Golar LNG reports Q3 results and provides guidance commentary (25.27)
- Golar reports today a 3Q 2017 operating loss of $22.9 million as compared to a 2Q 2017 loss of $24.0 million. A pick-up in utilization toward the end of the quarter resulted in a small rise in time charter revenues which increased $1.0 million to $25.0 million in 3Q 2017. Voyage expenses increased from $11.8 million in 2Q 2017 to $13.1 million in 3Q 2017, with the increase largely attributable to repositioning and cool-down costs for the Golar Tundra which departed Ghana in September and prepared for service as an LNG carrier.
- Guidance: The shipping market is showing strong signs of improving. As of today, the effective time charter rates being achieved in 4Q are more than twice that recorded in 3Q. An improving trend is expected to continue into 2018-2019 when shipping supply should lag demand created by increased production. At full utilization, every $10,000 increase in shipping rates equates to approximately $40 million additional annual operating cash flows across the entire fleet;