Q3 2024 Golden Ocean Group Ltd Earnings Call Transcript
Key Points
- Golden Ocean Group Ltd (GOGL) reported an increase in adjusted EBITDA to $124.4 million in Q3 2024, up from $120.3 million in Q2.
- The company declared a dividend of $0.30 per share for the third quarter of 2024, maintaining a consistent payout.
- GOGL successfully executed its fleet renewal strategy by selling older vessels at attractive prices.
- The company secured attractive financing, supporting its industry-low cash breakeven rates.
- GOGL has a strong cash position with $117.6 million in cash and cash equivalents and $150 million in undrawn credit facilities.
- Net income decreased to $56.3 million in Q3 2024 from $62.5 million in Q2.
- The company experienced a loss of $12 million on derivatives and other financial income, compared to a gain of $1.9 million in Q2.
- GOGL recorded a $700,000 loss in investments in associates, up from a $400,000 loss in Q2.
- The company is entering a period with frequent drydockings, which could impact operational efficiency.
- Operating expenses increased to $69.4 million in Q3, up from $66.3 million in Q2, partly due to more ships being drydocked.
Good afternoon, and welcome to the Golden Ocean Q3 2024 release. My name is Peder Simonsen, and I am the Interim CEO and CFO of Golden Ocean.
Today I will present our Q3 numbers and forward outlook. In the third quarter of 2024, we have the following main highlights. Our adjusted EBITDA in the third quarter ended up at $124.4 million compared to $120.3 million in the second quarter. We delivered a net income of $56.3 million and earnings per share of $0.28, compared to a net income of $62.5 million and earnings per share of $0.31 in the second quarter. Our adjusted net profit was $66.7 million; and adjusted earnings per share of $0.33, up from $63.4 million and earnings per share of $0.32 in Q2.
Our TCE rates were about $28,300 per day for Capesizes and about $16,400 per day for Panamax vessels and fleet wide net TCE of around $23,700 per day for the quarter. We have continued to execute on our fleet renewal strategy by selling one older Panamax and an older Newcastlemax vessel at
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