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Highlights
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Net income of $125.3 million and earnings per share of $0.63 (basic) for the
first quarter of 2022 compared with net income of $203.8 million and
earnings per share (basic) of $1.02 for the fourth quarter of 2021.
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Adjusted EBITDA of $149.4 million for the first quarter of 2022, compared
with $243.5 million for the fourth quarter of 2021.
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Reported TCE rates for Capesize and Panamax/Ultramax vessels of $24,778 per
day and $23,693 per day, respectively, and $24,330 per day for the whole
fleet in the first quarter of 2022.
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Estimated TCE rates inclusive of charter coverage calculated on a load-to-
discharge basis, are approximately:
- $28,300 per day for 78% of Capesize available days and $27,500 per day
for 77% of Panamax available days for the second quarter of 2022; and
- $38,200 per day for 15% of Capesize days and $34,900 per day for 33% of
Panamax days for the third quarter of 2022.
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Signed loan agreement for a $275 million facility refinancing 14 Capesize
vessels. The new facility will improve cash break even rates for these
vessels by approximately $1,500 per day.
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Announced a cash dividend of $0.50 per share for the first quarter of 2022,
payable on or about June 8, 2022 to shareholders of record on June 1, 2022.
Shareholders holding the Company’s shares through Euronext VPS may receive
this cash dividend later, on or about June 10, 2022.
Ulrik Andersen, Chief Executive Officer, commented:
"Golden Ocean delivered another strong quarter on the back of a firm Panamax
market and a high degree of contract coverage for our Capesize fleet secured at
attractive levels last year.
With the anticipated strengthening of the freight market in the second half of
the year, we expect to generate significant cash flows. Given our strong balance
sheet and low debt, our capital allocation strategy will continue to focus on
returning capital to our shareholders.
Although the global recovery from the COVID-19 pandemic faces numerous new
challenges, we maintain an optimistic outlook due to healthy forecasted demand
growth and an extremely favorable fleet supply dynamic. Fleet growth is slowing
significantly, and new environmental regulations will both reduce effective
fleet supply and create a further competitive advantage for Golden Ocean due to
our fleet’s scale, modernity and fuel efficiency."
The Board of Directors
Golden Ocean Group Limited
Hamilton, Bermuda
May 19, 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; fluctuations 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; he 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
