Golden Ocean Group Limited (NASDAQ:
GOGL / OSE: GOGL) (the “Company” or “Golden Ocean”),
the world's largest listed owner of
Capesize vessels, today announced its
results for the quarter ended September 30, 2021.
Highlights
- Net income of $195.3 million and
earnings per share of $0.97 for the third quarter of 2021 compared
with net income of $104.5 million and earnings per share of $0.52
for the second quarter of 2021.
- Adjusted EBITDA of $229.7 million
for the third quarter of 2021, compared with $130.5 million for the
second quarter of 2021.
- Reported TCE rates for Capesize and
Panamax/Ultramax vessels of $38,142 per day and $24,733 per day,
respectively, in the third quarter of 2021. Reported TCE rate for
the whole fleet of $32,262 per day.
- Entered into agreements to
construct seven latest generation ECO-type Kamsarmax vessels.
- Sold two older Panamax vessels at
attractive prices, as part of the fleet renewal strategy.
- Completed refinancing of $413.6
million facility provided by Sterna Finance, and secured $435
million of long-term financing.
- Estimated TCE rates inclusive of
charter coverage and calculated on a load-to-discharge basis, are:
- approximately $41,900 per day
contracted for 83% of the available days for Capesize vessels and
$27,300 per day contracted for 87% of the available days for
Panamax vessels for the fourth quarter of 2021; and
- approximately $33,200 per day
contracted for 30% of the available days for Capesize vessels and
$24,150 per day contracted for 36% of the available days for
Panamax vessels for the first quarter of 2022.
- Announced a cash dividend of $0.85
per share in respect of the third quarter of 2021.
Ulrik Andersen, Chief Executive Officer,
commented:
"Golden Ocean has maintained significant
exposure to the strong freight rate environment throughout the
year, resulting in significant cash flow generation. In keeping
with the Company's long-standing policy, I am pleased that we are
in the position to return value to our shareholders through
dividend payments, which have amounted to $321 million thus far in
2021, including the Q3 distribution. We have already contracted
more than 30% of our open days for Q1 2022, mitigating risk and
ensuring cash generation into next year. The combination of
expected global demand growth, modest fleet growth and
inefficiencies we believe will persist in the coming years creates
a powerful dynamic for Golden Ocean. Based on our long-term market
outlook and the successful execution of our fleet growth and
renewal program, which has positioned the Company as the industry
leader in the large size dry bulk segments, we expect to continue
to deliver strong operating performance to the benefit of all
stakeholders."
The Board of DirectorsGolden Ocean Group
LimitedHamilton, BermudaNovember 24, 2021
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 or political events; 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, 2020.
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 annual 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 - 3rd Quarter 2021 Results
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