Golden Ocean Group Limited Announces Q2 2024 Results
Golden Ocean Group Limited Announces Q2 2024 Financial Results
Hamilton, Bermuda – Golden Ocean Group Limited (NASDAQ/OSE: GOGL), the world's largest listed owner of large size dry bulk vessels, has announced its unaudited results for the quarter ended June 30, 2024.
Financial Highlights
For the second quarter of 2024, Golden Ocean reported net income of $62.5 million, translating to earnings per share of $0.31 (basic). This marks a slight decrease compared with the net income of $65.4 million and earnings per share of $0.33 (basic) reported for the first quarter of 2024.
Key Financial Metrics
Adjusted EBITDA for the quarter came in at $120.3 million, an increase from $114.3 million for the previous quarter. The adjusted net income stood at $63.4 million, an improvement from $58.4 million in the first quarter of 2024.
Vessel Performance
The company reported Time Charter Equivalent (TCE) rates for Capesize vessels at $28,005 per day, and $15,721 per day for Panamax vessels. The overall fleet TCE was reported at $23,535 per day for the second quarter of 2024.
Operational Developments
Golden Ocean entered into an agreement to sell one Panamax vessel for net proceeds of $20.8 million. Additionally, the company published its Environmental, Social, and Governance (ESG) report for 2023, which showed a 13.3% improvement in its Carbon Intensity Indicator compared to the 2019 baseline.
Future Market Outlook
For the third quarter of 2024, TCE rates are estimated to be approximately $26,200 per day for 83% of Capesize available days and $17,200 per day for 94% of Panamax available days. For the fourth quarter, the estimated TCE rates are $25,800 per day for 29% of Capesize available days and $17,900 per day for 18% of Panamax available days.
Dividend Announcement
The company declared a cash dividend of $0.30 per share for the second quarter of 2024, expected to be payable on or about September 20, 2024. Shareholders of record on September 11, 2024, will receive this dividend, with delays possible for those holding shares through Euronext VPS.
Management Commentary
Peder Simonsen, Interim Chief Executive Officer and Chief Financial Officer, stated that despite a challenging macroeconomic environment, the dry bulk shipping market remains robust. He attributed the company’s strong performance to its modern, fuel-efficient fleet and exceptional commercial capabilities. Simonsen indicated that demand fundamentals in large vessel segments are favorable, with expected long-term drivers such as Chinese demand for bauxite and new iron ore export projects.
Furthermore, supply-side conditions are encouraging, as fleet growth is moderating and environmental regulations are likely to limit effective fleet capacity. Golden Ocean believes it is well-positioned to continue generating significant cash flow through its premium fleet and industry-leading breakeven levels, projecting strong returns for shareholders.
Contact Information
For inquiries, please contact:
Peder Simonsen
Interim Chief Executive Officer and Chief Financial Officer
Golden Ocean Management AS
Tel: +47 22 01 73 40
Frequently Asked Questions
What were Golden Ocean's earnings for Q2 2024?
Golden Ocean reported a net income of $62.5 million and earnings per share of $0.31 for the second quarter of 2024.
What is the TCE rate for Capesize vessels?
The reported TCE rate for Capesize vessels in the second quarter of 2024 was $28,005 per day.
When is the dividend payable to shareholders?
The cash dividend of $0.30 per share is expected to be paid on or about September 20, 2024, to shareholders of record on September 11, 2024.
How has the company's ESG report performed?
The ESG report for 2023 indicated a 13.3% improvement in the Carbon Intensity Indicator compared to the 2019 baseline.
What does the management expect for market conditions?
Management anticipates continuing strength in the dry bulk market, driven by demand for major commodities and environmental regulatory impacts on fleet capacity.
About Investors Hangout
Investors Hangout is a leading online stock forum for financial discussion and learning, offering a wide range of free tools and resources. It draws in traders of all levels, who exchange market knowledge, investigate trading tactics, and keep an eye on industry developments in real time. Featuring financial articles, stock message boards, quotes, charts, company profiles, and live news updates. Through cooperative learning and a wealth of informational resources, it helps users from novices creating their first portfolios to experts honing their techniques. Join Investors Hangout today: https://investorshangout.com/
Related Articles
- Octopus Titan VCT plc Announces Portfolio Management Changes
- Bite Group Enhances Network with Nokia’s Packet Core Solution
- Šiauli? Bankas AB Group Financial Results for H1 2024
- PayPoint plc Announces Share Buyback Details
- ICG Enterprise Trust plc Announces Share Buyback
- Agfa-Gevaert Group Q2 2024 Report Highlights
- Sampo plc Announces Share Buybacks on August 27, 2024
- Boussard & Gavaudan Holding Limited NAV Update
- Ageas Announces Strong H1 Results with Significant Growth
- PCI Biotech Reports Strong First Half Results for 2024