Golden Ocean Group Limited, the world’s largest listed owner of large size dry bulk vessels, announced its unaudited results for the quarter ended December 31, 2024.
Highlights
- Net income of $39.0 million and earnings per share of $0.20 (basic) for the fourth quarter of 2024, compared to net income of $56.3 million and earnings per share of $0.28 (basic) for the third quarter of 2024.
- Net income of $223.2 million and earnings per share of $1.12 (basic) for full year 2024, compared to net income of $112.3 million and earnings per share of $0.56 (basic) for full year 2023.
- Adjusted EBITDA of $69.9 million for the fourth quarter of 2024, compared to $124.4 million for the third quarter of 2024.
- Adjusted net income of $12.7 million for the fourth quarter of 2024, compared to $66.7 million for the third quarter of 2024.
- A total of $34.3 million in drydocking expense was recorded in the fourth quarter of 2024 in connection with 13 drydockings compared to $9.7 million for five drydockings in the third quarter of 2024.
- Reported TCE rates for Capesize and Panamax vessels of $24,656 per day and $14,771 per day, respectively, and $20,809 per day for the entire fleet in the fourth quarter of 2024.
- Repurchased 625,000 shares at an aggregate purchase price of $5.7 million, or $9.08 per share.
- Exercised a purchase option for eight vessels chartered in on long-term leases from SFL Corporation Limited (“SFL”) for a total aggregate purchase price of $112 million. The acquisition will be partially financed by a new $90 million credit facility at attractive terms.
- Finalized the sale of one Newcastlemax vessel and one Panamax vessel for a total net consideration of $56.8 million.
- Estimated TCE rates, inclusive of charter coverage calculated on a load-to-discharge basis, are approximately:
- $15,100 per day for 77% of Capesize available days and $9,900 per day for 81% of Panamax available days for the first quarter of 2025.
- $20,900 per day for 16% of Capesize available days and $14,200 per day for 10% of Panamax available days for the second quarter of 2025.
- Announced a cash dividend of $0.15 per share for the fourth quarter of 2024, which is payable on or about March 21, 2025, to shareholders of record on March 11, 2025.
- Shareholders holding the Company’s shares through Euronext VPS may receive this cash dividend later, on or about March 24, 2025.
Peder Simonsen, Interim Chief Executive Officer and Chief Financial Officer, commented:
“Golden Ocean delivered another quarter of solid performance despite ongoing market fluctuations. The resilience of our business is a testament to our strong commercial capabilities, disciplined cost structure, and focused approach in the Capesize and Newcastlemax vessel segments, which holds the most favorable market dynamics. We are utilizing the current market weakness to upgrade the fleet significantly and with a modern and fuel-efficient fleet, we remain well-positioned to generate strong cash flow across market cycles. Looking ahead, we are encouraged by the continued strength in global dry bulk demand, the supportive supply-side dynamics, and the structural tailwinds in key commodities, all of which reinforce our long-term confidence in the market and our ability to create value for shareholders.”
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