(Bloomberg) Golden Ocean Group Ltd., the dry- bulk shipping company spun off from Frontline Ltd., the world?s second-biggest oil-tanker company, said second-quarter profit fell 40 percent as the cost of running ships soared.

Net income dropped to $10 million, or 4 cents a share, from $16.9 million, or 8 cents, a year earlier, the company said today in a statement to the Oslo exchange.

Golden Ocean, based in Bermuda, paid out $35 million to borrow ships during the April-to-June quarter, compared with $8.3 million a year earlier, it said.