Hamilton, Bermuda, August 28, 2024 - Golden Ocean Group Limited (NASDAQ/OSE: GOGL) (the "Company" or "Golden Ocean"), the world's largest listed owner of large size dry bulk vessels, today announced its unaudited results for the quarter ended June 30, 2024.
Highlights
Net income of $62.5 million and earnings per share of $0.31 (basic) for the second quarter of 2024, compared with net income of $65.4 million and earnings per share of $0.33 (basic) for the first quarter of 2024.
Adjusted EBITDA of $120.3 million for the second quarter of 2024, compared with $114.3 million for the first quarter of 2024.
Adjusted net income of $63.4 million for the second quarter of 2024, compared to $58.4 million for the first quarter of 2024.
Reported TCE rates for Capesize and Panamax vessels of $28,005 per day and $15,721 per day, respectively, and $23,535 per day for the entire fleet in the second quarter of 2024.
Entered into an agreement to sell one Panamax vessel for net consideration of $20.8 million.
Published its ESG report for 2023, showing an improvement in its Carbon Intensity Indicator by 13.3% compared to its 2019 baseline.
Estimated TCE rates, inclusive of charter coverage calculated on a load-to-discharge basis, are approximately:
$26,200 per day for 83% of Capesize available days and $17,200 per day for 94% of Panamax available days for the third quarter of 2024.
$25,800 per day for 29% of Capesize available days and $17,900 per day for 18% of Panamax available days for the fourth quarter of 2024.
Announced a cash dividend of $0.30 per share for the second quarter of 2024, which is payable on or about September 20, 2024, to shareholders of record on September 11, 2024. Shareholders holding the Company's shares through Euronext VPS may receive this cash dividend later, on or about September 23, 2024.
Peder Simonsen, Interim Chief Executive Officer and Chief Financial Officer, commented:
"Despite a volatile macro and geopolitical backdrop, the dry bulk shipping market remains healthy, and Golden Ocean continues to deliver above-market performance. This is attributable to the quality of our modern, fuel-efficient fleet as well as our strong commercial capabilities. While we continue to opportunistically secure charter coverage, we retain significant exposure to a market we believe will strengthen as the year progresses.
Demand fundamentals in large vessel segments are particularly constructive, with Chinese demand for bauxite and new iron ore export projects under development in the Atlantic Basin are expected to be long-term drivers. The supply side is also favorable as fleet growth is moderating and environmental regulations are expected to constrain effective fleet capacity. Golden Ocean is well positioned to continue to generate strong cash flows, based on our fleet premium and our industry-leading cash breakeven levels. Accordingly, the Company expects to continue to deliver strong returns for our shareholders."
The Board of DirectorsGolden Ocean Group LimitedHamilton, BermudaAugust 28, 2024
Questions should be directed to:
Peder Simonsen: Interim Chief Executive Officer and Chief Financial Officer, Golden Ocean Management AS+47 22 01 73 40
The full report is available in the link below.
Forward-Looking Statements
Matters discussed in this earnings report may constitute forward-looking statements. The Private Securities Litigation Reform Act of 1995, or the PSLRA, provides safe harbor protections for forward-looking statements in order to encourage companies to provide prospective information about their business. Forward-looking statements include statements concerning plans, objectives, goals, strategies, future events or performance, and underlying assumptions and other statements, which are other than statements of historical ...
