Golden Ocean Group Reports First Quarter Net Loss of $160.8 Million, as Dry Bulk Market Collapses.
Golden Ocean Group Limited, a leading dry bulk shipping company, announced its results for the quarter ended March 31, 2020.
▪ Net loss of $160.8 million, including non-cash adjustments of $125.6 million, for the first quarter of 2020.
▪ Adjusted EBITDA of $12.3 million for the first quarter of 2020.
▪ Completed the joint venture agreement with Frontline and Trafigura to establish a leading global supplier of marine fuels in January 2020.
▪ Completed all 23 planned installations of exhaust gas cleaning systems (“scrubbers”) leaving insubstantial future capital expenditure requirements.
▪ Published 2019 ESG report which details our efforts to develop long-term sustainable business practices and reduce our carbon footprint.
Ulrik Andersen, Chief Executive Officer, commented:
“Golden Ocean’s first quarter results come amid an extremely weak demand environment brought on by the COVID-19 pandemic. While freight rates have yet to display a meaningful recovery, we are optimistic that conditions will improve over the medium term as the pace of industrial activity recovers. In the meantime, we are focused on ensuring our highly competitive cost structure and preserving our strong financial profile. Above all, our first priority is the health and safety of our shore-based employees and our seafarers. We are taking significant precautions to ensure their well-being and are grateful for their contributions in light of the challenging conditions they are facing.”
Source: Golden Ocean Group Ltd.