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 facts.
The Company is taking advantage of the safe
harbor provisions of the PSLRA and is including this cautionary
statement in connection therewith. This document and any other
written or oral statements made by the Company or on its behalf may
include forward-looking statements, which reflect the Company's
current views with respect to future events and financial
performance. This earnings report includes assumptions,
expectations, projections, intentions and beliefs about future
events. These statements are intended as "forward-looking
statements." The Company cautions that assumptions, expectations,
projections, intentions and beliefs about future events may and
often do vary from actual results and the differences can be
material. When used in this document, the words “believe,”
“expect,” “anticipate,” “estimate,” “intend,” “plan,” “targets,”
“projects,” “likely,” “will,” “would,” “could” and similar
expressions or phrases may identify forward-looking statements.
The forward-looking statements in this report
are based upon various assumptions, many of which are based, in
turn, upon further assumptions, including without limitation,
management's examination of historical operating trends, data
contained in the Company's records and other data available from
third parties. Although the Company believes that these assumptions
were reasonable when made, because these assumptions are inherently
subject to significant uncertainties and contingencies which are
difficult or impossible to predict and are beyond the Company's
control, the Company cannot assure you that it will achieve or
accomplish these expectations, beliefs or projections. As a result,
you are cautioned not to rely on any forward-looking
statements.
In addition to these important factors and
matters discussed elsewhere herein, important factors that, in the
Company’s view, could cause actual results to differ materially
from those discussed in the forward-looking statements, include
among other things: general market trends in the dry bulk industry,
which is cyclical and volatile, including fluctuations in charter
hire rates and vessel values; a decrease in the market value of the
Company’s vessels; changes in supply and demand in the dry bulk
shipping industry, including the market for the Company’s vessels
and the number of newbuildings under construction; delays or
defaults in the construction of the Company’s newbuildings could
increase the Company’s expenses and diminish the Company’s net
income and cash flows; an oversupply of dry bulk vessels, which may
depress charter rates and profitability; the Company’s future
operating or financial results; the Company’s continued borrowing
availability under the Company’s debt agreements and compliance
with the covenants contained therein; the Company’s ability to
procure or have access to financing, the Company’s liquidity and
the adequacy of cash flows for the Company’s operations; the
failure of the Company’s contract counterparties to meet their
obligations, including changes in credit risk with respect to the
Company’s counterparties on contracts; the loss of a large customer
or significant business relationship; the strength of world
economies; the volatility of prevailing spot market and
charter-hire charter rates, which may negatively affect the
Company’s earnings; the Company’s ability to successfully employ
the Company’s dry bulk vessels and replace the Company’s operating
leases on favorable terms, or at all; changes in the Company’s
operating expenses and voyage costs, including bunker prices, fuel
prices (including increased costs for low sulfur fuel), drydocking,
crewing and insurance costs; the adequacy of the Company’s
insurance to cover the Company’s losses, including in the case of a
vessel collision; vessel breakdowns and instances of offhire; the
Company’s ability to fund future capital expenditures and
investments in the construction, acquisition and refurbishment of
the Company’s vessels (including the amount and nature thereof and
the timing of completion of vessels under construction, the
delivery and commencement of operation dates, expected downtime and
lost revenue); risks associated with any future vessel construction
or the purchase of second-hand vessels; effects of new products and
new technology in the Company’s industry, including the potential
for technological innovation to reduce the value of the Company’s
vessels and charter income derived therefrom; the impact of an
interruption or failure of the Company’s information technology and
communications systems, including the impact of cyber-attacks, upon
the Company’s ability to operate; potential liability from safety,
environmental, governmental and other requirements and potential
significant additional expenditures (by the Company and the
Company’s customers) related to complying with such regulations;
changes in governmental rules and regulations or actions taken by
regulatory authorities and the impact of government inquiries and
investigations; the arrest of the Company’s vessels by maritime
claimants; government requisition of the Company’s vessels during a
period of war or emergency; the Company’s compliance with complex
laws, regulations, including environmental laws and regulations and
the U.S. Foreign Corrupt Practices Act of 1977; potential
difference in interests between or among certain members of the
Board of Directors, executive officers, senior management and
shareholders; the Company’s ability to attract, retain and motivate
key employees; work stoppages or other labor disruptions by the
Company’s employees or the employees of other companies in related
industries; potential exposure or loss from investment in
derivative instruments; stability of Europe and the Euro or the
inability of countries to refinance their debts; inflationary
pressures and the central bank policies intended to combat overall
inflation and rising interest rates and foreign exchange rates;
fluctuations in currencies; the impact that any discontinuance,
modification or other reform or the establishment of alternative
reference rates have on the Company’s floating interest rate debt
instruments; acts of piracy on ocean-going vessels, public health
threats, terrorist attacks and international hostilities and
political instability; potential physical disruption of shipping
routes due to accidents, climate-related (acute and chronic),
political instability, terrorist attacks, piracy, international
sanctions or international hostilities, including the developments
in the Ukraine region and in the Middle East, including the
conflicts in Israel and Gaza, and the Houthi attacks in the Red
Sea; general domestic and international political and geopolitical
conditions or events, including any further changes in U.S. trade
policy that could trigger retaliatory actions by affected
countries; the impact of adverse weather and natural disasters; the
impact of increasing scrutiny and changing expectations from
investors, lenders and other market participants with respect to
the Company’s Environmental, Social and Governance policies;
changes in seaborne and other transportation; the length and
severity of epidemics and pandemics and governmental responses
thereto and the impact on the demand for seaborne transportation in
the dry bulk sector; impacts of supply chain disruptions and market
volatility surrounding impacts of the Russian-Ukrainian conflict
and the developments in the Middle East; fluctuations in the
contributions of the Company’s joint ventures to the Company’s
profits and losses; the potential for shareholders to not be able
to bring a suit against us or enforce a judgement obtained against
us in the United States; the Company’s treatment as a “passive
foreign investment company” by U.S. tax authorities; being required
to pay taxes on U.S. source income; the Company’s operations being
subject to economic substance requirements; the Company potentially
becoming subject to corporate income tax in Bermuda in the future;
the volatility of the stock price for the Company’s common shares,
from which investors could incur substantial losses, and the future
sale of the Company’s common shares, which could cause the market
price of the Company’s common shares to decline; and other
important factors described from time to time in the reports filed
by the Company with the U.S. Securities and Exchange Commission,
including the Company's most recently filed Annual Report on Form
20-F for the year ended December 31, 2023.
The Company cautions readers of this report not
to place undue reliance on these forward-looking statements, which
speak only as of their dates. Except to the extent required by
applicable law or regulation, the Company undertakes no obligation
to release publicly any revisions to these forward-looking
statements to reflect events or circumstances after the date of
this report or to reflect the occurrence of unanticipated events.
These forward-looking statements are not guarantees of the
Company’s future performance, and actual results and future
developments may vary materially from those projected in the
forward-looking statements.
This information is subject to the disclosure
requirements pursuant to section 5-12 of the Norwegian Securities
Trading Act.
- GOGL 2nd Quarter 2024 Results
Golden Ocean (NASDAQ:GOGL)
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Golden Ocean (NASDAQ:GOGL)
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