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BRIEF-Golden Ocean posts Q4 net result ahead of forecast
February 28, 2017 / 7:25 AM / 10 months ago

BRIEF-Golden Ocean posts Q4 net result ahead of forecast

Feb 28 (Reuters) - Golden Ocean Group Ltd

* Q4 earnings per share $0.06

* Q4 earnings per share view $-0.11 -- Thomson Reuters I/B/E/S

* Q4 net result $6.5 million (Reuters poll $-13 million)

* says better rates will also have a positive impact on our results for q1 of 2017

* Adjusted ebitda in q4 was $24.2 million compared with $8.6 million in q3 of 2016

* Golden ocean group ltd says q4 was also characterized by rate volatility, which could be an early sign of a recovering market

* Reached agreement with shipyards to defer delivery of ten newbuildings and achieved aggregate price reductions of $15.3 million

* As earnings have strengthened and are now above levels anticipated in our q1 2016 restructuring, we expect that a cash sweep will be triggered in q2 of 2017

* Given our significant leverage to an improving market, any sustained period of market strength will allow us to begin to deleverage company’s balance sheet

* Golden ocean group ltd says on market outlook: based on cautious estimates for demand growth combined with low fleet growth, utilization should continue to improve going forward. Source text for Eikon: Further company coverage: (Reporting By Terje Solsvik)

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