GOGL – Fourth Quarter 2024 Results
Golden Ocean Group (GOGL), the world's largest listed owner of large dry bulk vessels, reported its Q4 2024 results. The company achieved a net income of $39.0 million ($0.20 per share), down from $56.3 million ($0.28 per share) in Q3 2024. Full-year 2024 net income reached $223.2 million ($1.12 per share), significantly higher than 2023's $112.3 million.
Key Q4 metrics include Adjusted EBITDA of $69.9 million and fleet TCE rates of $24,656 per day for Capesize vessels and $14,771 for Panamax vessels. The company completed 13 drydockings, announced a $0.15 per share dividend, and repurchased 625,000 shares for $5.7 million.
Strategic moves include exercising purchase options for eight vessels from SFL for $112 million, partially financed by a $90 million credit facility, and selling two vessels for $56.8 million.
Golden Ocean Group (GOGL), il più grande proprietario quotato al mondo di grandi navi da carico secco, ha riportato i risultati del Q4 2024. L'azienda ha ottenuto un reddito netto di 39,0 milioni di dollari (0,20 dollari per azione), in calo rispetto ai 56,3 milioni di dollari (0,28 dollari per azione) del Q3 2024. Il reddito netto per l'intero anno 2024 ha raggiunto 223,2 milioni di dollari (1,12 dollari per azione), significativamente superiore ai 112,3 milioni di dollari del 2023.
I principali indicatori del Q4 includono un EBITDA rettificato di 69,9 milioni di dollari e tassi TCE della flotta di 24.656 dollari al giorno per le navi Capesize e 14.771 dollari per le navi Panamax. L'azienda ha completato 13 lavori di asciugatura, ha annunciato un dividendo di 0,15 dollari per azione e ha riacquistato 625.000 azioni per 5,7 milioni di dollari.
Le mosse strategiche includono l'esercizio di opzioni di acquisto per otto navi da SFL per 112 milioni di dollari, parzialmente finanziato da una linea di credito di 90 milioni di dollari, e la vendita di due navi per 56,8 milioni di dollari.
Golden Ocean Group (GOGL), el mayor propietario cotizado del mundo de grandes buques de carga seca, informó sus resultados del Q4 2024. La compañía logró un ingreso neto de 39,0 millones de dólares (0,20 dólares por acción), en comparación con 56,3 millones de dólares (0,28 dólares por acción) en el Q3 2024. El ingreso neto del año completo 2024 alcanzó 223,2 millones de dólares (1,12 dólares por acción), significativamente más alto que los 112,3 millones de dólares de 2023.
Los principales indicadores del Q4 incluyen un EBITDA ajustado de 69,9 millones de dólares y tasas TCE de la flota de 24.656 dólares por día para buques Capesize y 14.771 dólares para buques Panamax. La empresa completó 13 dique seco, anunció un dividendo de 0,15 dólares por acción y recompró 625.000 acciones por 5,7 millones de dólares.
Los movimientos estratégicos incluyen el ejercicio de opciones de compra para ocho buques de SFL por 112 millones de dólares, financiados parcialmente por una línea de crédito de 90 millones de dólares, y la venta de dos buques por 56,8 millones de dólares.
골든 오션 그룹 (GOGL), 세계 최대의 상장 대형 건화물 선박 소유주가 2024년 4분기 실적을 발표했습니다. 회사는 순이익 3,900만 달러 (주당 0.20달러)를 기록했으며, 이는 2024년 3분기 5,630만 달러 (주당 0.28달러)에서 감소한 수치입니다. 2024년 전체 연간 순이익은 2억 2,320만 달러 (주당 1.12달러)로, 2023년의 1억 1,230만 달러보다 상당히 증가했습니다.
4분기 주요 지표로는 조정 EBITDA 6,990만 달러와 Capesize 선박의 TCE 요금이 하루 24,656달러, Panamax 선박은 14,771달러입니다. 회사는 13척의 드라이독을 완료하고, 주당 0.15달러의 배당금을 발표했으며, 625,000주를 570만 달러에 재매입했습니다.
