AUGUST 17, 2018 — John Fredriksen controlled dry bulk specialist Golden Ocean Group Limited announced results for the quarter ended June 30, 2018 that included net income of $9.0 million and earnings per share of $0.06 compared with net loss of $12.0 million and loss per share of $0.10 for the equivalent quarter of 2017.
The company also reported a pretty hefty commitment to scrubbers as a means of meeting IMO’s 2020 sulfur cap, revealing that it has signed contracts to install exhaust gas scrubbers on 16 Capesize vessels with options for nine additional installations
Birgitte Ringstad Vartdal, Chief Executive Officer of Golden Ocean Management AS, commented: “Golden Ocean generated positive results once again in the second quarter. The market continues to strengthen over the summer, in particular for Capesize vessels. The company is currently benefiting from the strategic decision to focus our fleet on larger vessel classes as this maximizes the company’s leverage to improving markets. We have a fleet of modern, fuel efficient vessels, and the steps we are taking to optimize the fleet by installing scrubbers will further position the company ahead of the implementation of new caps on sulfur emissions.”