Saturday, September 30, 2023
HomeDry CargoGolden Ocean delivers strong result in second quarter of 2022

Subscribe

To our FREE newsletter
Get all the latest maritime news delivered straight to your inbox.

Golden Ocean delivers strong result in second quarter of 2022

Golden Ocean, the world’s leading owner of large size dry bulk vessels, announced its unaudited results for the three and six month period ended June 30, 2022.

Highlights

  • Net income of $163.7 million and earnings per share of $0.82 for the second quarter of 2022 compared with net income of $125.3 million and earnings per share of $0.63 for the first quarter of 2022.
  • Adjusted EBITDA of $191.6 million for the second quarter of 2022, compared with $149.4 million for the first quarter of 2022.
  • Reported TCE rates for Capesize and Panamax/Ultramax vessels of $30,661 per day and $27,581 per day, respectively, in the second quarter of 2022. Reported TCE rate for the total fleet of $29,431 per day.
  • Completed the $275 million refinancing of 14 Capesize vessels at attractive terms, further reducing the industry low cash break-even rate.
  • Entered into agreements to sell two Ultramax vessels and construct three Kamsarmax vessels at attractive prices.
  • Estimated TCE rates, inclusive of charter coverage, calculated on a load-to-discharge basis are approximately:
    • $27,900 per day for 80% of Capesize available days and $27,100 per day for 96% of Panamax available days for the third quarter of 2022; and
    • $29,500 per day for 25% of Capesize available days and $21,900 per day for 27% of Panamax available days for the fourth quarter of 2022.
  • Published the Company’s fourth annual ESG report for 2021, which can be found on the Company’s website.
  • Announced a cash dividend of $0.60 per share for the second quarter of 2022, payable on or about September 14, 2022 to shareholders of record on September 7, 2022. Shareholders holding the Company’s shares through Euronext VPS may receive this cash dividend later, on or about September 16, 2022.

Ulrik Andersen, Chief Executive Officer, commented:

“Golden Ocean delivered another strong result in the second quarter of 2022 despite trade disruptions and economic headwinds. Our performance is attributable to the strength of our commercial operations as well as the quality of our fleet, which allowed us to generate a solid premium to benchmark rates.

Despite recent weakness in freight rates caused by easing port congestion and the contraction in China’s economy due, in part, to its “zero COVID” policy, our market outlook remains optimistic. Slowing fleet growth and new environmental regulations provide a strong offset to a potential short-term slowing of demand growth which combined with our charter coverage and superior fuel economics from our modern fleet will support continued healthy returns.“

Related Posts

Video

Finance & Economy
Shipping News
Ports

Sphinx Investment Corp Increases Stake in OceanPal

On September 28, 2023, an OceanPal SEC filing revealed that Sphinx Investment Corp. had raised its ownership in OceanPal, now holding a substantial stake...

Star Bulk Announces the Repurchase of 10 Million of Its Common Shares

Star Bulk announced that it entered into a Repurchase Agreement (with OCM XL Holdings, LP, a limited partnership incorporated in the Cayman Islands, pursuant...

Trafigura announces executive leadership changes

Trafigura Group Pte Ltd. has announced an evolution of its executive team to further strengthen leadership and focus across its global activities during a...

Woori, HMM, KOBC to buy Polaris in prospective $448 mln deal – report

Polaris Shipping Co. is poised to sell its entire stake at around 600 billion won ($447.5 million) to Woori Private Equity Asset Management Co....

Pyxis Tankers Announces Closing of Ultramax JV Investment

Pyxis Tankers, an international shipping company, reported that on September 14, 2023, the Company closed on its previously announced newly formed drybulk joint venture...

Baltic index snaps 4-day winning streak as capesize rates slip

The Baltic Exchange’s main sea freight index, tracking rates for ships carrying dry bulk...

Baltic index scales 11-month peak on strong capesize rates

The Baltic Exchange’s main sea freight index, which tracks rates for ships carrying dry...

Baltic index scales over 9-month high on capesize surge

The Baltic Exchange’s main sea freight index, which tracks rates for ships carrying dry...

Baltic index rises to over 4-month high on stronger capesize rates

The Baltic Exchange’s main sea freight index, which tracks rates for ships carrying dry...

Houston-Japan VLGC freight rates reach multi-year high

VLGC freight rates from Houston to Chiba, Japan, reached $245/mt Sept. 21 for the...

Piraeus Port reports strong H1 2023 results

The Piraeus Port Authority SA, which operates Greece’s biggest and busiest port, reported a 48.8-percent increase in pre-tax earnings for H1 2023 – 49.4...

Greece names Thessaloniki port operator preferred bidder for Volos port

Greece’s privatisation agency has named the operator of Thessaloniki port as the preferred bidder for acquiring a 67% stake in the port of Volos,...

Drewry: Port Throughput Index Down 2.1% in July

The Global Container Port Throughput Index fell 2.1% MoM in July 2023, with the small rises recorded in Africa and Oceania having been insufficient...

Vopak: Agreement with Infracapital on sale of Rotterdam chemical terminals

Vopak announces that it has reached an agreement with Infracapital on the sale of its three chemical terminals in Rotterdam (Botlek, TTR and Chemiehaven)...

Port Hedland Iron Ore Exports Edge Up 4% in August

Pilbara Ports Authority has delivered a total monthly throughput of 62.8 million tonnes (Mt) for August 2023, consistent with the August 2022 throughput. The Port...