Golden Ocean Group, a leading dry bulk shipping company, today announced its results for the quarter ended December 31, 2019.
Highlights
· Net income of $41.0 million and earnings per share of $0.29 for the fourth quarter of 2019 compared with net income of $36.7 million and earnings per share of $0.26 for the third quarter of 2019.
· Net income of $37.2 million and earnings per share of $0.26 for the full year 2019, compared with net income of $84.5 million and earnings per share of $0.59 for the full year 2018.
· Adjusted EBITDA of $73.9 million for the fourth quarter of 2019, compared with $81.1 million for the third quarter of 2019.
· Completed refinancing of the $284.0 million loan facility financing 15 vessels on attractive terms.
· Completed charter amendments for seven Capesize vessels leased from SFL Corporation Ltd. (“SFL”) whereby SFL will fund the scrubber investments previously announced by the Company in exchange for increased charter rates.
· Announced a cash dividend of $0.05 per share for the fourth quarter of 2019.
Ola Lorentzon, Chairman of the Board of Golden Ocean and interim Chief Executive Officer, commented:
“Golden Ocean’s solid performance continued in the fourth quarter despite a weakening rate environment. While the Company’s earnings potential has been demonstrated over the course of last year, the market is currently presenting a challenging scenario that will impact our results in the near term. As the current market dynamic continues to unfold, our focus remains on maintaining efficient operations and a strong balance sheet and liquidity position.“
Per Heiberg, Chief Financial Officer of Golden Ocean Management AS, commented:
“During the fourth quarter of 2019, the Company continued to enhance its financial profile through the refinancing of one of its loan facilities on attractive terms, rolling the current debt at par value and pushing maturities out in time. The Company believes this demonstrates its standing in the lending community and the Company’s continued ability to source attractively priced capital, to the benefit of its shareholders.“
