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Golden Ocean: Reports Loss Of $135.1 Million For The 4th Quarter Of 2014.

27 Feb 2015 16:41

Golden Ocean generates fourth quarter 2014 and 2014 EBITDA of $69.7 and $128.8 million, respectively. Golden Ocean reports loss of $135.1 million for the fourth quarter of 2014 and loss of $135.6 million for 2014. While the underlying operation in Q4 has been in line with Q3, the Company has taken a non-cash impairment on owned vessels of $116.6 million due to drop in asset values and non-cash impairment related to leased assets of $66.7 million and reversed lease obligations of $51.5 million. The Company announced the agreement to merge with Knightsbridge Shipping Limited in October 2014. The Company obtained favourable final awards on four appeals in High Court in London in December 2014 and the Company received $72 million in refund of instalments and interest from Jinhaiwan in January and February 2015. In December 2014 the Company completed a financing of 19 vessels at attractive terms...

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Source: ShareInvestor Express