In its full year financial results Golden Ocean said that all newbuilds due to be delivered in Q4 2016 were delayed until Q1 this year, while all its other newbuildings due to be delivered this year had been postponed till the first quarter of 2018.
“In aggregate the company has achieved price reductions of $15.3m for its remaining ten newbuildings through negotiations with the yards,” Golden Ocean said.
According to the company’s website it had six capsize newbuilds remaining scheduled for delivery in 2017 from New Times Shipbuilding in China. The agreements are subject to approval by the shipyard’s refund banks.
Golden Ocean reported a full year net loss of $127.7m for 2016 compared to a loss of $220.8m in the previous year. In the fourth quarter of 2016 the company returned to the black with a net profit of $6.5m compared to a $26.7m in the corresponding quarter a year earlier.
“Our results improved in the fourth quarter, and better rates will also have a positive impact on our results for the first quarter of 2017,” said Birgitte Ringstad Vartda, ceo of Golden Ocean Management.
“Against this market backdrop, we continued to execute on our strategic plan by achieving further deferrals of vessel deliveries and securing price reductions related to the deferred newbuildings.”
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