Golden Ocean has announced its third quarter results

Highlights

• Net income of US$28.7 million and earnings per share of US$0.14 (basic) for 3Q23, compared with net income of US$34.9 million and earnings per share of US$0.17 (basic) for 2Q23.
• Adjusted EBITDA of US$78.9 million for 3Q23, compared with US$80.4 million for 2Q23.
• Reported TCE rates for capesize and panamax/supramax vessels of US$18 173 per day and US$15 389 per day, respectively, and US$17 076 per day for the entire fleet in 3Q23.
• Entered into back-to-back agreements to buy and sell a supramax vessel. The company expected to recognise a gain from sale of approximately US$6 million upon delivery of the vessel to its new owners.
• Completed the sale of one panamax vessel, recognising a gain from sale of US$0.8 million and net cash proceeds of US$7.2 million.
• Repurchased 125 000 shares at an aggregate purchase price of US$0.9 million, or US$7.20 per share in 3Q23 and extended its share buy-back programme for one additional year.
• Estimated TCE rates, inclusive of charter coverage calculated on a load-to-discharge basis, are approximately: US$23 045 per day for 79% of capesize available days and US$17 275 per day for 83% of panamax available days for 4Q23. US$21 700 per day for 12% of capesize days and US$15 600 per day for 23% of panamax days for 4Q24.
• Announced a cash dividend of US$0.10 per share for 3Q23, which is payable on or about 13 December 2023, to shareholders of record on 6 December 2023. Shareholders holding the company’s shares through Euronext VPS may receive this cash dividend later on or about 15 December 2023.

Lars-Christian Svensen, Interim Chief Executive Officer, commented: “Golden Ocean continues to deliver solid results against stable, but subdued market sentiment. The actions taken over the last several years to grow and optimise the company’s fleet through vessel acquisitions and sales has reinforced our market-leading position and further increased the competitiveness of our fleet. This has been accomplished without compromising our low cash breakeven levels, which helps to ensure that the company remains profitable during periods of market weakness while maintaining significant operating leverage. Looking forward, the market is well-balanced in the near term, supported by evolving trades that are expected to contribute to tonne-mile demand growth. The supply side picture remains very favourable, particularly in the capesize segment, which supports a positive longer term market view.”

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