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Golden Ocean Q3 operating profit down to USD77.2m

Posted on: Wed, 25 Nov 2009 12:31:00 EST

Symbols: GDOCF

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Nov 25, 2009 (AIRLINE INDUSTRY INFORMATION via COMTEX) --
GDOCF | Quote | Chart | News | PowerRating -- 25 November 2009 - Oslo-listed dry-bulk shipping company Golden Ocean
Group Ltd (OSL: GOGL) saw its operating profit drop to USD77.2m in the
third quarter of 2009, below the market consensus for USD81m.

In July to September 2008, Golden Ocean posted an operating profit of
USD121.7m.

The company saw its sales shrink to USD113m from USD293.6m, beating the
average expectations of analysts, polled by SME Direkt for Norwegian
news wire TDN Finans, for USD74m.

Golden Ocean's balance is robust, and the firm has a positive view on
the possibilities in the market in the coming months.

"The global economy showed some positive signs during the third quarter
giving hopes for a more wide spread recovery going

forward, but nevertheless major importing areas of dry bulk commodities
like Japan and EU-27 were still far behind normal

import volumes during the quarter," Golden Ocean said in the report,
adding that despite this and against many dry cargo analysts'
expectations the dry bulk market continued its strong performance.

The shipping company considers that ever since the start of the upswing
on the dry cargo market in 2003, analysts have underestimated China's
demand for raw materials.

This is what happened in the third quarter of 2009, when the country
imported a record of 172 million tonnes of iron ore. The biggest
surprise has however come from Chinese demand for coal, Golden Ocean
said.

Chinese imports tripled year-on-year to 38 million tonnes of coal in
July to September 2009.

The strong markets have, according to the company, lead to an almost
complete stop in the scraping of vessels.

(EUR1 = USD1.5)

Comments on this story may be sent to 
nbr.feedback@nordicbusinessreport.com

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