Oslo-listed Golden Ocean, part of tycoon John Fredriksen’s business empire, said the third quarter’s bottom line would be hit by lower revenues as the market had been weaker than expected.
The firm operates nearly 40 vessels with a focus on delivering bulk commodities to Asia.
“The market has been weaker than the company’s expectations in the second quarter and so far into the third quarter and the earnings have suffered under such market conditions,” Golden Ocean said in a statement.
Still, the firm’s net profit was $1 million in the second quarter, beating analysts’ expectations for a loss of $5 million but down from a profit of $43 million in the year-ago period.
Ahead of Wednesday’s report, shares in Golden Ocean had fallen 24 percent since the beginning of the year, lagging an Oslo benchmark index up 11.5 percent. (Reporting by Gwladys Fouche; editing by Ole Petter Skonnord and Keiron Henderson)
(c) 2014 Thomson Reuters, All Rights Reserved