* Korea Line files for receivership
* Golden Ocean shares down 9.1 percent
* CEO says Korea Line may wish to renegotiate rates
* CEO says sees weak market in 2011, parts of 2012
(Adds CEO comments, details, shares)
By Henrik Stoelen
OSLO, Jan 25 (Reuters) - Shares in dry bulk shipping firm Golden Ocean Group fell more than 9 percent on Tuesday after a major Korean customer filed for receivership, hurt by a sharp drop in freight rates.
Shares in Oslo-listed Golden Ocean were down 9.1 percent at 1227 GMT on Tuesday after Korea Line Corp said it had filed for receivership in Seoul
"I don't believe they (Korea Line) will go bankrupt, but there will probably be a restructuring of the company in one way or another," Golden Ocean's Chief Executive Herman Billung said.
Golden Ocean did not want to comment on the size of its exposure to Korea Line.
One analyst said the Asian dry bulk carrier charters two of Golden Ocean's Panamax ships at a rate of $26,000 per day.
"The ships will now have to be leased through the spot market at a considerably lower rate," said Arctic Securities analyst Martin Sommerseth Jaer. "This will lead to... lower revenue for the company going forward."
Billung had previously identified Korea Line as the client which Golden Ocean saw as the most uncertain.
"What the consequences will be for Golden Ocean is too early to say... I would assume that at one point they (Korea Line) will come back with an offer of revised rates," Billung said.
At Golden Ocean, Billung expected a seasonal bounce back on the dry bulk market in the second quarter, after the Chinese New Year holiday, but that the outlook was still rather bleak.
"I believe that 2011 and parts of 2012 will be fairly weak," he said.
(Writing by Victoria Klesty; Editing by Erica Billingham)