GOGL - Second Quarter 2018 Results
August 17 2018 - 2:11AM
Golden Ocean Group Limited (NASDAQ: GOGL / OSE: GOGL) (the
"Company" or "Golden Ocean"), a leading dry bulk shipping company,
today announced its results for the quarter ended June 30,
2018.
Highlights
- Net income of $9.0 million and earnings per share of $0.06 for
the second quarter of 2018, compared with net income of $16.7
million and earnings per share of $0.12 for the first quarter of
2018 and net loss of $12.0 million and loss per share of $0.10 for
the second quarter of 2017. Net income of $25.7 million and
earnings per share of $0.18 for the first six months of 2018,
compared with net loss of $29.8 million and loss per share of $0.26
for the first six months of 2017
- Adjusted EBITDA of $54.0 million for the second quarter of
2018, compared with $53.3 million for the first quarter of 2018 and
$29.7 million for the second quarter of 2017
- Entered into a $120 million loan facility to refinance 10
vessels on favorable terms
- Delivered the Golden Eminence, a Panamax vessel, to her new
owner in early August 2018
- Signed contracts to install exhaust gas scrubbers on 16
Capesize vessels and options for 9 additional installations
- Announces a cash dividend of $0.10 per share for the second
quarter of 2018
Birgitte Ringstad Vartdal, Chief Executive Officer of Golden
Ocean Management AS, commented:
"Golden Ocean generated positive results once again in the
second quarter. The market continues to strengthen over the summer,
in particular for Capesize vessels. The Company is currently
benefiting from the strategic decision to focus our fleet on larger
vessel classes as this maximizes the Company's leverage to
improving markets. We have a fleet of modern, fuel efficient
vessels, and the steps we are taking to optimize the fleet by
installing scrubbers will further position the Company ahead of the
implementation of new caps on sulphur emissions."
The Board of Directors
Hamilton, Bermuda
August 17, 2018
Questions should be directed to:
Birgitte Ringstad Vartdal: Chief Executive Officer, Golden Ocean
Management AS
+47 22 01 73 53
Per Heiberg: Chief Financial Officer, Golden Ocean Management
AS
+47 22 01 73 45
The full report is available in the link below.
Forward Looking Statements
Matters discussed in this report may constitute forward-looking
statements. The Private Securities Litigation Reform Act of 1995
provides safe harbor protections for forward-looking statements,
which 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 desires to take advantage of the
safe harbor provisions of the Private Securities Litigation Reform
Act of 1995 and is including this cautionary statement in
connection with this safe harbor legislation. Words such as
"believe," "anticipate," "intends," "estimate," "forecast,"
"project," "plan," "potential," "may," "will," "should," "expect,"
"pending" and similar expressions identify forward-looking
statements. The forward-looking statements in this report are based
upon various assumptions. Although we believe 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 our control, we cannot assure you that we will achieve or
accomplish these expectations, beliefs or projections. The
information set forth herein speaks only as of the date hereof, and
we disclaim any intention or obligation to update any
forward-looking statements as a result of developments occurring
after the date of this communication.
In addition to these important factors and matters discussed
elsewhere herein, important factors that, in our view, could cause
actual results to differ materially from those discussed in the
forward-looking statements include the strength of world economies,
fluctuations in currencies and interest rates, general market
conditions, including fluctuations in charter hire rates and vessel
values, changes in demand in the dry bulk market, changes in our
operating expenses, including bunker prices, drydocking and
insurance costs, the market for our vessels, availability of
financing and refinancing, changes in governmental rules and
regulations or actions taken by regulatory authorities, potential
liability from pending or future litigation, general domestic and
international political conditions, potential disruption of
shipping routes due to accidents, political events or acts by
terrorists, and other important factors described from time to time
in the reports filed by the Company with the U.S. Securities and
Exchange Commission.
This information is subject to the disclosure requirements
pursuant to section 5-12 of the Norwegian Securities Trading
Act.
- 2nd Quarter 2018 Results.pdf