GOGL – Fourth Quarter 2023 Results

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Golden Ocean Group Limited (NASDAQ/OSE: GOGL) (the “Company” or “Golden Ocean”), the world’s largest listed owner of large size dry bulk vessels, today announced its unaudited results for the three and twelve months ended December 31, 2023.

Highlights

Net income of $57.5 million and earnings per share of $0.29 (basic) for the fourth quarter of 2023, compared with net income of $28.7 million and earnings per share of $0.14 (basic) for the third quarter of 2023.
Net income of $112.3 million and earnings per share of $0.56 (basic) for full year 2023, compared with net income of $461.8 million and earnings per share of $2.30 (basic) for full year 2022.
Adjusted EBITDA of $123.2 million for the fourth quarter of 2023, compared with $78.9 million for the third quarter of 2023.
Adjusted net income of $64.6 million for the fourth quarter of 2023, compared to $22.0 million for the third quarter of 2023.
Reported TCE rates for Capesize and Panamax vessels of $25,176 per day and $16,738 per day, respectively, and $21,958 per day for the entire fleet in the fourth quarter of 2023.
Completed a purchase and sale of a Supramax vessel, recording a gain of $5.8 million upon delivery of the vessel to its new owner.
Entered into an agreement to sell one Panamax vessel for net consideration of $15.8 million.
Arranged financings in an aggregate amount of $625 million at highly attractive terms. Upon completion, the Company will have fully funded its remaining capex obligations and refinanced all of its debt maturities until 2026.
Estimated TCE rates, inclusive of charter coverage calculated on a load-to-discharge basis, are approximately:

$25,000 per day for 74% of Capesize available days and $15,400 per day for 84% of Panamax available days for the first quarter of 2024.
$25,000 per day for 25% of Capesize available days and $14,200 per day for 19% of Panamax available days for the second quarter of 2024.

Announced a cash dividend of $0.30 per share for the fourth quarter of 2023, which is payable on or about March 25, 2024, to shareholders of record on March 13, 2024. Shareholders holding the Company’s shares through Euronext VPS may receive this cash dividend later on or about March 27, 2024.

Lars-Christian Svensen, Chief Executive Officer, commented:

“The Company’s large, modern fleet has been predominantly exposed to the spot market, resulting in strong performance in the fourth quarter of 2023 and thus far in 2024. The market for large size dry bulk vessels continues to outperform the broader freight market due to increasing tonne-mile demand for various key commodities, including iron ore, coal, and bauxite. We have entered 2024 with strong demand in Asia and a broad-based global economic recovery underway, creating an overall healthy demand picture. Fleet growth, particularly in the Capesize segment, remains at historically low levels, and the global fleet is trading at historically high efficiency levels. The Company maintains a positive outlook, and with no unfunded capex or near-term debt maturities, we are well positioned to continue to return value to our shareholders through dividends. Golden Ocean has now paid a dividend for 11 consecutive quarters, demonstrating the Company’s potential as well as the resilience of its performance in weaker market conditions.”

The Board of Directors
Golden Ocean Group Limited
Hamilton, Bermuda
February 28, 2024

Questions should be directed to:

Lars-Christian Svensen: Chief Executive Officer, Golden Ocean Management AS
+47 22 01 73 40

Peder Simonsen: Chief Financial Officer, Golden Ocean Management AS
+47 22 01 73 …

Full story available on Benzinga.com


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