The planned delisting was revealed along with the company’s announcement of its first quarter results.
“The company will consider delisting Golden Ocean from the secondary listing on SGX. The volume of shares traded on SGX is very limited and the company would like to simplify its operation and reduce cost. The company’s presence in Asia on the shipping side is increasing and not affected by this delisting,” Golden Ocean said.
The company is also listed on Norway’s Oslo stock exchange.
On Friday, it announced a first quarter net profit of $10.26m, up from $6.82m in the same period of 2013. Revenue also improved 36.3% year-on-year to $74.2m.
The company noted that in April, both spot and forward markets in the dry bulk sector have been under pressure, but most analysts remain confident that the fundamentals should cater for a market upswing within the next few months.
Capesize vessels earned on average $16,300 per day during the first quarter with strong volatility ranging from $7,900 per day to $35,000 per day, while panamaxes earned on average $10,425 per day with less volatility.
On the demand side, preliminary data is indicating an overall volume growth in seaborne dry bulk trade of 6% for the first three months of 2014 against a net fleet growth of about 5%, according to Golden Ocean.
Copyright © 2024. All rights reserved. Seatrade, a trading name of Informa Markets (UK) Limited. Add Seatrade Maritime News to your Google News feed.