Saturday, September 23, 2023
HomeDry CargoGolden Ocean Reports Second Quarter Net Income of $34.9 Million

Subscribe

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

Golden Ocean Reports Second Quarter Net Income of $34.9 Million

Golden Ocean Group Limited, the world’s largest listed owner of large size dry bulk vessels, announced its un-audited results for the quarter ended June 30, 2023.

Highlights

  • Net income of $34.9 million and earnings per share of $0.17 (basic) for the second quarter of 2023. This compares with a net loss of $8.8 million and loss per share of $0.04 (basic) for the first quarter of 2023.
  • Adjusted EBITDA of $80.4 million for the second quarter of 2023, compared with $54.7 million for the first quarter of 2023.
  • Reported TCE rates for Capesize and Panamax/Ultramax vessels of $19,083 per day and $15,617 per day, respectively, and $17,664 per day for the entire fleet in the second quarter of 2023.
  • Completed the acquisition and took the delivery of six modern Newcastlemax vessels, with last one being delivered after quarter end.
  • Taken delivery of four Kamsarmax newbuildings in the second quarter of 2023 and two Kamsarmax newbuildings after the end of the quarter.
  • Entered into a $40.0 million facility agreement to partially finance two Kamsarmax newbuildings delivered during the third quarter of 2023, at highly attractive terms.
  • Estimated TCE rates, inclusive of charter coverage calculated on a load-to-discharge basis, are approximately:
  • $18,300 per day for 79% of Capesize available days and $13,510 per day for 98% of Panamax available days for the third quarter of 2023.
  • $21,500 per day for 34% of Capesize days and $16,500 per day for 26% of Panamax days for the fourth quarter of 2023.
  • Repurchased 920,243 shares at an aggregate purchase price of $6.9 million, or $7.54 per share. A total of 1.5 million shares at an aggregate purchase price of $11.8 million, or $7.84 per share have been repurchased under the current share repurchase program.
  • Announced a cash dividend of $0.10 per share for the second quarter of 2023, which is payable on or about September 19, 2023, to shareholders of record on September 11, 2023. Shareholders holding the Company’s shares through Euronext VPS may receive this cash dividend later on or about September 21, 2023.

Lars-Christian Svensen, Interim Chief Executive Officer, commented:

“Golden Ocean has continued to deliver solid performance against a very volatile macroeconomic backdrop. Despite headline risks related to inflation and interest rates, dry bulk demand remains fundamentally strong, driven by shifting trade routes, the need to secure the energy supply chain, and the increased significance of emerging trades, including the West African Bauxite trade. The forecast for fleet supply growth also remains favorable with the orderbook near historical lows. Combined, these factors support our optimistic near and long-term outlook, while closely monitoring the developments in the Chinese economy. Golden Ocean has one of the world’s youngest and most fuel-efficient fleets and very low cash breakeven levels. This allows the Company to remain profitable when markets are weaker and produce outsized cash flows when markets are strong. It is also a key enabler of our capital allocation policy, which has allowed the company to consistently distribute dividends to its shareholders and also repurchase shares under its repurchase program.”

Related Posts

Video

Finance & Economy
Shipping News
Ports

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...

Korea’s STX denies rumor that it is backed by Chinese fund

South Korean general trading company STX Corp. has said its largest shareholder is a local investment firm, while refuting the false reports appearing through...

Navios Holdings Announces Receipt of Buyout Offer

Navios Holdings announced that its board of directors received an unsolicited non-binding proposal from N Shipmanagement Acquisition Corp. (“NSC”) to acquire all of the...

Baltic index snaps 11-session rally as rates for larger vessels ease

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

Baltic index rises for 11th straight session on strong vessel rates

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

The elite of the Shipping Industry meets at the “Maritime Cyprus 2023” Conference

The main theme of this year’s Conference is “Shipping in Action: An agenda for...

Maritime industry explores nuclear power for ships as technology opens up

The maritime industry is exploring whether nuclear fuel can be used to power commercial...

Baltic index logs best day in almost two months on capesize demand

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

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...

Thessaloniki, Gdańsk ports to explore synergies

Thessaloniki Port Authority S.A is expanding its role as a port of international importance through a new cooperation with the Port of Gdańsk Authority...

Hapag-Lloyd CEO: Counteroffer for HHLA would not be in our interest

Hapag-Lloyd CEO Rolf Habben Jansen said on Thursday that it would not be in the container shipper’s interest to make an offer for HHLA...

MSC offers to buy stake in Hamburg port operator

MSC, the world’s biggest container shipping company, is offering to buy almost half of the main operator of Hamburg port, in a deal that...