May 30, 2012 / 7:12 AM / 5 years ago

Golar LNG sees further market tightening

OSLO, May 30 (Reuters) - Liquefied natural gas shipper Golar LNG declared a dividend above expectations on Wednesday even as it missed market expectations with its first-quarter profit, and said the market was picking up momentum.

“Whilst the short-term shipping came under downward pressure during the quarter the market started to pick-up momentum towards the end of the quarter,” said Golar, controlled by Norwegian-born shipping tycoon John Fredriksen.

“As charters seek to fix vessels in advance of their forthcoming winter requirements, the market is tightening. As a result, owners have the ability to be selective in choosing the length of the charters they wish to pursue,” it added.

Golar raised its dividend to 35 cents per share, above expectations for 28 cents.

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