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Golden Ocean joins Getting to Zero Coalition

In its latest quarterly results announcement, Golden Ocean Group Limited (GOGL) confirmed that it has joined the Getting to Zero Coalition.

The Getting to Zero Coalition is a cross-industry group which aims, through its members, to get commercially viable deep-sea zero-emission vessels powered by zero-emission fuels into operation by 2030.

Along with its participation in the coalition, GOGL reported today (18 August) that it made a net loss of $41.3 million for the second quarter (Q2) of 2020 compared with a net loss of $160.8 million for the first quarter.

The company also said that it had completed the final eight of 23 planned installations of exhaust gas cleaning systems (scrubbers).

Ulrik Andersen, GOGL’s Chief Executive Officer, commented: ‘While we believe that the recent improvement in rates reflects the diminishing impact of COVID-19 on the underlying demand for dry bulk commodities, uncertainty persists in the near term. We have therefore increased our charter coverage for the balance of 2020, although we maintain enough spot exposure to meaningfully participate in the strong rate environment expected for the remainder of the year. This balanced commercial approach will ensure healthy continued cash flows and a corresponding increase in our liquidity.

‘Additionally, the significant one-off capital expenditures related to scrubber installations and the non-cash impairments that impacted our results in the first half of the year are behind us. It means the recent market strength will directly benefit our second-half cashflow and results.’

Lesley Bankes-Hughes

Lesley Bankes-Hughes