Dry bulk shipping firm Golden Ocean reported first-quarter net earnings below forecasts on Thursday due to a large impairment charge and said its market went from “bad to worse” during the quarter. Golden Ocean said its made a net loss of $75.3 million in the first quarter, below expectations for a loss of $27 million, but the figure also included a $141 million of impairments on its vessels. Excluding the impairments, the firm made an EBITDA loss of $3.6 million, not far from forecasts for a $1 million loss.