Golden Ocean Group Reports Profit in Q2

Golden Ocean Group Limited (GOGL) reported a net income of $9.0 million for the second quarter of 2018, compared to net loss of $12.0 million for the second quarter of 2017.

The Norway based dry bulk shipping company has entered into a $120 million loan facility to refinance 10 vessels on favorable terms. It delivered the Golden Eminence, a Panamax vessel, to her new owner in early August 2018.

The company has also signed contracts to install exhaust gas scrubbers on 16 Capesize vessels and options for 9 additional installations.

Birgitte Ringstad Vartdal, Chief Executive Officer of Golden Ocean Management AS, commented: "Golden Ocean generated positive results once again in the second quarter. The market continues to strengthen over the summer, in particular for Capesize vessels. The Company is currently benefiting from the strategic decision to focus our fleet on larger vessel classes as this maximizes the Company's leverage to improving markets."

Birgitte added: "We have a fleet of modern, fuel efficient vessels, and the steps we are taking to optimize the fleet by installing scrubbers will further position the Company ahead of the implementation of new caps on sulphur emissions."