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BULK__Golden Ocean reports 2009 consolidated results

28790 fcras 1/5 2010 12:39

Saturday, 01 May 2010

The Company?s consolidated revenues for 2009 were $349.6 million decreasing by $598 million compared to 2008.

The reduction reflects the effect of the international credit crisis which caused a collapse in the dry bulk market during the fourth quarter in 2008.

The slow market continued in the beginning of 2009 before it reached satisfactory levels, but is still far from the high levels in 2008.

For the same period the consolidated operating profit reached $136.9 million, down from $396.8 million in 2008 including gains on sale of assets amounting to $51.3 million and $209.1 million for 2009 and 2008, respectively.

The figures also include a loss in the value of shares in Navios Maritime held by the Company of $15.6 million in 2009 and $ 8.5 million in 2008.

The shares in Navios were sold in 2009.

In 2008 the Company recognized an impairment of $ 20 million on eight vessels under construction. No impairment charge has been recorded in 2009.

The Company?s net profit for 2009 was $218 million which is equivalent to earnings per share of $0.53.

In 2008 the Company had a profit of $ 381.2 million and earnings per share of $ 1.37.

In 2009 the Company made a profit of $97.6 million by repurchasing a portion of its convertible bonds.

The profit is recorded in net financial items ($ 0.8 million in 2008).

Balance sheet
In 2009, the Company?s total assets increased from $1 billion at the start of the year to $1.1 billion.

Total current assets were largely unchanged at $ 130 million whereas non-current assets increased by approximately $136 million.

The increase in noncurrent assets was mainly related to installments of several of the Company?s vessels under construction already delivered in 2010 or to be delivered through the forthcoming years.

In the same period current liabilities decreased by approximately $575 million to $86.1 million and total non-current liabilities increased by $305.7 million to $473 million.

The change in liabilities between current and non-current relates mainly to the breach of the value-adjusted book equity covenant requirement at year end 2008.

As a consequence total debt of $592.5 million was classified as current liability in 2008. Net interest bearing debt was at year end 2009 $472. 6 million, compared to $592.5 million in the preceding year.

In 2009 minority interests increased by $1 million to $4 million. The increase is related to the underlying activity and the consolidation of Front Shadow Inc, which is 100% owned by Ship Finance International Limited.

The Company?s total shareholders? equity increased from $177.7 million to $527.4 million reflecting the net Comprehensive Income for the year as well as $108 million in an equity issue in the beginning of April 2009.

There were no dividends paid out in 2009 compared to $347.1 million paid out in 2008.

Presently Golden Ocean has 23 per cent open Panamax capacity in 2010 and 40 per cent and 47 per cent for 2011 and 2012 respectively.

For the Capesize segment the open capacity is 20 per cent in the fourth quarter of 2010 followed by 33 per cent and 39 per cent in 2011 and 2012.

The cash break even rates through 2012 for the open positions are through recent chartering activities lowered further.

In a zero market environment for the open Capesize and Panamax tonnage, the Company will still generate about $45 million in net positive cash flow from operation through 2012.

Golden Ocean continues its discussion with Pipavav Shipyard in India with respect to existing new building commitments.

Based on the yards progress so far it is likely that the new building program will not be delivered within cancellation dates and thereby can be reduced.

The Company has committed financing for the entire newbuilding program except for Golden Nantong which is scheduled to be delivered in 2012.

The Board is still concerned about the growth in fleet supply and will for the time being continue the conservative approach to chartering and acquisitions.

The Company?s Balance Sheet is robust, and gives Golden Ocean a unique position to act opportunistic if market opportunities should occur in the coming months. Given the high contract coverage, the Board anticipates that operating results will be stronger in 2010 compared to 2009 (excluding potential sale profits).

The Board is pleased to see that the Company increases its free cash position and at the same time takes delivery, finance and continues to build one of the most modern dry bulk fleets.

A fleet well positioned and financed in order to benefit from long term demand growth in dry bulk commodities.

Source: Golden Ocean


Photo: Panamax Golden Saguenay 2008 - 75.000dwt (GOGL)