전략적 조치로는 SFL로부터 8척의 선박을 1억 1,200만 달러에 구매할 옵션을 행사했으며, 이는 9,000만 달러의 신용 시설로 부분적으로 자금을 조달하였고, 2척의 선박을 5,680만 달러에 판매했습니다.
Golden Ocean Group (GOGL), le plus grand propriétaire cotée au monde de grands navires de charge en vrac, a annoncé ses résultats pour le Q4 2024. L'entreprise a réalisé un revenu net de 39,0 millions de dollars (0,20 dollar par action), en baisse par rapport à 56,3 millions de dollars (0,28 dollar par action) au Q3 2024. Le revenu net pour l'année entière 2024 a atteint 223,2 millions de dollars (1,12 dollar par action), soit une augmentation significative par rapport aux 112,3 millions de dollars de 2023.
Les principaux indicateurs du Q4 incluent un EBITDA ajusté de 69,9 millions de dollars et des taux TCE de la flotte de 24.656 dollars par jour pour les navires Capesize et de 14.771 dollars pour les navires Panamax. L'entreprise a complété 13 mises en cale sèche, a annoncé un dividende de 0,15 dollar par action et a racheté 625.000 actions pour 5,7 millions de dollars.
Les mouvements stratégiques incluent l'exercice d'options d'achat pour huit navires de SFL pour 112 millions de dollars, partiellement financés par une ligne de crédit de 90 millions de dollars, et la vente de deux navires pour 56,8 millions de dollars.
Golden Ocean Group (GOGL), der weltweit größte börsennotierte Eigentümer von großen Schüttgutfrachtern, hat seine Ergebnisse für das Q4 2024 veröffentlicht. Das Unternehmen erzielte einen Nettoertrag von 39,0 Millionen Dollar (0,20 Dollar pro Aktie), ein Rückgang von 56,3 Millionen Dollar (0,28 Dollar pro Aktie) im Q3 2024. Der Nettoertrag für das gesamte Jahr 2024 erreichte 223,2 Millionen Dollar (1,12 Dollar pro Aktie), was erheblich höher ist als die 112,3 Millionen Dollar von 2023.
Wichtige Kennzahlen für das Q4 umfassen ein bereinigtes EBITDA von 69,9 Millionen Dollar und Flotten-TCE-Raten von 24.656 Dollar pro Tag für Capesize-Schiffe und 14.771 Dollar für Panamax-Schiffe. Das Unternehmen hat 13 Trockendocks abgeschlossen, eine Dividende von 0,15 Dollar pro Aktie angekündigt und 625.000 Aktien für 5,7 Millionen Dollar zurückgekauft.
Strategische Maßnahmen umfassen die Ausübung von Kaufoptionen für acht Schiffe von SFL für 112 Millionen Dollar, teilweise finanziert durch eine Kreditfazilität von 90 Millionen Dollar, und den Verkauf von zwei Schiffen für 56,8 Millionen Dollar.
- Full-year 2024 net income doubled to $223.2M vs $112.3M in 2023
- Strong Q4 TCE rates: Capesize $24,656/day, Panamax $14,771/day
- Strategic fleet upgrade with 8 vessel acquisition
- Asset optimization through $56.8M vessel sales
- Continued shareholder returns via $0.15 dividend and share buybacks
- Q4 net income declined 31% to $39.0M from $56.3M in Q3
- Adjusted EBITDA dropped 44% to $69.9M from $124.4M in Q3
- Higher drydocking expenses: $34.3M in Q4 vs $9.7M in Q3
- Lower Q1 2025 projected rates: Capesize $15,100/day vs Q4's $24,656/day
Insights
Golden Ocean Group 's Q4 2024 results reveal a company navigating market volatility with strategic fleet management while maintaining profitability. Net income reached
The company's strategic repositioning is evident in two critical moves: exercising purchase options for eight SFL-chartered vessels at
Forward guidance signals significant market challenges ahead, with Q1 2025 TCE rates projected at
GOGL's strategic focus on larger vessel classes (Capesize and Newcastlemax) positions it to benefit from structural advantages in iron ore and coal transportation, though this concentration also creates greater earnings volatility compared to operators with more diversified fleets. With a price-to-book ratio of approximately 0.8, the market appears to be pricing in the near-term rate weakness while potentially undervaluing the company's long-term earnings power across market cycles.
