Bermuda-based shipping company Golden Ocean Group Ltd.'s second quarter profit plunged by nearly three-quarters to $26.9 million, or six cents per share for the second quarter of 2010.

This compares with profit and earnings per share of $101.3 million and 22 cents per share for the same period in 2009.

Operating revenues for the second quarter were $126.5 million, operating expenses were $93.5 million and net other loss was $0.5 million.

Profit for the first six months of the year was $50.7 million, or 11 cents per share, compared to $117.8 million, or 51 cents per share for the first half of 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 million. The company used $14.0 million on financing activities during the quarter.

Golden declared a dividend of five cents per share.