The John Fredriksen-controlled bulker owner said net income for quarter was $1m versus the $10.1m achieved in the first quarter.

Total operating revenues for the second quarter were $72.8m, less than half the $147m achieved in the first three months of 2014.

Golden Ocean said the weaker performance was mainly related to lower earnings in the spot market during the second quarter of 2014, compared to the earnings in the first quarter.

“The