Golden Ocean Group reports improvement in 4Q17 results

Highlights

• Net income of $27.1 million and earnings per share of $0.19 for 4Q17, compared with net income of $0.4 million and earnings per share of $0.00 for the third quarter of 2017 and net income of $6.5 million and earnings per share of $0.06 for 4Q16.
• Net loss of $2.3 million and loss per share of $0.02 for the full year 2017, compared with net loss of $127.7 million and loss per share of $1.34 for the full year 2016.
• Adjusted EBITDA of $65.3 million for 4Q17, compared with $40.4 million in 3Q17 and $24.2 million for 4Q16.
• Raised $100 million in capital through a $66 million equity offering and a $34 million equity in-kind contribution as partial consideration for two modern Capesize vessels, delivered in November 2017 and January 2018.
• Completed its current newbuilding programme by taking delivery of the remaining five Capesize newbuildings in January and February 2018.
• Terminated the covenant waivers related to the company’s recourse debt to reinstate ordinary debt service and to provide flexibility with respect to use of cash flow.
• A recently reported cash dividend of $0.10 per share for the fourth quarter of 2017.

CEO of Golden Ocean Management AS, Birgitte Ringstad Vartdal, commented: “After returning to profitability during the third quarter of 2017, we are pleased with our improved results for the fourth quarter of 2017. We were able to capitalise on improving market conditions due to the size, composition and modernity of our fleet. We remain focussed on maintaining competitive cash breakeven levels and a healthy balance sheet to provide us the flexibility to return value to our shareholders through our cash flows and continue to evaluate accretive growth opportunities.”

Read the article online at: https://www.drybulkmagazine.com/shipping/20022018/golden-ocean-group-reports-improvement-in-4q17-results/