Golden Ocean Group has reported profits of $26.9 million and earnings per share of $0.06 for the second quarter ended June 30, 2010. This compares with profits and earnings per share of $101.3 million and $0.22 respectively for the second quarter of 2009.

Total operating revenues for the second quarter were $126.5 million, total operating expenses were $93.5 million and net other loss was $0.5 million. The company reports profit of $50.7 million and earnings per share of $0.11 for the interim six months result. This compares with profit and earnings per share of $117.8 million and $0.51 for the interim six months result in 2009.

Cash and cash equivalents increased by $58.1 million during the quarter. The company generated cash from operating activities of $44.1 million and generated $28.1 million in investing activities. Investing activities include part payments on new buildings of $32.0 million. The company used $14.0 million on financing activities during the quarter. This includes proceeds from the long-term debt of $59.4 million, repayment of debt of $60.2 million (of which $6.3 million was repayment of regular instalments) and dividend payment of $11.4 million.

The board has declared a dividend of $0.05 per share.