Dry Bulk Shipping Company Golden Ocean Misses Forecasts

Photo: Golden Ocean Group

OSLO, Nov 24 (Reuters) – Dry bulk shipping firm Golden Ocean reported a larger-than-expected third-quarter loss on Tuesday and said the market would remain difficult for the next six to twelve months.

Golden Ocean, controlled by shipping tycoon John “Big Wolf” Fredriksen, said it made a net loss of $40.7 million in the third quarter, lagging expectations for a loss of $19 million in a Reuters poll of analysts.

Slower coal and iron ore demand from China – the world’s biggest industrial importer – have battered the dry bulk sector, already in the midst of its worst ever downturn. . (Reporting by Terje Solsvik, editing by Gwladys Fouche)

(c) Copyright Thomson Reuters 2015.

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