Norwegian dry bulk carrier Golden Ocean said Tuesday it expected the market to remain difficult for the next 6-12 months, not least because of slowing Chinese economic growth, as it posted a bigger third-quarter loss year on year.
"Well into the fourth quarter, expectations for an improved market for the last months of the year have not been met and the negative sentiment has dragged down the freight forward curve," the company said.
Total demand growth for dry bulk transportation in the first nine months of 2015 was close to zero and, as a consequence, utilization of the dry bulk fleet was lower now than at the end of 2014, the company said.
Golden Ocean posted a third-quarter net loss of $40.6 million, compared with a loss of $6.2 million for the same period a year ago.
