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 and full year
ended December 31, 2021.
Highlights
- Net income of $203.8 million and
earnings per share of $1.02 for the fourth quarter of 2021 compared
with net income of $195.3 million and earnings per share of $0.97
for the third quarter of 2021.
- Adjusted EBITDA of $243.5 million
for the fourth quarter of 2021, compared with $229.7 million for
the third quarter of 2021.
- Reported TCE rates for Capesize and
Panamax/Ultramax vessels of $39,304 per day and $29,635 per day,
respectively, and $35,256 per day for the whole fleet in the fourth
quarter of 2021. Estimated TCE rates inclusive of charter coverage
and calculated on a load-to-discharge basis, are:
- approximately $26,100 per day
contracted for 75% of the available days for Capesize vessels and
$21,100 per day contracted for 72% of the available days for
Panamax vessels for the first quarter of 2022; and
- approximately $31,400 per day
contracted for 22% of the available days for Capesize vessels and
$22,700 per day contracted for 14% of the available days for
Panamax vessels for the second quarter of 2022.
- Announced a cash dividend of $0.90
per share in respect of the fourth quarter of 2021, payable on or
about March 10, 2022 to shareholders of record on March 3,
2022.
Ulrik Andersen, Chief Executive Officer,
commented:
“Today, we release the best quarterly result and
the best full-year result in the history of Golden Ocean. The
record result has been made possible through attractive market
conditions, timely acquisitions and strong chartering performance.
Staying true to our strategy of returning cash to our shareholders,
we are paying out $0.90 per share in dividends for the quarter,
taking the dividends relating to 2021 to more than $500
million.
Looking into 2022, we have a considerable amount
of fixed profitable charter cover for the first quarter, which will
protect our dividend capacity and build a bridge into what we
expect to be a much more attractive second half of the year.
Despite the recent weakening in freight rates, which we mainly
attribute to seasonality, we believe the outlook for 2022 and
beyond is positive due to a combination of steady demand growth and
fleet supply that is at generationally low levels.”
The Board of DirectorsGolden Ocean Group
LimitedHamilton, BermudaFebruary 16, 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 or political events; the 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, 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 - 4th Quarter 2021 Results
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