Brief: Golden Ocean Group Q1 Adj. EBITDA At $12.3 Mln

Golden Ocean

27/05/2020 07:41

(Repeats to add missing Reuters Instrument Code)
    May 27 (Reuters) - Golden Ocean Group Ltd  GOGL.O :
    * Q1 NET LOSS OF $160.8 MILLION, INCLUDING NON-CASH ADJUSTMENTS OF $125.6 MILLION, FOR Q1 OF
2020.
    * Q1 ADJUSTED EBITDA OF $12.3 MILLION FOR Q1 OF 2020.
    * DUE TO WEAK MARKET CONDITIONS AND A DROP IN UNDERLYING ASSET VALUES, THE COMPANY RECORDED
AN
IMPAIRMENT LOSS OF $94.2 MILLION RELATED TO LEASED VESSELS IN THE FIRST QUARTER OF 2020.
    * IT IS PREMATURE TO FORECAST WHEN DRY BULK DEMAND WILL RECOVER
    * "WE ARE OPTIMISTIC THAT CONDITIONS WILL IMPROVE OVER THE MEDIUM TERM AS THE PACE OF
INDUSTRIAL
ACTIVITY RECOVERS." CEO
    * THE COMPANY HAS DECIDED NOT TO PAY ANY DIVIDEND FOR THE FIRST QUARTER OF 2020 IN ORDER TO
PRESERVE CASH UNDER THE CURRENT MARKET CONDITIONS.
    * CASH DIVIDEND WILL BE REVISITED WHEN MORE CLARITY OF THE PRESENT SITUATION IS ACHIEVED AND
THE
MARKET RECOVERS.

Source text for Eikon:  ID:nGNE9F8lrY 
Further company coverage:  GOGL.O 

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