Bulk operator Golden Ocean has sold most of its shares in fellow bulk carrier Navios Maritime at a loss of US$11.6m, with the sale price half what the company had paid for the shares last year. However, Golden Ocean said the loss had already been included in its equity levels, so the net effect on its balance sheet would be an increase of US$8.5m. Golden Ocean still holds 1.4% of Navios' shares.
(Source: American Shipper)
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