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Highlights
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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.
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Adjusted EBITDA of $191.6 million for the second quarter of 2022, compared
with $149.4 million for the first quarter of 2022.
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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.
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Completed the $275 million refinancing of 14 Capesize vessels at attractive
terms, further reducing the industry low cash break-even rate.
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Entered into agreements to sell two Ultramax vessels and construct three
Kamsarmax vessels at attractive prices.
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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.
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Published the Company’s fourth annual ESG report for 2021, which can be
found on the Company’s website.
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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."
The Board of Directors
Golden Ocean Group Limited
Hamilton, Bermuda
August 25, 2022
Questions should be directed to:
Ulrik Andersen: Chief Executive Officer, Golden Ocean Management AS
+47 22 01 73 53
Peder Simonsen: Chief Financial Officer, Golden Ocean Management AS
+47 22 01 73 45
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: the Company’s future operating or financial results;
the Company’s continued borrowing availability under its 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 Company’s ability to successfully
employ its existing and newbuilding dry bulk vessels and replace its operating
leases on favorable terms, or at all; changes in the Company’s operating
expenses and voyage costs, including bunker prices, fuel prices (including
increases costs for low sulfur fuel), dry docking, crewing and insurance costs;
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 thereof, the delivery
and commencement of operations dates, expected downtime and lost revenue);
planned, pending or recent acquisitions, business strategy and expected capital
spending or operating expenses, including drydocking, surveys, upgrades and
insurance costs; risks associated with vessel construction; the Company’s
expectations regarding the availability of vessel acquisitions and its ability
to complete acquisition transactions planned; vessel breakdowns and instances of
off-hire; potential differences in interest by or among certain members of the
Company’s board of directors, or the Board, executive officers, senior
management and shareholders; potential liability from pending or future
litigation; potential exposure or loss from investment in derivative
instruments; general dry bulk shipping market trends, including fluctuations in
charter hire rates and vessel values; 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; the strength of world economies;
stability of Europe and the Euro; the overall impact of inflation and the rise
in interest rates and foreign exchange rates; changes in seaborne and other
transportation; changes in governmental rules and regulations or actions taken
by regulatory authorities; general domestic and international political
conditions; potential disruption of shipping routes due to accidents, climate-
related (acute and chronic), political instability, terrorist attacks, piracy or
international hostilities, including the ongoing aggression between Russia and
Ukraine; the length and severity of epidemics and pandemics, including COVID-19
and its impact on the demand for seaborne transportation in the dry bulk sector;
the impact of increasing scrutiny and changing expectations from investors,
lenders, charterers and other market participants with respect to our
Environmental, Social and Governance practices; new environmental regulations
and restrictions, whether at a global level stipulated by the International
Maritime Organization, and/or regional/national imposed by regional authorities
such as the European Union or individual countries; 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, 2021.
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.
Kilde
