Q2 2024 Golden Ocean Group Ltd Earnings Call Transcript
Key Points
- Golden Ocean Group Ltd (GOGL) reported an adjusted EBITDA of $120.3 million for Q2 2024, up from $114.3 million in Q1.
- The company declared a dividend of $0.30 per share for the second quarter of 2024.
- Net income for Q2 2024 was $62.5 million, with earnings per share of $0.31.
- The fleet-wide net TCE rate increased to $23,500 per day in Q2, up from $22,600 in Q1.
- Golden Ocean Group Ltd (GOGL) has maintained a conservative leverage with a current loan-to-value (LTV) of around 34%, enabling extended repayment profiles and industry-low credit margins.
- Net financial expenses were $25.3 million in Q2, although lower than $27.2 million in Q1, still a significant cost.
- The company recorded a loss of $0.4 million from investments in associates, although an improvement from a $4.6 million loss in Q1.
- Cash flow used in financing was $95.8 million, which included significant debt and lease repayments.
- The company experienced approximately 193 days offhire in Q2 due to drydocking, compared to 97 days in Q1.
- Golden Ocean Group Ltd (GOGL) saw a net decrease in cash of $44.4 million for the quarter.
Good afternoon and welcome to the Golden Ocean Q2 2024 release. My name is Peder Simonsen and I am the Interim CEO and CFO for Golden Ocean. Today, I will guide you through the Q2 numbers and forward outlook.
In the second quarter of 2024, we have the following main highlights. On our adjusted EBITDA in the second quarter of 2024 ended up at $120.3 million compared to $114.3 million in the first quarter. We delivered a net income of $62.5 million and earnings per share of $0.31. This compares to a net income of $65.4 million and earnings per share of $0.33 for the first quarter.
Our adjusted net profit was $63.4 million and adjusted earnings per share of $0.32, up from $58.4 million, and earnings per share of $0.29 in Q1. Our TCE rates for Capesize and Panamax vessels were about $28,000 per day and about $15,700 per day, respectively, and a fleet-wide net TCE of about $23,500 for the quarter. We have continued to execute on our fleet renewal strategy by selling one older Panamax vessel at an
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