GOGL – Third Quarter 2024 Results
Golden Ocean Group (NASDAQ/OSE: GOGL) reported Q3 2024 results with a net income of $56.3 million and earnings per share of $0.28, compared to $62.5 million and $0.31 in Q2 2024. The company achieved Adjusted EBITDA of $124.4 million, up from $120.3 million in Q2. TCE rates were $28,295 per day for Capesize and $16,361 for Panamax vessels. The company announced vessel sales, renewed its share buy-back program, secured a $150 million refinancing facility, and declared a cash dividend of $0.30 per share.
Golden Ocean Group (NASDAQ/OSE: GOGL) ha riportato i risultati del terzo trimestre 2024 con un utile netto di 56,3 milioni di dollari e utili per azione di 0,28 dollari, rispetto ai 62,5 milioni di dollari e 0,31 dollari nel secondo trimestre 2024. La società ha conseguito un EBITDA rettificato di 124,4 milioni di dollari, in aumento rispetto ai 120,3 milioni di dollari del secondo trimestre. I tassi TCE erano di 28.295 dollari al giorno per le navi Capesize e 16.361 dollari per le navi Panamax. La società ha annunciato vendite di navi, ha rinnovato il suo programma di riacquisto delle azioni, ha ottenuto una linea di rifinanziamento di 150 milioni di dollari e ha dichiarato un dividendo in contante di 0,30 dollari per azione.
Golden Ocean Group (NASDAQ/OSE: GOGL) reportó los resultados del tercer trimestre de 2024 con un ingreso neto de 56,3 millones de dólares y ganancias por acción de 0,28 dólares, en comparación con 62,5 millones de dólares y 0,31 dólares en el segundo trimestre de 2024. La compañía logró un EBITDA ajustado de 124,4 millones de dólares, incrementándose desde los 120,3 millones de dólares en el segundo trimestre. Las tarifas TCE fueron de 28.295 dólares por día para los buques Capesize y de 16.361 dólares para los buques Panamax. La compañía anunció ventas de embarcaciones, renovó su programa de recompra de acciones, aseguró una línea de refinanciamiento de 150 millones de dólares y declaró un dividendo en efectivo de 0,30 dólares por acción.
골든 오션 그룹 (NASDAQ/OSE: GOGL)이 2024년 3분기 결과를 발표했습니다. 순이익은 5630만 달러이며 주당 수익은 0.28달러로, 2024년 2분기의 6250만 달러와 0.31달러에 비해 감소했습니다. 회사는 조정된 EBITDA가 1억 2440만 달러로, 2분기의 1억 2030만 달러에서 증가했습니다. TCE 요율은 Capesize 선박의 경우 하루 28,295달러, Panamax 선박의 경우 16,361달러였습니다. 회사는 선박 판매를 발표하고 자사주 매입 프로그램을 갱신했으며 1억 5천만 달러의 재융자 시설을 확보하고 주당 0.30달러의 현금 배당금을 선언했습니다.
Golden Ocean Group (NASDAQ/OSE: GOGL) a publié ses résultats pour le troisième trimestre 2024 avec un revenu net de 56,3 millions de dollars et un bénéfice par action de 0,28 dollar, comparativement à 62,5 millions de dollars et 0,31 dollar au deuxième trimestre 2024. La société a atteint un EBITDA ajusté de 124,4 millions de dollars, en hausse par rapport à 120,3 millions de dollars au deuxième trimestre. Les taux TCE ont été de 28.295 dollars par jour pour les navires Capesize et de 16.361 dollars pour les navires Panamax. L'entreprise a annoncé des ventes de navires, a renouvelé son programme de rachat d'actions, a sécurisé une ligne de refinancement de 150 millions de dollars et a déclaré un dividende en espèces de 0,30 dollar par action.
Golden Ocean Group (NASDAQ/OSE: GOGL) berichtete über die Ergebnisse des 3. Quartals 2024 mit einem Nettoeinkommen von 56,3 Millionen US-Dollar und einem Gewinn pro Aktie von 0,28 US-Dollar, verglichen mit 62,5 Millionen US-Dollar und 0,31 US-Dollar im 2. Quartal 2024. Das Unternehmen erzielte ein bereinigtes EBITDA von 124,4 Millionen US-Dollar, ein Anstieg von 120,3 Millionen US-Dollar im 2. Quartal. Die TCE-Raten lagen bei 28.295 US-Dollar pro Tag für Capesize und 16.361 US-Dollar für Panamax-Schiffe. Das Unternehmen gab den Verkauf von Schiffen bekannt, erneuerte sein Aktienrückkaufprogramm, sicherte sich eine Refinanzierungsfazilität von 150 Millionen US-Dollar und erklärte eine Bardividende von 0,30 US-Dollar pro Aktie.
- Adjusted EBITDA increased to $124.4 million from $120.3 million in Q2
- Strong TCE rates achieved above market indexes
- Secured $150 million refinancing facility at attractive terms
- Vessel sales generating $56.8 million in net consideration
- Maintained substantial dividend of $0.30 per share
- Net income decreased to $56.3 million from $62.5 million in Q2
- EPS declined to $0.28 from $0.31 in previous quarter
- Lower projected TCE rates for Q4 2024 compared to Q3
Insights
Golden Ocean Group's Q3 2024 results demonstrate solid financial performance despite a slight sequential decline.
The TCE rates of
The dry bulk market outlook appears promising despite current volatility. Brazil's iron ore and Guinea's bauxite exports to Asia are driving tonne-mile demand growth, a important metric for vessel utilization. The company's modern fleet positions it advantageously in a market increasingly focused on fuel efficiency.
Strategic vessel divestments of older tonnage at attractive valuations demonstrate prudent fleet management. The
Hamilton, Bermuda, November 27, 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 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 for82% of Capesize available days and$14,600 per day for83% of Panamax available days for the fourth quarter of 2024.$21,060 per day for27% of Capesize available days and$17,500 per day for15% 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.”
The Board of Directors
Golden Ocean Group Limited
Hamilton, Bermuda
November 27, 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 newbuilding 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 cybersecurity threats and data security breaches, 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.
Attachment
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