Golden Ocean Group Ltd

GOGL

Equity

ISIN BMG396372051 / Valor 33387070

Oslo Stock Exchange (2024-12-23)

NOK 100.60+1.58%

Golden Ocean Group Ltd
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About company

Golden Ocean Group Ltd is a dry bulk shipping corporation that specializes in the transportation of dry bulk cargo such as ores, coal, grains, and fertilizers. The company operates a fleet of owned and chartered vessels, as well as bareboat vessels and new buildings that are chartered-out on fixed rate time charters and index-linked time charter contracts. With a focus on the global transportation of essential commodities, Golden Ocean Group plays a key role in the maritime industry by efficiently moving goods across international waters.

Summarized from source with an LLMView SourceSector: Consumer Services

Net Income

Golden Ocean Group Ltd reported a net income of $65.4 million for the first quarter of 2024. This represents an increase from the net income of $57.5 million reported in the fourth quarter of 2023. The earnings per share for the first quarter of 2024 were $0.33, compared to $0.29 in the previous quarter.

Adjusted EBITDA

The company achieved an adjusted EBITDA of $114.3 million in the first quarter of 2024. This is a decrease from the $123.2 million reported in the fourth quarter of 2023. Despite the decrease, the adjusted EBITDA remains strong, reflecting the company's operational efficiency.

Time Charter Equivalent (TCE) Rates

Golden Ocean Group Ltd reported TCE rates for its Capesize vessels at $27,222 per day and Panamax vessels at $14,978 per day for the first quarter of 2024. The overall fleet TCE rate was $22,628 per day, indicating robust performance across its fleet.

Dividend Announcement

The company announced a cash dividend of $0.30 per share for the first quarter of 2024. This dividend is payable on or about June 17, 2024, to shareholders of record on June 7, 2024. Shareholders holding shares through Euronext VPS may receive the dividend slightly later, around June 19, 2024.

Future Outlook

Golden Ocean Group Ltd's CEO, Lars-Christian Svensen, expressed optimism about the future, citing strong year-over-year demand growth and limited fleet supply growth, particularly in the Capesize segment. The company is well-positioned to generate significant returns for shareholders in the coming years due to its modern fleet and low cash break-even rates.

Summarized from source with an LLMView Source

Key figures

1.43%1Y

32.0%3Y

95.9%5Y

Performance

35.8%1Y

260%3Y

205%5Y

Volatility