November 21, 2017 / 3:58 PM / a year ago

Dry bulk carrier Golden Ocean to consider resuming dividend payouts -CEO

OSLO, Nov 21 (Reuters) - The CEO of dry bulk carrier Golden Ocean, Birgitte Ringstad Vartdal, told an earnings call on Tuesday:

** The removal of bank waivers after a share issue and an improved market could make it possible for Golden Ocean to resume paying dividends in the future and make more investments

** “I think once we have sorted out deliveries on our newbuildings we will not have any remaining capex. If the market is there to support rates over cash break even (including interest payments), then we will strongly consider dividend”

** Golden Ocean reported Q3 results above forecast and sees improved day rates ahead

** “The current policy is very wide, and it is to pay out free cash flow. This is a decision taken by the board but we have not set a fixed percentage

** “With large spot exposure (on our fleet) it’s difficult to set at target on dividend

** “If day rates continue to rise (as expected) it will increase contract coverage but at current rates it will not make any significant increase in contracts

** On potential new investment, the CEO says: “there are various fleets around, and we are looking at ideas but it has to be the right match to Golden Ocean, both in terms of fleet and price” (Reporting By Ole Petter Skonnord, editing by Gwladys Fouche)

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