Golden Ocean declines on downbeat Q3 results

Eagle Bulk Shipping

16/11/2022 17:32

** Shares of dry bulk vessel firm Golden Ocean Group Ltd
 GOGL.O  decline 12.7% to $8.44
    ** Posts Q3 profit of 52 cents/shr, missing estimate of 56
cents/shr - Refinitiv IBES
    ** Q3 operative revenue down 27.2% to $282 mln
    ** During Q3, dry bulk rates decreased primarily due to the
continued easing of port congestion
    ** Co says high fuel prices also impacted dry bulk market,
reflected in sailing speeds that continued to decline in Q3
    ** GOGL expects the market environment to be softer in the
short term and to experience seasonal weakness in H1 2023 before
recovering over the course of next year   
    ** U.S.-listed shares of other shipping and bulk carriers
cos Eagle Bulk Shipping  EGLE.O , Diana Shipping  DSX.N , Genco
Shipping & Trading  GNK.N , Safe Bulkers  SB.F   SB.N  and Star
Bulk Carriers  4FAP.F   SBLK.N  drop between 2%-2.6%
    ** GOGL down 9.3% so far this year
 (Reporting by Arunima Kumar in Bengaluru)
 ((Arunima.Kumar@thomsonreuters.com; Twitter: https://twitter.com/Aru_Kumar94))