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Golden Ocean posts Q3 loss of US$40.7m with downturn in dry bulk shipping

Time：2015-11-30 Browse：240 Author：RISINGSUN

DRY bulk shipping company Golden Ocean, controlled by shipping tycoon John "Big Wolf" Fredriksen, has recorded a third-quarter net loss of US$40.7 million, far exceeding expectations for a loss of $19 million in a Reuters` poll of analysts.

Weaker coal and iron ore demand from China - the world`s leading industrial importer - have hit hard the dry bulk sector, which is experiencing its worst downturn ever, reported gCaptain.

Golden Ocean expects the market to remain difficult for the next six to 12 months.