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Highlights
? Net loss of $41.3 million and loss per share of $0.29 for the second
quarter of 2020 compared with net loss of $160.8 million and loss per share of
$1.12 for the first quarter of 2020.
? Adjusted EBITDA(1 )of $4.2 million for the second quarter of 2020,
compared with $12.3 million for the first quarter of 2020.
? Completed final eight of 23 planned installations of exhaust gas
cleaning systems (“scrubbers”), and the Company had no material capital
expenditure requirements as of the date of this report.
? Utilized market strength in the end of the second and beginning of the
third quarter of 2020 to secure additional charter coverage. As of the date of
this report, of the remaining trading days in 2020:
? 38% of the days for Capesize vessels are covered at a rate of $18,810
per day; and
? 56% of the days for Panamax vessels are covered at a rate of $14,920 per
day
? Estimated TCE rate for the third quarter of 2020 to be $17,960 for 74%
of owned fleet available days for Capesize vessels and $12,980 for 92% of owned
fleet available days for Panamax vessels. The numbers are based on current
fixtures and on the discharge-to-discharge basis.
? As part of the Company’s continuous focus on ESG initiatives, joined the
Getting to Zero Coalition, a powerful alliance within the maritime and other
sectors, committed to accelerating maritime shipping’s decarbonization.
Ulrik Andersen, Chief Executive Officer, commented:
“While we believe that the recent improvement in rates reflects the diminishing
impact of COVID-19 on the underlying demand for dry bulk commodities,
uncertainty persists in the near term. We have therefore increased our charter
coverage for the balance of 2020, although we maintain enough spot exposure to
meaningfully participate in the strong rate environment expected for the
remainder of the year. This balanced commercial approach will ensure healthy
continued cash flows and a corresponding increase in our liquidity.
Additionally, the significant one-off capital expenditures related to scrubber
installations and the non-cash impairments that impacted our results in the
first half of the year are behind us. It means the recent market strength will
directly benefit our second-half cashflow and results.”
The Board of Directors
Hamilton, Bermuda
August 18, 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
