Golden Ocean reports Q3 basic EPS 14c, consensus 6c

Reports Q3 revenue $221.66M, consensus $147.65M. The company said, “Golden Ocean continues to deliver solid results against stable, but subdued market sentiment. The actions taken over the last several years to grow and optimize the Company’s fleet through vessel acquisitions and sales has reinforced our market-leading position and further increased the competitiveness of our fleet. This has been accomplished without compromising our low cash breakeven levels, which helps to ensure that the Company remains profitable during periods of market weakness while maintaining significant operating leverage. Looking forward, the market is well-balanced in the near term, supported by evolving trades that are expected to contribute to tonne-mile demand growth. The supply side picture remains very favorable, particularly in the Capesize segment, which supports a positive longer term market view.”