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Highlights
? Net loss of $160.8 million, including non-cash adjustments of $125.6
million, for the first quarter of 2020.
? Adjusted EBITDA of $12.3 million for the first quarter of 2020.
? Completed the joint venture agreement with Frontline and Trafigura to
establish a leading global supplier of marine fuels in January 2020.
? Completed all 23 planned installations of exhaust gas cleaning systems
(“scrubbers”) leaving insubstantial future capital expenditure requirements.
? Published 2019 ESG report which details our efforts to develop long-term
sustainable business practices and reduce our carbon footprint.
Ulrik Andersen, Chief Executive Officer, commented:
“Golden Ocean’s first quarter results come amid an extremely weak demand
environment brought on by the COVID-19 pandemic. While freight rates have yet to
display a meaningful recovery, we are optimistic that conditions will improve
over the medium term as the pace of industrial activity recovers. In the
meantime, we are focused on ensuring our highly competitive cost structure and
preserving our strong financial profile. Above all, our first priority is the
health and safety of our shore-based employees and our seafarers. We are taking
significant precautions to ensure their well-being and are grateful for their
contributions in light of the challenging conditions they are facing.”
The Board of Directors
Hamilton, Bermuda
May 27, 2020
Questions should be directed to:
Ulrik Andersen: 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 earnings 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,” “expect,” “anticipate,” “estimate,”
“intend,” “plan,” “targets,” “projects,” “likely,” “will,” “would,” “could,”
“seeks,” “potential,” “continue,” “contemplate,” “possible,” “might,”
“forecasts,” “may,” “should” 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 our records and other data
available from third parties. 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, among
other things, 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, the
length and severity of the COVID-19 outbreak, the impact of public health
threats and outbreaks of other highly communicable diseases, changes in our
operating expenses, including bunker prices, drydocking and insurance costs, the
market for our vessels, availability of financing and refinancing, the impact of
the expected discontinuance of LIBOR after 2021 on interest rates of our debt
that reference LIBOR, 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,
including our most recently filed Annual Report on Form 20-F for the year ended
December 31, 2019.
This information is subject to the disclosure requirements pursuant to section
5-12 of the Norwegian Securities Trading Act.
Kilde
