Golden Ocean Group profit down in Q4
John Fredriksen-linked dry bulk owner Golden Ocean Group made a Q4 2008 net profit of US$26.7m and earnings per share of $0.10 compared to Q3 figures of $118.7 million and $0.43 respectively.
Golden Oceans says: “The market showed a strong negative development in the quarter.” Total operating revenues for the fourth quarter were $170.6m, total operating expenses $139.3m and net other expenses $13.4m. Included in operating revenues is $39.0m resulting from the cancellation and settlement of existing charters for three of the company's vessels as discussed further below. A statement says: “Based on the "value in use" principle the company has evaluated the carrying value of its assets and has not booked any impairment losses. However, a total loss of $28 million has been recognised in charterhire expenses in the fourth quarter relating to existing and future loss making charter arrangements. The company has also recorded an impairment loss of $8.5m relating to its holding of 5,275,145 shares of Navios Maritime Holdings Inc. ("Navios").”
Golden Oceans says: “The market showed a strong negative development in the quarter.” Total operating revenues for the fourth quarter were $170.6m, total operating expenses $139.3m and net other expenses $13.4m. Included in operating revenues is $39.0m resulting from the cancellation and settlement of existing charters for three of the company's vessels as discussed further below. A statement says: “Based on the "value in use" principle the company has evaluated the carrying value of its assets and has not booked any impairment losses. However, a total loss of $28 million has been recognised in charterhire expenses in the fourth quarter relating to existing and future loss making charter arrangements. The company has also recorded an impairment loss of $8.5m relating to its holding of 5,275,145 shares of Navios Maritime Holdings Inc. ("Navios").”