August 21, 2012 / 6:12 AM / in 5 years

Golden Ocean Q2 in line with forecasts; sees slow recovery

OSLO, Aug 21 (Reuters) - Norwegian bulk shipping firm Golden Ocean reported second-quarter operating profit in line with expectations on Tuesday and predicted a similar result for the third quarter.

Golden Ocean, part of shipping tycoon John Fredriksen’s empire, reported a quarterly operating profit of $14.4 million, in line with expectations for $15 million in a poll of analysts.

“The board still considers the risk reward ratio to be attractive for the dry bulk segment. However a major recovery in rates and asset values may take some time in view of the present large oversupply,” it said in a statement. (Reporting by Balazs Koranyi)

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