• 2019 May 23 16:55

    GOGL announced net loss of $ 7.5M vs net income of $ 23.6M in 1Q 2019

    Golden Ocean Group Limited (NASDAQ: GOGL / OSE: GOGL) (the “Company” or “Golden Ocean”), a leading dry bulk shipping company, announced its results for the quarter ended March 31, 2019.

    Highlights

    • Net loss of $7.5 million and loss per share of $0.05 for the first quarter of 2019, compared with net income of $23.6 million and earnings per share of $0.16 for the fourth quarter of 2018
    • Adjusted EBITDA of $36.0 million for the first quarter of 2019, compared with $70.4 million for the fourth quarter of 2018
    • Refinanced the non-recourse loans for 14 vessels, reducing interest expense and cash break even levels
    • Invested in Singapore Marine, a newly established dry bulk operator
    • Announced a cash dividend of $0.025 per share for the first quarter of 2019

    Birgitte Ringstad Vartdal, Chief Executive Officer of Golden Ocean Management AS, commented:
    “Golden Ocean’s first quarter results reflect a weaker market environment brought about by disruptions in iron ore trade and continued uncertainty due to trade tensions. Strong commercial performance with well-timed contract coverage late last year combined with a modern, fuel-efficient fleet allowed the Company to generate earnings well above the market benchmarks in the quarter. In weaker markets with high fuel prices, the value of fuel efficiency gains relative importance. With IMO2020 approaching we believe the benefit of having a modern, fuel efficient fleet will continue to be a competitive advantage in the market.”

    Per Heiberg, Chief Financial Officer of Golden Ocean Management AS, commented:
    “We are very pleased to announce that we have refinanced the debt related to 14 vessels acquired in 2017. The refinancing was done at favorable terms with both existing and new lenders. The refinancing reduces the cost of the debt for these vessels from a margin of 310 bps to 212 bps, and extends the amortization profile, which reduces the Company’s daily running cash break even rates by $1,300 for these 14 vessels and by $200 for the entire fleet.”




2019 June 20

18:36 Xeneta and Catapult announce agreement
18:06 Inland terminals CTU in Lelystad, HOV Harlingen and Westerman Multimodal Logistics in Hasselt joined the North West Central Corridor
17:36 First European conversion of a dredger to dual-fuel LNG / MGO departs Damen Shiprepair Dunkerque
17:06 ECSA organises workshop on the shipping industry’s interests in the UN negotiations on international ocean governance
17:05 Containerships introduces its second LNG-powered ship CONTAINERSHIPS POLAR and optimizes its Baltic service
16:50 Recovery of vessel traffic in Tushino, Moscow Canal, postponed again causing ship owners’ losses
16:35 Damen Oskarshamnsvarvet Sweden achieves coveted AAA credit rating
16:18 MAN Energy Solutions, Corvus Energy and DNV GL present results of HYCAS study on hybrid power generation
16:04 Knud E. Hansen announces design of 110 m. Adventure Wind Cruise Vessel
15:34 MEYER WERFT announces handover of Spirit of Discovery
15:04 Busan Port Authority and Port of Rotterdam Authority sign contract for the issue of a five hectare site on Maasvlakte Distribution Park West
14:42 Composit participated in Dredging Summit & Expo 2019
14:25 UAE Shipping Association looks to branch out
14:03 MOL and GAIL sign charter contract for one LNG carrier
13:47 DNV GL: Building a marine supply infrastructure as part of a future hydrogen society
13:46 New generation trailing suction hopper dredger ‘Bonny River’ joins the DEME’s fleet
13:28 Helle Hammer awarded WISTA Norway’s LeaderShip Award 2019
12:50 Gazprom Management Committee reviews progress of Nord Stream 2 and TurkStream projects
12:24 Bunker prices are flat at the Far East ports of Russia (graph)
12:01 CMA CGM announces GRR from Asia to West Africa
11:36 ReCAAP ISC and Indian Coast Guard co-hosting 12th Capacity Building Workshop for Maritime Law Enforcement and Regulatory Authorities
11:11 NCSP Group’s consolidated cargo turnover for Jan-Apr 2019 increased by 0.3% to 47.6 million tonnes
10:42 Amendments to be introduced to the Water Traffic Act
10:10 Tallink Grupp connects first two vessels to shore power at Port of Stockholm in a bid to reduce environmental impact
10:09 CMA CGM announces FAK rates from Asia to the Middle East Gulf
09:46 Brent Crude futures price is up 1.81% to $62.95, Light Sweet Crude – up 1.69% to $54.9
09:27 MABUX: Bunker market this morning, June 20
09:17 Baltic Dry Index is up to 1,179 points

2019 June 19

18:14 Port of Southampton signs sister port agreement with PortMiami
18:05 Unique Wärtsilä fresh water production system offers one ton per day fuel savings
17:51 Continued rail investment at the Port of Southampton accelerates air quality improvements
17:28 PGNiG confirms production potential of Poland’s largest gas field
17:03 IMRF announces new Board of Trustees
16:40 Small-size missile ship Orekhovo-Zuyevo, Black Sea Fleet, completes tasks in the Mediterranean Sea
16:02 Hapag-Lloyd announces GRI from Asia to East Coast South America
15:39 Vympel Shipyard launched first Grachonok-class special purpose boat for Federal National Guard Troops Service
15:02 Black Sea Mediterranean Express (BMX Service) Additional Gemlik Call
14:43 Baltic Workboats announces delivery of 100m fully electric ferry
14:21 RS participates in Global Fishery Forum
14:02 MOL and Japanese shipyards design Next Generation Coal carrier 'EeneX'
13:45 Igor Sharkov appointed Director of FESCO Branch Office in Vladivostok
13:26 FESCO opens seasonal transportation to ports of Chukotka
13:02 Van Oord awarded large contract for Mozambique LNG project
12:34 NIBULON Shipbuilding and Repair Yard starts constructing vessels of new project
12:12 ICS meets in Faroe Islands
11:58 Frigate Admiral Gorhskov of RF Navy's Northern Fleet sails through Panama Canal
11:37 Ship inspection platform Idwal urges investors to carry out due diligence on asset condition as standards decline
11:19 WMU signed MOU with Higher Institute of Maritime Studies, Morocco
11:12 Damen signs Phase II contract with International Organization for Migration for nine additional SAR 1906 search and rescue boats
10:55 ABB wins system package with Keppel for dredging contractor Van Oord
10:33 Lavna coal terminal to reach design capacity of 18 million tonnes in 2022
10:00 Bunker market sees mixed price movements at the port of Saint-Petersburg, Russia (graph)
09:38 MABUX: Bunker Market this morning, June 19
09:32 Brent Crude futures price is up 0.03% to $62.16, Light Sweet Crude – up 0.22% to $54.23
09:15 Baltic Dry Index is up to 1,135 points

2019 June 18

18:36 Spotlighting IMO's actions on climate change
18:31 Transborders Energy signs joint study agreement with Kyushu Electric Power for FLNG Solution
18:06 Kim Heng Offshore & Marine Holdings signs MoU with HHC and Thaitan
18:03 Container service boost at Bristol Port
17:53 IMO and UN Environment – working together to keep the Mediterranean clean