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 quarter ended
March 31, 2023.
Highlights
- Net loss of $8.8 million and loss
per share of $0.04 (basic) for the first quarter of 2023, including
vessel impairment loss of $11.8 million relating to the sale of two
older vessels. This compares with a net income of $68.2 million and
earnings per share of $0.34 (basic) for the fourth quarter of
2022.
- Adjusted EBITDA of $54.7 million
for the first quarter of 2023, compared with $112.4 million for the
fourth quarter of 2022.
- Reported TCE rates for Capesize and
Panamax/Ultramax vessels of $13,620 per day and $16,630 per day,
respectively, and $14,929 per day for the entire fleet in the first
quarter of 2023, or approximately $5,000 per day per vessel above
the benchmark indices.
- In February 2023, entered into an
agreement to acquire six modern Newcastlemax vessels, three of
which have been delivered as of the date of this report. In March
2023, entered into a $233.0 million two-year credit facility to
partially finance the acquisition.
- Entered into an agreement to sell
two older Capesize vessels, Golden Feng and Golden Shui, to an
unrelated third party for an aggregate net sale price of $43.6
million.
- Entered into a $80.0 million
facility agreement to partially finance four Kamsarmax newbuildings
being delivered during the second quarter of 2023.
- Took delivery of the first of ten
Kamsarmax newbuildings under construction.
- Published our fifth consecutive
annual Environmental, Social and Governance (ESG) report. We
measured a 9.1% drop in CO2 emissions since 2019, a big step
towards our goals of reaching 15% by 2026 and 30% by 2030.
- Estimated TCE rates, inclusive of
charter coverage calculated on a load-to-discharge basis, are
approximately:
- $20,010 per day for 74% of Capesize
available days and $14,600 per day for 76% of Panamax available
days for the second quarter of 2023.
- $22,300 per day for 26% of Capesize
days and $19,600 per day for 38% of Panamax days for the third
quarter of 2023.
- Announced a cash dividend of $0.10
per share for the first quarter of 2023, which is payable on or
about June 6, 2023 to shareholders of record on May 26, 2023.
Shareholders holding the Company’s shares through Euronext VPS may
receive this cash dividend later on or about June 8, 2023.
Ulrik Andersen, Chief Executive Officer,
commented:
“Following a period of seasonal weakness in the
first quarter, freight rates have rebounded, and the outlook for
the rest of the year is positive, driven by the gradual recovery of
the Chinese economy.
We took advantage of a temporary softening in
asset prices in the first quarter to acquire six modern and
high-efficient vessels. Upon completion, Golden Ocean will have
acquired 34 vessels in two years, bringing down the average age of
the fleet to just 6.5 years and cementing our market-leading
position in the large-sized segment bulkers.
Over the next two years, demand is forecast to
increase as fleet supply growth reaches historic lows. This dynamic
will support high fleet utilization, which has historically led to
strong freight rates.
The Company has a proven track record of
generating healthy cash flows due to our industry-leading cash
breakeven levels and the fuel efficiency of our fleet. This
provides a unique level of downside protection in periods of market
weakness. Equally important, it supports our mission to deliver
value to our shareholders through consistent dividends in the
strong markets we expect in the coming years.”
The Board of DirectorsGolden Ocean Group
LimitedHamilton, BermudaMay 16, 2023
Questions should be directed to:
Ulrik Andersen: 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 40
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; delays or defaults in the construction of our
newbuildings that could increase our expenses and diminish our net
income and cash flows; vessel breakdowns and instances of off-hire;
potential differences in interest by or among certain members of
the Company’s board of directors, 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; central bank policies intended to
combat overall inflation and the rising 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), damage to
storage or receiving facilities, political instability, terrorist
attacks, piracy. international sanctions or international
hostilities, including the ongoing aggression between Russia and
Ukraine; the length and severity of epidemics and pandemics,
including COVID-19 and its impact on the demand for seaborne
transportation in the dry bulk sector; impacts of supply chain
disruptions that began during the COVID-19 pandemic and the
resulting inflationary environment; 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, 2022.
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.
- GOGL - 1st Quarter 2023 Results
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