Company News

BRIEF-Dry bulk shipper Golden Ocean sees lots of bankruptcies in coming months -CEO

March 3 (Reuters) - Dry bulk shipper Golden Ocean Group CEO, Herman Billung, to an industry conference on Thursday:

* “In the coming months there will be a lot of bankruptcies, counterparty risk will be on everybody’s lips.

* “The market has never been this bad before in modern history. We haven’t seen a market this bad since the Viking age. This is not sustainable for anybody and will lead to dramatic changes.

* “It’s a fair assumption to make that only half of the orderbook in 2016 will be delivered.

* “Hemen Holding (owned by billionaire John Fredriksen) is our biggest advantage. Without him subscribing to the latest issue it never would have happened.

* “If you want to invest in dry bulk we are definitely the best bet. We are there for the long term and have a main sponsor who is strongly committed to the company and the industry.” Further company coverage: (Reporting By Ole Petter Skonnord)