen: 4428
contact information:
Town:
Hamilton
Kategorie:
Business News
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Die Pressemitteilung mit dem Titel:
"Interim Result for the Quarter ended March 31, 2011"
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Golden Ocean Group (Nachricht senden)
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