Golden Ocean Group Limited (NASDAQ/OSE: GOGL) (the “Company” or “Golden Ocean”), the world's largest listed owner of large size dry bulk vessels, today announced its unaudited results for the quarter ended December 31, 2024.
Highlights
- Net income of
$39.0 million and earnings per share of$0.20 (basic) for the fourth quarter of 2024, compared to net income of$56.3 million and earnings per share of$0.28 (basic) for the third quarter of 2024. - Net income of
$223.2 million and earnings per share of$1.12 (basic) for full year 2024, compared to net income of$112.3 million and earnings per share of$0.56 (basic) for full year 2023. - Adjusted EBITDA of
$69.9 million for the fourth quarter of 2024, compared to$124.4 million for the third quarter of 2024. - Adjusted net income of
$12.7 million for the fourth quarter of 2024, compared to$66.7 million for the third quarter of 2024. - A total of
$34.3 million in drydocking expense was recorded in the fourth quarter of 2024 in connection with 13 drydockings compared to$9.7 million for five drydockings in the third quarter of 2024. - Reported TCE rates for Capesize and Panamax vessels of
$24,656 per day and$14,771 per day, respectively, and$20,809 per day for the entire fleet in the fourth quarter of 2024. - Repurchased 625,000 shares at an aggregate purchase price of
$5.7 million , or$9.08 per share. - Exercised a purchase option for eight vessels chartered in on long-term leases from SFL Corporation Limited (“SFL”) for a total aggregate purchase price of
$112 million . The acquisition will be partially financed by a new$90 million credit facility at attractive terms. - Finalized the sale of one Newcastlemax vessel and one Panamax vessel for a total net consideration of
$56.8 million . - Estimated TCE rates, inclusive of charter coverage calculated on a load-to-discharge basis, are approximately:
$15,100 per day for77% of Capesize available days and$9,900 per day for81% of Panamax available days for the first quarter of 2025.$20,900 per day for16% of Capesize available days and$14,200 per day for10% of Panamax available days for the second quarter of 2025.
- Announced a cash dividend of
$0.15 per share for the fourth quarter of 2024, which is payable on or about March 21, 2025, to shareholders of record on March 11, 2025. Shareholders holding the Company’s shares through Euronext VPS may receive this cash dividend later, on or about March 24, 2025.
Peder Simonsen, Interim Chief Executive Officer and Chief Financial Officer, commented:
"Golden Ocean delivered another quarter of solid performance despite ongoing market fluctuations. The resilience of our business is a testament to our strong commercial capabilities, disciplined cost structure, and focused approach in the Capesize and Newcastlemax vessel segments, which holds the most favorable market dynamics. We are utilizing the current market weakness to upgrade the fleet significantly and with a modern and fuel-efficient fleet, we remain well-positioned to generate strong cash flow across market cycles. Looking ahead, we are encouraged by the continued strength in global dry bulk demand, the supportive supply-side dynamics, and the structural tailwinds in key commodities, all of which reinforce our long-term confidence in the market and our ability to create value for shareholders."
