John Fredriksen’s Golden Ocean has delayed the delivery of six capesize newbuildings as it reports a $107.5m first half loss.

In its six financial statement Golden Ocean said that in June it had entered into an agreement with one yard to delay the delivery of six newbuildings by seven to nine months per vessel. The shipowner has six capesize newbuildings on order from New Times Shipbuilding, out of a total of 12 new vessels it has contracted with yards in China.

Of the 12 vessels under construction one has been sold and will be delivered to new owners when it is delivered from by the shipyard in the fourth quarter of 2016. Golden Ocean will receive $46.2m in net sales proceeds when the newbuilding is delivered. The company has outstanding commitments of $372.7m on its newbuilding programme.

“Following the equity issue and renegotiation with banks in February this year, the company’s main focus is discussions with the yards on delaying the newbuilding orders,” Golden Ocean said.

“Golden Ocean has good support from the yards and has already postponed many newbuilding orders and negotiations are ongoing for further delays.”

The company reported a loss of $107.5m for first half of 2016 compared to $110.9m for the same period a year earlier. In the second quarter of 2016 it made loss of $39.2m compared to a $68.2m loss in the same period a year earlier.

While the bulk market remains depressed Golden Ocean is seeing some improvement in spot rates. “Based on the contract cover for the third quarter and spot rates obtained so far into the quarter, we expect the operating result for the third quarter to improve relative to the second quarter of this year,” it said.

Source: seatrade-maritime.com