Monday, February 6, 2023
spot_img
HomeDry CargoGolden Ocean Reports Robust Third Quarter Results

Subscribe

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

Golden Ocean Reports Robust Third Quarter Results

Golden Ocean Group Limited, the world’s largest listed owner of Capesize vessels, yesterday announced its results for the quarter ended September 30, 2021.

Highlights

• Net income of $195.3 million and earnings per share of $0.97 for the third quarter of 2021 compared with net income of $104.5 million and earnings per share of $0.52 for the second quarter of 2021.
• Adjusted EBITDA of $229.7 million for the third quarter of 2021, compared with $130.5 million for the second quarter of 2021.
• Reported TCE rates for Capesize and Panamax/Ultramax vessels of $38,142 per day and $24,733 per day, respectively, in the third quarter of 2021. Reported TCE rate for the whole fleet of $32,262 per day.
• Entered into agreements to construct seven latest generation ECO-type Kamsarmax vessels.
• Sold two older Panamax vessels at attractive prices, as part of the fleet renewal strategy.
• Completed refinancing of $413.6 million facility provided by Sterna Finance, and secured $435 million of long-term financing.
• Estimated TCE rates inclusive of charter coverage and calculated on a load-to-discharge basis, are:
• approximately $41,900 per day contracted for 83% of the available days for Capesize vessels and $27,300 per day contracted for 87% of the available days for Panamax vessels for the fourth quarter of 2021; and
• approximately $33,200 per day contracted for 30% of the available days for Capesize vessels and $24,150 per day contracted for 36% of the available days for Panamax vessels for the first quarter of 2022.
• Announced a cash dividend of $0.85 per share in respect of the third quarter of 2021.

Ulrik Andersen, Chief Executive Officer, commented:

“Golden Ocean has maintained significant exposure to the strong freight rate environment throughout the year, resulting in significant cash flow generation. In keeping with the Company’s long-standing policy, I am pleased that we are in the position to return value to our shareholders through dividend payments, which have amounted to $321 million thus far in 2021, including the Q3 distribution. We have already contracted more than 30% of our open days for Q1 2022, mitigating risk and ensuring cash generation into next year. The combination of expected global demand growth, modest fleet growth and inefficiencies we believe will persist in the coming years creates a powerful dynamic for Golden Ocean. Based on our long-term market outlook and the successful execution of our fleet growth and renewal program, which has positioned the Company as the industry leader in the large size dry bulk segments, we expect to continue to deliver strong operating performance to the benefit of all stakeholders.”

Related Posts

Video

Finance & Economy
Shipping News
Ports

Keppel Corp posts 9% drop in full-year profit

Singapore’s Keppel Corp said on Thursday its net profit for the year fell 9%, partly hurt by weak performance from its urban development business...

Stolt-Nielsen sees Q4 profits rise on strong markets

Stolt-Nielsen Limited reported unaudited results for the fourth quarter and full year 2022. The Company reported a fourth-quarter net profit of $95.3 million, with revenue...

Euronav delivers better-than-expected Q4 revenue

Euronav NV reported its non-audited financial results for the fourth quarter ended 31 December 2022. Hugo De Stoop, CEO of Euronav said: “Constrained vessel supply...

Wartsila: A challenging year with strong annual growth

HIGHLIGHTS FROM OCTOBER–DECEMBER 2022 Order intake decreased by 24% to EUR 1,638 million (2,150)Service order intake increased by 6% to EUR 791 million (747)Net sales...

Hapag-Lloyd achieves extraordinarily strong result in its anniversary year 2022

On the basis of preliminary and unaudited figures, Hapag-Lloyd has concluded the 2022 financial year – in which it celebrated its 175th anniversary –...

Baltic index hits over 2-year trough on waning demand for larger vessels

The Baltic Exchange’s dry bulk sea freight index dropped to its lowest level in...

Luxury Cruise Market Holds Much Promise For Greek & East Med Hidden Gem Destinations

The appeal of Greece and the East Mediterranean as an ideal region for luxury...

Baltic index falls to over 2-year low as larger vessel rates slide

The Baltic Exchange’s dry bulk sea freight index fell to its lowest since June...

Baltic index logs worst month in 3 years

The Baltic Exchange’s main sea freight index registered its biggest monthly percentage fall in...

Baltic index snaps 9-day losing streak as panamax, supramax rates rise

The Baltic Exchange’s main sea freight index snapped its nine-session losing streak on Tuesday,...

DP World wins bid for development of a mega-container terminal at India’s Deendayal Port

DP World has won a major concession to develop, operate and maintain the mega-container terminal at Deendayal port in Gujarat, on the western coast...

Luxury Cruise Market Holds Much Promise For Greek & East Med Hidden Gem Destinations

The appeal of Greece and the East Mediterranean as an ideal region for luxury cruising will be one of the main highlights of the...

Port of Los Angeles proposes cruise terminal project

The Port of Los Angeles is inviting comments on a draft Request for Proposals (RFP) for the future development of a new Outer Harbor...

Port of Long Beach Closes 2022 with Second-Busiest Year

The Port of Long Beach marked its second-busiest year on record by moving 9.13 million twenty-foot equivalent units in 2022, allowing for a return...

Hapag-Lloyd AG acquires share in J M Baxi Ports & Logistics Limited

Hapag-Lloyd AG signed a binding agreement today under which it will acquire 35% of J M Baxi Ports & Logistics Limited (JMBPL) from a...