Golden Ocean Group Limited , a leading dry bulk shipping company, has announced its results for the quarter ended June 30, 2017.
Highlights
· Net loss of $12.0 million and loss per share of $0.10 for the second quarter of 2017, compared with net loss of $17.9 million and loss per share of $0.17 for the first quarter of 2017 and net loss of $39.2 million and loss per share of $0.37 for the second quarter of 2016. Net loss of $29.8 million and loss per share of $0.26 for the first six months of 2017, compared with net loss of $107.5 million and loss per share of $1.27 for the first six months of 2016.
· Adjusted EBITDA of $29.7 million for the second quarter of 2017 compared with $17.5 million in the prior quarter and negative $0.8 million for the second quarter of 2016.
· Completed the acquisitions of 14 modern dry bulk vessels from Quintana in ship-for-share transactions in exchange for 14.5 million shares and the assumption of $262.7 million in debt. Eleven vessels delivered in the second quarter and remaining three vessels delivered in July.
· Took delivery of two Panamax ice-class vessels in June acquired from Hemen, in ship-for-share transactions in exchange for 3.3 million shares and the assumption of a $22.5 million seller's credit debt.
· Joint venture company agreed to sell Golden Opus for $28.9 million, with expected delivery in third quarter. Net cash proceeds are expected to be approximately $6 million.
