Golden Ocean posted fourth-quarter earnings ahead of expectations, boosted by record demand from the global freight market, but warned the start of 2008 has seen a 'considerable decline' in rates.
For the fourth quarter, the Norwegian bulk shipping group posted operating profits of 97.7 mln usd, ahead of the 92 mln consensus forecast of analysts polled by TDN Finans.
This gave an EPS figure of 0.36 usd per share, up on the forecast for 0.32.
Golden Ocean said the stronger performance was due to a combination of the strong freight market and the sale of one of its vessels during the quarter.
Looking ahead, it warned a number of unrelated factors have led to a 'considerable decline' in freight rates during the first few weeks of 2008.
'Given the high utilisation of the fleet, only a small reduction in demand will lead to a noticeable softer freight market,' it said.
But the firm added the bulk of the problems -- which range from floods in Australia to Chinese energy shortages -- should 'be seen as temporary'.
'We foresee the market returning to normal within the next month,' Golden Ocean said.
For the fourth quarter, the Norwegian bulk shipping group posted operating profits of 97.7 mln usd, ahead of the 92 mln consensus forecast of analysts polled by TDN Finans.
This gave an EPS figure of 0.36 usd per share, up on the forecast for 0.32.
Golden Ocean said the stronger performance was due to a combination of the strong freight market and the sale of one of its vessels during the quarter.
Looking ahead, it warned a number of unrelated factors have led to a 'considerable decline' in freight rates during the first few weeks of 2008.
'Given the high utilisation of the fleet, only a small reduction in demand will lead to a noticeable softer freight market,' it said.
But the firm added the bulk of the problems -- which range from floods in Australia to Chinese energy shortages -- should 'be seen as temporary'.
'We foresee the market returning to normal within the next month,' Golden Ocean said.