Golden Ocean Group, the world’s leading owner of large size dry bulk vessels, announced its unaudited results for the three and nine months period ended September 30, 2022.
Highlights
- Net income of $104.6 million and earnings per share of $0.52 for the third quarter of 2022 compared with net income of $163.7 million and earnings per share of $0.82 for the second quarter of 2022.
- Adjusted EBITDA of $118.2 million for the third quarter of 2022, compared with $191.6 million for the second quarter of 2022.
- Reported TCE rates for Capesize and Panamax/Ultramax vessels of $22,658 per day and $23,562 per day, respectively, in the third quarter of 2022. Reported TCE rate for the total fleet of $23,017 per day.
- Completed the sale of two Ultramax vessels Golden Cecilie and Golden Cathrine, and recorded a gain of $21.9 million, and net cash proceeds of $43.0 million.
- Announced a share buy-back program of up to $100.0 million.
- Estimated TCE rates, inclusive of charter coverage, calculated on a load-to-discharge basis are approximately:
- $23,100 per day for 75% of Capesize available days and $19,100 per day for 78% of Panamax available days for the fourth quarter of 2022; and
- $21,300 per day for 4% of Capesize available days and $21,150 per day for 21% of Panamax available days for the first quarter of 2023.
- Announced a cash dividend of $0.35 per share for the third quarter of 2022, payable on or about December 5, 2022 to shareholders of record on November 28, 2022. Shareholders holding the Company’s shares through Euronext VPS may receive this cash dividend later, on or about December 7, 2022.
Ulrik Andersen, Chief Executive Officer, commented:
“While geopolitical and macroeconomic factors present a challenging backdrop, Golden Ocean generated solid results in the third quarter. Our modern, fuel-efficient vessels command a significant premium to benchmark earnings, a factor that has helped us consistently outperform the market this year. Based on our contracted charter coverage, we expect to generate strong results in the fourth quarter of 2022 ahead of an expected seasonal slowdown in the first quarter of next year. Our strong earnings generation potential, combined with an expectation for historically low fleet growth, gives us confidence in our positive long-term outlook. This is reflected in our continued commitment to returning dividends to our shareholders and in our recently announced share buy-back program.”
