GOGL - Golden Ocean drags down shipping stocks after soft Q3 results

Golden Ocean ( NASDAQ: GOGL ) -12.4% in Wednesday's trading after reporting lackluster Q3 results including a 27% Y/Y decline in revenues due to weak freight markets.

Q3 net income of $104.6M, or $0.52/share, fell from $163.7M, or $0.82/share in the year-earlier quarter, and adjusted EBITDA fell to $118.2M from $191.6M.

The company also declared a $0.35/share cash dividend for the quarter.

Results appear to be weighing on shares of shipping peers, including Diana Shipping ( DSX ) -4.1% , Genco Shipping & Trading ( GNK ) -3.4% , Star Bulk Carriers ( SBLK ) -3% , Eagle Bulk Shipping ( EGLE ) -2.9% , Safe Bulkers ( SB ) -2.7% .

DNB analysts said Q3 adjusted EBITDA was 15% below consensus, with the soft results only partially offset by the dividend payout.

Golden Ocean's ( GOGL ) stock price return shows a 13% YTD loss but an 8% increase during the past year .

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