Golden Ocean Group Reports Third Quarter Net Income of $56.3 Million

Golden Ocean Group Limited, the world’s largest listed owner of large size dry bulk vessels, today announced its unaudited results for the quarter ended September 30, 2024.

Highlights

• Net income of $56.3 million and earnings per share of $0.28 (basic) for the third quarter of 2024, compared to net income of $62.5 million and earnings per share of $0.31 (basic) for the second quarter of 2024.
• Adjusted EBITDA of $124.4 million for the third quarter of 2024, compared to $120.3 million for the second quarter of 2024.
• Adjusted net income of $66.7 million for the third quarter of 2024, compared to $63.4 million for the second quarter of 2024.
• Reported TCE rates for Capesize and Panamax vessels of $28,295 per day and $16,361 per day, respectively, and $23,726 per day for the entire fleet in the third quarter of 2024.
• Entered into agreements to sell one Newcastlemax vessel and one Panamax vessel for a total net consideration of $56.8 million.
• Announced the renewal of its share buy-back program for an additional 12 months.
• Entered into a $150 million facility to refinance six Newcastlemax vessels, at highly attractive terms.
• Estimated TCE rates, inclusive of charter coverage calculated on a load-to-discharge basis, are approximately:
• $26,300 per day for 82% of Capesize available days and $14,600 per day for 83% of Panamax available days for the fourth quarter of 2024.
• $21,060 per day for 27% of Capesize available days and $17,500 per day for 15% of Panamax available days for the first quarter of 2025.
• Announced a cash dividend of $0.30 per share for the third quarter of 2024, which is payable on or about December 18, 2024, to shareholders of record on December 9, 2024.
• Shareholders holding the Company’s shares through Euronext VPS may receive this cash dividend later, on or about December 20, 2024.

Peder Simonsen, Interim Chief Executive Officer and Chief Financial Officer, commented:

“Golden Ocean delivered strong performance with achieved market rates significantly above the indexes for the third quarter. This is attributable to our modern, fuel-efficient fleet, strong commercial capabilities, and industry leading low cash-break-even. We continue to execute on our strategy of divesting older and less efficient tonnage at attractive valuations. The macro and geopolitical environment creates volatility in the financial markets and freight market impacting sentiment, despite healthy trading volumes across all commodities. Looking ahead, the freight market is expected to benefit with tonne-mile growth, with the strong iron ore and bauxite exports out of Brazil and Guinea to Asia being the main driver. Combined with a healthy vessel supply outlook we remain optimistic for the years to come. With a modern fleet and strong balance sheet, Golden Ocean is well positioned to generate strong cash flow and attractive returns to our shareholders.”
Source: Golden Ocean Group Limited