Golden Ocean Group Ltd

Latest Results (06.11.2025):

Golden Ocean Group Ltd reported its unaudited financial results for the first quarter of 2023, revealing a challenging period with a net loss of $8.8 million and a basic loss per share of $0.04. The company faced a notable impairment loss of $11.8 million linked to the sale of two older vessels, resulting in a drop in adjusted EBITDA to $54.7 million compared to the previous quarter's performance. Operating revenues declined to $196.5 million amid lower realized TCE rates, while strategic operational moves, including vessel acquisitions, a dividend announcement, and secured credit facilities, underpin the company’s proactive response to market fluctuations.

Financial Performance

Golden Ocean Group Ltd delivered a net loss of $8.8 million in Q1 2023, with an associated basic loss per share of $0.04. The impact of an $11.8 million vessel impairment loss contributed to this outcome, contrasting with a net income of $68.2 million in Q4 2022. Adjusted EBITDA decreased to $54.7 million from $112.4 million in the previous quarter.

Revenue and TCE Rates

The company's operating revenues for Q1 2023 were $196.5 million, down by $53.1 million from Q4 2022, primarily due to lower realized TCE rates. The avg. TCE rate for the entire fleet was reported at $14,929 per day, outperforming benchmark indices by approximately $5,000 per day per vessel.

Operational and Strategic Developments

Strategic moves in Q1 included entering into agreements to acquire six modern Newcastlemax vessels—three of which have already been delivered—and selling two older Capesize vessels for a net total of $43.6 million. Additionally, credit facilities of $233.0 million and $80.0 million were secured to finance new acquisitions and newbuildings, reinforcing the company’s commitment to maintaining a modern, competitive fleet.

Capital Returning to Shareholders

In support of shareholder value, Golden Ocean Group Ltd announced a cash dividend of $0.10 per share for Q1 2023. The dividend is scheduled for payment in early June 2023, reflecting the company's balanced approach between operational repositioning and returning value to its investors.