Brief: Golden Ocean sees weaker Q2 earnings vs Q1

Golden Ocean

22/05/2019 07:19

May 22 (Reuters) - Golden Ocean Group Ltd  GOGL.O :
    * Q1 LOSS PER SHARE $0.05
    * Q1 EARNINGS PER SHARE ESTIMATE $-0.05 -- REFINITIV IBES
DATA
    * GOLDEN OCEAN Q1 NET RESULT -$7.5 MILLION (REUTERS POLL
-$10.9
MILLION)
    * GOLDEN OCEAN Q1 ADJUSTED EBITDA $36.0 MILLION (REUTERS
POLL
$27.9 MILLION)
    * GOLDEN OCEAN Q1 DIVIDEND $0.025 PER SHARE (REUTERS POLL
$0.03)
    * LOOKING AHEAD, IT IS LIKELY THAT THE RESULT IN THE SECOND
QUARTER WILL BE WEAKER THAN IN THE FIRST QUARTER, AS FIXTURES
DONE IN FEBRUARY AND MARCH WILL NEGATIVELY IMPACT THE QUARTER
    * IN ADDITION, AN INCREASED NUMBER OF VESSELS ARE SCHEDULED
FOR
DRY DOCKING IN THE SECOND QUARTER
    * Q1 RESULTS REFLECT A WEAKER MARKET ENVIRONMENT BROUGHT
ABOUT BY
DISRUPTIONS IN IRON ORE TRADE AND CONTINUED UNCERTAINTY DUE TO
TRADE TENSIONS
    * Q1 RESULTS REFLECT A WEAKER MARKET ENVIRONMENT BROUGHT
ABOUT BY
DISRUPTIONS IN IRON ORE TRADE AND CONTINUED UNCERTAINTY DUE TO
TRADE TENSIONS
    * WITH IMO2020 APPROACHING WE BELIEVE BENEFIT OF HAVING A
MODERN,
FUEL EFFICIENT FLEET WILL CONTINUE TO BE A COMPETITIVE ADVANTAGE
IN MARKET
    * VERY PLEASED TO ANNOUNCE THAT WE HAVE REFINANCED DEBT
RELATED TO
14 VESSELS ACQUIRED IN 2017. REFINANCING WAS DONE AT FAVORABLE
TERMS WITH BOTH EXISTING AND NEW LENDERS
    * REFINANCING REDUCES COST OF DEBT FOR THESE VESSELS FROM A
MARGIN
OF 310 BPS TO 212 BPS
    * EXTENDS AMORTIZATION PROFILE, WHICH REDUCES COMPANY'S
DAILY
RUNNING CASH BREAK EVEN RATES BY $1,300 FOR THESE 14 VESSELS AND
BY $200 FOR ENTIRE FLEET
    * GOING INTO THE SECOND QUARTER, CAPESIZE RATES STARTED TO
PICK UP
BUT NEWS FLOW IS STILL ADDING VOLATILITY AND UNCERTAINTY IN THE
SPOT AND FORWARD MARKETS

Source text for Eikon:  urn:newsml:reuters.com:*:nGNE5psPVP
Further company coverage:  GOGL.O 

 (Reporting By Terje Solsvik)
 ((terje.solsvik@thomsonreuters.com;))