LONDON (Bloomberg) - Golden Ocean Group Ltd., Norwegian billionaire John Fredriksen's commodities shipping line, said China's economic stimulus is lifting carrier demand and new vessels are being built at a slower-than-expected pace globally.

"There are too many positive visible signs which make us believe that China's stimulus packages already have had a direct impact on our markets," Hamilton, Bermuda-based Golden Ocean said yesterday in a statement distributed by Hugin.

China's property market, which generates about 45 percent of the nation's demand for steel, saw sales climb 25 percent in the quarter, boosting imports of raw materials including iron ore to a quarterly record, Golden Ocean said.

Delivery of new carriers lagged "far behind expectations", it said. About 22.5 million deadweight tonnes of shipping capacity has been delivered so far this year, while 70 million tonnes is projected to enter service in 2009, it said.

Second-quarter net income fell to $101 million, or 22 cents a share, from $201 million, or 73 cents, a year earlier, Golden Ocean said. Profit was buoyed by $96 million after the shipping line bought back convertible bonds at less than their face value.

Sales fell 64 percent to $86.1 million. That was less than the 72 percent plunge the Baltic Dry Index, an overall measure of shipping costs, which averaged 2,714 points in the quarter compared with 9,751 points a year earlier.