Home About UsPublicationsForumsConsultingContact Us
Back to Earlier Search Results New Search Logout

Links

CMA Shipping 2011

Marine Money Forums

Marine Money Asia Week

Freshly Minted Newsletter

Marine Finance Dashboard

Of Two Minds – GOGL Reports

Today, Golden Ocean Group Limited reported Q2 2011 results, which we will leave for the analysts to dissect. On the other hand, we were intrigued by certain aspects of the announcement. The company has one of the strongest balance sheets of its peers with cash of $122.7 million and a reasonable debt to equity ratio of 1.09 to 1. But it is feeling the effects of the market. The time charter on the Golden Beijing has been negotiated downward from $38,250 to $23,000 per day with profit sharing, while the Empress and Eminence which were on charter to Korea Line were re-delivered and are currently trading spot. Moreover, with the decline in asset values, the company was forced to pre-pay $5.5 million to insure compliance with its minimum value clause. Interestingly, there was no corresponding mark to market charge taken.

This is only an excerpt of Of Two Minds – GOGL Reports

Content is restricted to subscribers. To continue reading please Log-In or view our subscription options.

Existing Users Login

Username
Password
 


Related Archive Files


Leave a Reply

You must be logged in to post a comment.

Copyright 2008. Marine Money. All Rights Reserved.