Bulk shipping company Golden Ocean posted a bigger-than-expected rise in third-quarter underlying net profit on Monday, and said it aimed to reduce, postpone or refinance its $1.6 billion shipbuilding programme.
Underlying net profit, which excludes one-off items, rose to $64.3 million in July-September from a comparable $30 million in the year-ago period, and beat an average forecast of $43 million from a Reuters poll of nine analysts.
""During the third quarter of 2008 the dry bulk sector witnessed a sharp downward trend,"" Bermuda-based Golden Ocean Group said in a statement. ""Well into fourth quarter the effect of the financial crisis has reached the dry bulk industry with full strength.""
""We are concerned that the structural over capacity which is recognised in the dry bulk market today combined with the weak global economic condition will continue to put pressure on the market in the period to come,"" it said.
Golden Ocean said it had entered talks with shipyards to alter its vessel building contracts, to reduce, postpone or achieve financing for parts of the programme and improve the company's liquidity position.
Underlying net profit, which excludes one-off items, rose to $64.3 million in July-September from a comparable $30 million in the year-ago period, and beat an average forecast of $43 million from a Reuters poll of nine analysts.
""During the third quarter of 2008 the dry bulk sector witnessed a sharp downward trend,"" Bermuda-based Golden Ocean Group said in a statement. ""Well into fourth quarter the effect of the financial crisis has reached the dry bulk industry with full strength.""
""We are concerned that the structural over capacity which is recognised in the dry bulk market today combined with the weak global economic condition will continue to put pressure on the market in the period to come,"" it said.
Golden Ocean said it had entered talks with shipyards to alter its vessel building contracts, to reduce, postpone or achieve financing for parts of the programme and improve the company's liquidity position.