Golden Ocean Group Ltd Stock Price, News & Analysis

Golden Ocean Group announced a successful Private Placement on 17 February 2021, raising approximately USD 338 million by issuing 54,207,547 new shares at NOK 53.00 each. The placement was oversubscribed, with major shareholder Hemen Holding allocated 27,103,773 shares, maintaining a 39.07% stake. The company plans a subsequent offering of up to 2,710,377 shares for existing shareholders, raising an additional NOK 143.6 million. This offering is contingent on shareholder approval and regulatory conditions. Full settlement of the new shares is scheduled for 22 February 2021.

Golden Ocean Group Limited (NASDAQ and OSE: GOGL) is planning to acquire 18 modern dry bulk vessels for approximately USD 752 million from affiliates of its largest shareholder, Hemen Holding Limited. This acquisition includes 10 Newcastlemaxes and 8 Kamsarmaxes, expected to enhance fleet scale and reduce cash breakeven levels. A private placement is also in the works to raise USD 338 million, with Hemen committing to subscribe for 50%. The Q4 2020 financial results reported a net income of $25.4 million and adjusted EBITDA of $59.3 million, down from the previous quarter.

Golden Ocean will announce its fourth quarter 2020 results on February 18, 2021, at 03:00 P.M. CET (09:00 A.M. New York Time). A teleconference/webcast will follow, available for participation through a provided link or dial-in numbers.

To access the conference, participants must provide their full name and the Conference ID: 7692357. A presentation will be downloadable prior to the event from the Investor Relations section of www.goldenocean.bm.

Replay of the call will be available for 7 days using the same access number.

Golden Ocean Group Limited (NASDAQ and OSE: GOGL) announced that Chief Commercial Officer Thomas Semino will step down. Based in Singapore, Semino will assist with the transition of his responsibilities during this period. CEO Ulrik Andersen expressed gratitude for Semino's contributions over four years. Recruitment for his replacement has begun, but the commercial department remains adequately staffed to ensure smooth chartering operations. Golden Ocean is a prominent dry bulk shipping company with 78 vessels, known for its Capesize and ice class Panamax fleet.

Golden Ocean Group Limited announced the grant of 275,000 share options to newly appointed CFO, Mr. Peder Simonsen. The options have a five-year term expiring on September 4, 2025, and will vest over three years. Specifically, 75,000 options will vest on September 4, 2021, with an exercise price of NOK 32; 75,000 will vest on September 4, 2022, at NOK 48; and 125,000 will vest on September 4, 2023, at NOK 64. The exercise price is subject to adjustment for any dividends prior to the exercise of the options.

Golden Ocean Group Limited (NASDAQ: GOGL) announced the resignation of CFO Per Heiberg, who has served since April 2016. Heiberg will assist in a smooth transition before departing. Peder Simonsen, former CFO and Interim CEO of Avance Gas AS, has been appointed as the new CFO. CEO Ulrik Andersen praised Heiberg's contributions and welcomed Simonsen, highlighting the company's strong financial position and market recovery. Golden Ocean controls 78 modern vessels and is a major player in the dry bulk shipping sector.

Golden Ocean Group Limited held its 2020 Annual General Meeting on August 31, 2020, in Hamilton, Bermuda, where the audited financial statements for 2019 were presented. Key resolutions passed included setting a maximum of eight Directors, designating vacancies as casual, and re-electing Directors John Fredriksen, Ola Lorentzon, James O’Shaughnessy, Marius Hermansen. Tor Svelland was elected as a new Director. PricewaterhouseCoopers AS was re-appointed as auditors with remuneration determined by the Directors. The Board's total remuneration was set to not exceed US$600,000 for 2020.

Golden Ocean Group Limited has announced its second quarter 2020 results, which are scheduled for discussion during a webcast/conference call at 15:00 CET today. This announcement is aligned with the disclosure requirements under the Norwegian Securities Trading Act. For detailed insights, the presentation is available through the provided link.

Investors are encouraged to join the call to understand the company’s performance metrics and market positioning, particularly during the ongoing challenges faced in the maritime industry.

Golden Ocean Group Limited (NASDAQ: GOGL) reported a net loss of $41.3 million for Q2 2020, with a loss per share of $0.29, a significant improvement from the $160.8 million loss in the previous quarter. The adjusted EBITDA for the quarter was $4.2 million, down from $12.3 million in Q1 2020. The company completed its final scrubber installations and has increased charter coverage for the remainder of 2020. As of now, 38% of Capesize and 56% of Panamax vessel days are covered. The estimated TCE rates for Q3 are $17,960 and $12,980 respectively.