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Highlights
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Net income of $39.0 million and earnings per share of $0.20 (basic) for the
fourth quarter of 2024, compared to net income of $56.3 million and earnings
per share of $0.28 (basic) for the third quarter of 2024.
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Net income of $223.2 million and earnings per share of $1.12 (basic) for
full year 2024, compared to net income of $112.3 million and earnings per
share of $0.56 (basic) for full year 2023.
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Adjusted EBITDA of $69.9 million for the fourth quarter of 2024, compared to
$124.4 million for the third quarter of 2024.
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Adjusted net income of $12.7 million for the fourth quarter of 2024,
compared to $66.7 million for the third quarter of 2024.
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A total of $34.3 million in drydocking expense was recorded in the fourth
quarter of 2024 in connection with 13 drydockings compared to $9.7 million
for five drydockings in the third quarter of 2024.
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Reported TCE rates for Capesize and Panamax vessels of $24,656 per day and
$14,771 per day, respectively, and $20,809 per day for the entire fleet in
the fourth quarter of 2024.
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Repurchased 625,000 shares at an aggregate purchase price of $5.7 million,
or $9.08 per share.
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Exercised a purchase option for eight vessels chartered in on long-term
leases from SFL Corporation Limited (“SFL”) for a total aggregate purchase
price of $112 million. The acquisition will be partially financed by a new
$90 million credit facility at attractive terms.
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Finalized the sale of one Newcastlemax vessel and one Panamax vessel for a
total net consideration of $56.8 million.
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Estimated TCE rates, inclusive of charter coverage calculated on a load-to-
discharge basis, are approximately:
- $15,100 per day for 77% of Capesize available days and $9,900 per day
for 81% of Panamax available days for the first quarter of 2025.
- $20,900 per day for 16% of Capesize available days and $14,200 per day
for 10% of Panamax available days for the second quarter of 2025.
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Announced a cash dividend of $0.15 per share for the fourth quarter of
2024, which is payable on or about March 21, 2025, to shareholders of record
on March 11, 2025. Shareholders holding the Company’s shares through
Euronext VPS may receive this cash dividend later, on or about March
24, 2025.
Peder Simonsen, Interim Chief Executive Officer and Chief Financial Officer,
commented:
“Golden Ocean delivered another quarter of solid performance despite ongoing
market fluctuations. The resilience of our business is a testament to our strong
commercial capabilities, disciplined cost structure, and focused approach in the
Capesize and Newcastlemax vessel segments, which holds the most favorable market
dynamics. We are utilizing the current market weakness to upgrade the fleet
significantly and with a modern and fuel-efficient fleet, we remain well-
positioned to generate strong cash flow across market cycles. Looking ahead, we
are encouraged by the continued strength in global dry bulk demand, the
supportive supply-side dynamics, and the structural tailwinds in key
commodities, all of which reinforce our long-term confidence in the market and
our ability to create value for shareholders.”
The Board of Directors
Golden Ocean Group Limited
Hamilton, Bermuda
February 26, 2025
Questions should be directed to:
Peder Simonsen: Interim Chief Executive Officer and Chief Financial Officer,
Golden Ocean Management AS
+47 22 01 73 40
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; 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 the U.S. presidential
and congressional election results affecting the economic, future government
laws and regulations and trade policy matters, such as the imposition of tariffs
and other import restrictions; 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.
Kilde