The Board of Directors
Golden Ocean Group Limited
Hamilton, Bermuda
February 26, 2025
Questions should be directed to:
Peder Simonsen: Interim Chief Executive Officer and Chief Financial Officer, Golden Ocean Management AS
+47 22 01 73 40
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: general market trends in the dry bulk industry, which is cyclical and volatile, including fluctuations in charter hire rates and vessel values; a decrease in the market value of the Company’s vessels; changes in supply and demand in the dry bulk shipping industry, including the market for the Company’s vessels; an oversupply of dry bulk vessels, which may depress charter rates and profitability; the Company’s future operating or financial results; the Company’s continued borrowing availability under the Company’s 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 failure of the Company’s contract counterparties to meet their obligations, including changes in credit risk with respect to the Company’s counterparties on contracts; the loss of a large customer or significant business relationship; the strength of world economies; the volatility of prevailing spot market and charter-hire charter rates, which may negatively affect the Company’s earnings; the Company’s ability to successfully employ the Company’s dry bulk vessels and replace the Company’s operating leases on favorable terms, or at all; changes in the Company’s operating expenses and voyage costs, including bunker prices, fuel prices (including increased costs for low sulfur fuel), drydocking, crewing and insurance costs; the adequacy of the Company’s insurance to cover the Company’s losses, including in the case of a vessel collision; vessel breakdowns and instances of offhire; 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 of vessels under construction, the delivery and commencement of operation dates, expected downtime and lost revenue); risks associated with any future vessel construction or the purchase of second-hand vessels; effects of new products and new technology in the Company’s industry, including the potential for technological innovation to reduce the value of the Company’s vessels and charter income derived therefrom; the impact of an interruption or failure of the Company’s information technology and communications systems, including the impact of cybersecurity threats and data security breaches, upon the Company’s ability to operate; potential liability from safety, environmental, governmental and other requirements and potential significant additional expenditures (by the Company and the Company’s customers) related to complying with such regulations; changes in governmental rules and regulations or actions taken by regulatory authorities and the impact of government inquiries and investigations; the arrest of the Company’s vessels by maritime claimants; government requisition of the Company’s vessels during a period of war or emergency; the Company’s compliance with complex laws, regulations, including environmental laws and regulations and the U.S. Foreign Corrupt Practices Act of 1977; potential difference in interests between or among certain members of the Board of Directors, executive officers, senior management and shareholders; the Company’s ability to attract, retain and motivate key employees; work stoppages or other labor disruptions by the Company’s employees or the employees of other companies in related industries; potential exposure or loss from investment in derivative instruments; stability of Europe and the Euro or the inability of countries to refinance their debts; inflationary pressures and the central bank policies intended to combat overall inflation and rising interest rates and foreign exchange rates; fluctuations in currencies; the impact that any discontinuance, modification or other reform or the establishment of alternative reference rates have on the Company's floating interest rate debt instruments; acts of piracy on ocean-going vessels, public health threats, terrorist attacks and international hostilities and political instability; potential physical disruption of shipping routes due to accidents, climate-related (acute and chronic), political instability, terrorist attacks, piracy, international sanctions or international hostilities, including the developments in the Ukraine region and in the Middle East, including the conflicts in Israel and Gaza, and the Houthi attacks in the Red Sea; general domestic and international political and geopolitical conditions or events, including any further changes in U.S. trade policy that could trigger retaliatory actions by affected countries; the impact of the U.S. presidential and congressional election results affecting the economic, future government laws and regulations and trade policy matters, such as the imposition of tariffs and other import restrictions; the impact of adverse weather and natural disasters; the impact of increasing scrutiny and changing expectations from investors, lenders and other market participants with respect to the Company’s Environmental, Social and Governance policies; changes in seaborne and other transportation; the length and severity of epidemics and pandemics and governmental responses thereto and the impact on the demand for seaborne transportation in the dry bulk sector; impacts of supply chain disruptions and market volatility surrounding impacts of the Russian-Ukrainian conflict and the developments in the Middle East; fluctuations in the contributions of the Company’s joint ventures to the Company’s profits and losses; the potential for shareholders to not be able to bring a suit against us or enforce a judgement obtained against us in the United States; the Company’s treatment as a “passive foreign investment company” by U.S. tax authorities; being required to pay taxes on U.S. source income; the Company’s operations being subject to economic substance requirements; the Company potentially becoming subject to corporate income tax in Bermuda in the future; the volatility of the stock price for the Company’s common shares, from which investors could incur substantial losses, and the future sale of the Company’s common shares, which could cause the market price of the Company’s common shares to decline; 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, 2023.
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 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.
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FAQ
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