Golden Ocean Group Ltd said it will realise a loss of 15 mln usd in the second quarter due to a combination of freight derivative losses and market-to-market adjustments on future positions.
Despite these losses, Golden Ocean said it expects 'these losses to be compensated by increased earnings from physical spot trading'.
As of today, the firm said it has 35 pct open Panamax exposure for the remainder of 2007 and 60 pct open for 2008.
Additionally, the firm said, it has exercised an option for two additional ice class Panamax vessels from the Pipavav Shipyard in India.
The vessels will be delivered during the first half of 2010 at a costs of 36 mln usd per vessel, the firm said.
Despite these losses, Golden Ocean said it expects 'these losses to be compensated by increased earnings from physical spot trading'.
As of today, the firm said it has 35 pct open Panamax exposure for the remainder of 2007 and 60 pct open for 2008.
Additionally, the firm said, it has exercised an option for two additional ice class Panamax vessels from the Pipavav Shipyard in India.
The vessels will be delivered during the first half of 2010 at a costs of 36 mln usd per vessel, the firm said.