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Highlights
? Net income of $36.7 million and earnings per share of $0.26 for the third
quarter of 2019 compared with net loss of $33.1 million and loss per share of
$0.23 for the second quarter of 2019
? Adjusted EBITDA of $81.1 million for the third quarter of 2019, compared
with $21.5 million for the second quarter of 2019
? Took delivery of two chartered-in 103,000 dwt ice-class vessels on index-
linked time charters
? Joint venture agreement signed between Golden Ocean, Trafigura and
Frontline to establish a leading global supplier of marine fuels and made
further investment in Singapore Marine, a dry bulk freight operator
? Completed refinancing of the $284 million loan facility financing 15
vessels at attractive terms
? Agreed with SFL Corporation a charter amendment for seven Capesize
vessels whereby SFL will fund the scrubber investments previously announced by
the Company in exchange for increased charter rates
? Acquired 125,000 shares in the third quarter and an additional 380,000
shares so far in the fourth quarter under the share buy-back program announced
in December 2018
? Announced a cash dividend of $0.15 per share for the third quarter of
2019
Birgitte Ringstad Vartdal, Chief Executive Officer of Golden Ocean Management
AS, commented:
“Our strong performance in the third quarter is the result of our strategic
decision to gear our fleet towards modern, fuel-efficient vessels in the vessel
segments that offer the greatest leverage during periods of market strength.
While the market has eased as the fourth quarter has progressed, rates are still
well above our highly competitive cash break-even levels, and we are pleased
with our results thus far. The competitive advantage of our fleet will become
more pronounced with the implementation of the upcoming IMO2020 regulations,
which are widely expected to positively impact the market and help to drive cash
flow going forward.”
Per Heiberg, Chief Financial Officer of Golden Ocean Management AS, commented:
“We are pleased to announce that we have been able to refinance a loan facility
for 15 vessels at attractive terms with reputable shipping banks. The loan has a
five year tenor with a 20-years age adjusted profile and eliminates our
refinancing needs until 2021. Combined with a total financing of approximately
$45 million of our scrubber investment this gives the Company a high degree of
financial flexibility for the coming year.”
The Board of Directors
Hamilton, Bermuda
November 21, 2019
Questions should be directed to:
Birgitte Ringstad Vartdal: Chief Executive Officer, Golden Ocean Management AS
+47 22 01 73 53
Per Heiberg: 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 report may constitute forward-looking statements. The
Private Securities Litigation Reform Act of 1995 provides safe harbor
protections for forward-looking statements, which 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 desires to take advantage of the safe harbor
provisions of the Private Securities Litigation Reform Act of 1995 and is
including this cautionary statement in connection with this safe harbor
legislation. Words such as “believe,” “anticipate,” “intends,” “estimate,”
“forecast,” “project,” “plan,” “potential,” “may,” “will,” “should,” “expect,”
“pending” and similar expressions identify forward-looking statements. The
forward-looking statements in this report are based upon various assumptions.
Although we believe 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 our
control, we cannot assure you that we will achieve or accomplish these
expectations, beliefs or projections. The information set forth herein speaks
only as of the date hereof, and we disclaim any intention or obligation to
update any forward-looking statements as a result of developments occurring
after the date of this communication.
In addition to these important factors and matters discussed elsewhere herein,
important factors that, in our view, could cause actual results to differ
materially from those discussed in the forward-looking statements include the
strength of world economies, fluctuations in currencies and interest rates,
general market conditions, including fluctuations in charter hire rates and
vessel values, changes in demand in the dry bulk market, changes in our
operating expenses, including bunker prices, drydocking and insurance costs, the
market for our vessels, availability of financing and refinancing, changes in
governmental rules and regulations or actions taken by regulatory authorities,
potential liability from pending or future litigation, general domestic and
international political conditions, potential disruption of shipping routes due
to accidents, political events or acts by terrorists, and other important
factors described from time to time in the reports filed by the Company with the
U.S. Securities and Exchange Commission.
This information is subject to the disclosure requirements pursuant to section
5-12 of the Norwegian Securities Trading Act.
Kilde
