Golden Ocean Group Limited (NASDAQ:
GOGL / OSE: GOGL) (the “Company” or “Golden Ocean”),
the world's leading owner of large size dry bulk vessels,
today announced its unaudited results for the quarter
ended March 31,
2022.
Highlights
- Net income of $125.3 million and
earnings per share of $0.63 (basic) for the first quarter of 2022
compared with net income of $203.8 million and earnings per share
(basic) of $1.02 for the fourth quarter of 2021.
- Adjusted EBITDA of $149.4 million
for the first quarter of 2022, compared with $243.5 million for the
fourth quarter of 2021.
- Reported TCE rates for Capesize and
Panamax/Ultramax vessels of $24,778 per day and $23,693 per day,
respectively, and $24,330 per day for the whole fleet in the first
quarter of 2022.
- Estimated TCE rates inclusive of
charter coverage calculated on a load-to-discharge basis, are
approximately:
- $28,300 per day for 78% of Capesize
available days and $27,500 per day for 77% of Panamax available
days for the second quarter of 2022; and
- $38,200 per day for 15% of Capesize
days and $34,900 per day for 33% of Panamax days for the third
quarter of 2022.
- Signed loan agreement for a $275
million facility refinancing 14 Capesize vessels. The new facility
will improve cash break even rates for these vessels by
approximately $1,500 per day.
- Announced a cash dividend of $0.50
per share for the first quarter of 2022, payable on or about June
8, 2022 to shareholders of record on June 1, 2022. Shareholders
holding the Company’s shares through Euronext VPS may receive this
cash dividend later, on or about June 10, 2022.
Ulrik Andersen, Chief Executive Officer,
commented:
“Golden Ocean delivered another strong quarter
on the back of a firm Panamax market and a high degree of contract
coverage for our Capesize fleet secured at attractive levels last
year.
With the anticipated strengthening of the
freight market in the second half of the year, we expect to
generate significant cash flows. Given our strong balance sheet and
low debt, our capital allocation strategy will continue to focus on
returning capital to our shareholders.
Although the global recovery from the COVID-19
pandemic faces numerous new challenges, we maintain an optimistic
outlook due to healthy forecasted demand growth and an extremely
favorable fleet supply dynamic. Fleet growth is slowing
significantly, and new environmental regulations will both reduce
effective fleet supply and create a further competitive advantage
for Golden Ocean due to our fleet's scale, modernity and fuel
efficiency.”
The Board of DirectorsGolden Ocean Group
LimitedHamilton, BermudaMay 19, 2022
Questions should be directed to:
Ulrik Andersen: Chief Executive Officer, Golden
Ocean Management AS+47 22 01 73 53
Peder Simonsen: 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 earnings report may
constitute forward-looking statements. The Private Securities
Litigation Reform Act of 1995, or the PSLRA, provides safe harbor
protections for forward-looking statements in order to encourage
companies to provide prospective information about their business.
Forward-looking statements 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 is taking advantage of the safe
harbor provisions of the PSLRA and is including this cautionary
statement in connection therewith. This document and any other
written or oral statements made by the Company or on its behalf may
include forward-looking statements, which reflect the Company's
current views with respect to future events and financial
performance. This earnings report includes assumptions,
expectations, projections, intentions and beliefs about future
events. These statements are intended as "forward-looking
statements." The Company cautions that assumptions, expectations,
projections, intentions and beliefs about future events may and
often do vary from actual results and the differences can be
material. When used in this document, the words “believe,”
“expect,” “anticipate,” “estimate,” “intend,” “plan,” “targets,”
“projects,” “likely,” “will,” “would,” “could” and similar
expressions or phrases may identify forward-looking statements.
The forward-looking statements in this report
are based upon various assumptions, many of which are based, in
turn, upon further assumptions, including without limitation,
management's examination of historical operating trends, data
contained in the Company's records and other data available from
third parties. Although the Company believes 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 the Company's
control, the Company cannot assure you that it will achieve or
accomplish these expectations, beliefs or projections. As a result,
you are cautioned not to rely on any forward-looking
statements.
In addition to these important factors and
matters discussed elsewhere herein, important factors that, in the
Company’s view, could cause actual results to differ materially
from those discussed in the forward-looking statements, include
among other things: the Company’s future operating or financial
results; the Company’s continued borrowing availability under its
debt agreements and compliance with the covenants contained
therein; the Company’s ability to procure or have access to
financing, the Company’s liquidity and the adequacy of cash flows
for the Company’s operations; the Company’s ability to successfully
employ its existing and newbuilding dry bulk vessels and replace
its operating leases on favorable terms, or at all; changes in the
Company’s operating expenses and voyage costs, including bunker
prices, fuel prices (including increases costs for low sulfur
fuel), dry docking, crewing and insurance costs; the Company’s
ability to fund future capital expenditures and investments in the
construction, acquisition and refurbishment of the Company’s
vessels (including the amount and nature thereof and the timing of
completion thereof, the delivery and commencement of operations
dates, expected downtime and lost revenue); planned, pending or
recent acquisitions, business strategy and expected capital
spending or operating expenses, including drydocking, surveys,
upgrades and insurance costs; risks associated with vessel
construction; the Company’s expectations regarding the availability
of vessel acquisitions and its ability to complete acquisition
transactions planned; vessel breakdowns and instances of off-hire;
potential differences in interest by or among certain members of
the Company’s board of directors, or the Board, executive officers,
senior management and shareholders; potential liability from
pending or future litigation; potential exposure or loss from
investment in derivative instruments; general dry bulk shipping
market trends, including fluctuations in charter hire rates and
vessel values; changes in supply and demand in the dry bulk
shipping industry, including the market for the Company’s vessels
and the number of newbuildings under construction; the strength of
world economies; stability of Europe and the Euro; fluctuations in
interest rates and foreign exchange rates; changes in seaborne and
other transportation; changes in governmental rules and regulations
or actions taken by regulatory authorities; general domestic and
international political conditions; potential disruption of
shipping routes due to accidents, climate-related (acute and
chronic), political instability, terrorist attacks, piracy or
international hostilities, including the ongoing aggression between
Russia and Ukraine; he length and severity of epidemics and
pandemics, including COVID-19 and its impact on the demand for
seaborne transportation in the dry bulk sector; the impact of
increasing scrutiny and changing expectations from investors,
lenders, charterers and other market participants with respect to
our Environmental, Social and Governance practices; new
environmental regulations and restrictions, whether at a global
level stipulated by the International Maritime Organization, and/or
regional/national imposed by regional authorities such as the
European Union or individual countries; and other important factors
described from time to time in the reports filed by the Company
with the U.S. Securities and Exchange Commission, including the
Company's most recently filed Annual Report on Form 20-F for the
year ended December 31, 2021.
The Company cautions readers of this report not
to place undue reliance on these forward-looking statements, which
speak only as of their dates. Except to the extent required by
applicable law or regulation, the Company undertakes no obligation
to release publicly any revisions to these forward-looking
statements to reflect events or circumstances after the date of
this report or to reflect the occurrence of unanticipated events.
These forward-looking statements are not guarantees of the
Company’s future performance, and actual results and future
developments may vary materially from those projected in the
forward-looking statements.
This information is subject to the disclosure
requirements pursuant to section 5-12 of the Norwegian Securities
Trading Act.
- GOGL - 1st Quarter 2022 Results
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