Golden Ocean has released its fourth quarter results

Highlights

• Net income of US$57.5 million and earnings per share of US$0.29 (basic) for the 4Q23, compared with net income of US$28.7 million and earnings per share of US$0.14 (basic) for the 3Q23.
• Net income of US$112.3 million and earnings per share of US$0.56 (basic) for full year 2023, compared with net income of $461.8 million and earnings per share of US$2.30 (basic) for full year 2022.
• Adjusted EBITDA of US$123.2 million for the 4Q23, compared with US$78.9 million for the 3Q23.
• Adjusted net income of US$64.6 million for the 4Q23, compared to US$22.0 million for the 3Q23.
• Reported TCE rates for capesize and panamax vessels of US$25 176 per day and US$16 738 per day, respectively, and US$21 958 per day for the entire fleet in the 4Q23.
• Completed a purchase and sale of a supramax vessel, recording a gain of US$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 US$15.8 million.
• Arranged financings in an aggregate amount of US$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:
• US$25,000 per day for 74% of capesize available days and US$15 400 per day for 84% of panamax available days for the 1Q24.
• US$25,000 per day for 25% of capesize available days and US$14 200 per day for 19% of panamax available days for the 2Q24.
• Announced a cash dividend of US$0.30 per share for the 4Q23, which is payable on or about 25 March 2024, to shareholders of record on 13 March 2024. Shareholders holding the company’s shares through Euronext VPS may receive this cash dividend later on or about 27 March 2024.

Lars-Christian Svensen, CEO, 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.”

Read the article online at: https://www.drybulkmagazine.com/shipping/28022024/golden-ocean-has-released-its-fourth-quarter-results/