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Dry-bulk shipper posts Q4 net income of $57.5m

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Lars-Christian Svensen, chief executive, Golden Ocean Group (File photograph)

Golden Ocean Group Ltd, the world’s largest listed owner of large size dry-bulk vessels, has declared unaudited net income of $57.5 million and earnings per share of 29 cents for the fourth quarter of 2023.

That compares with net income of $28.7 million and earnings per share of 14 cents for the third quarter of 2023.

The Bermudian-registered, Norwegian-based Nasdaq-listed company reported net income of $112.3 million and earnings per share of 56 cents for full-year 2023, compared with net income of $461.8 million and earnings per share of $2.30 for full-year 2022.

The group’s business involves transportation of dry-bulk cargo including ores, coal, grains and fertilisers through its fleet of owned and chartered vessels, bare boat vessels and commercial management vessels, chartered out on fixed-rate time charters and index-linked time-charter contracts.

The company reported time-charter equivalent rates for Capesize and Panamax vessels of $25,176 and $16,738 per day, respectively, and $21,958 per day for the entire fleet in the fourth quarter.

Golden Ocean said it arranged financings in an aggregate amount of $625 million on highly attractive terms. Upon completion, the company said, it will have fully funded its remaining capital expenditures obligations and refinanced all of its debt maturities until 2026.

The company announced a cash dividend of 30 cents per share for the fourth quarter, which is payable on or about March 25 to shareholders of record on March 13.

Lars-Christian Svensen, the chief executive, said: “The company’s large, modern fleet has been predominantly exposed to the spot market, resulting in strong performance in the fourth quarter of 2023 and thus far in 2024.

“The market for large-size dry-bulk vessels continues to outperform the broader freight market due to increasing tonne-mile demand for various key commodities, including iron ore, coal and bauxite.

“We have entered 2024 with strong demand in Asia and a broad-based global economic recovery under way, creating an overall healthy demand picture.

“Fleet growth, particularly in the Capesize segment, remains at historically low levels, and the global fleet is trading at historically high efficiency levels.

“The company maintains a positive outlook, and with no unfunded capex or near-term debt maturities, we are well positioned to continue to return value to our shareholders through dividends.

“Golden Ocean has now paid a dividend for 11 consecutive quarters, demonstrating the company’s potential as well as the resilience of its performance in weaker market conditions.”

Golden Ocean Group, the Bermudian-registered, Norwegian-based, Nasdaq-listed company is the world's largest listed owner of large-size dry bulk vessels (File photograph)

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Published February 28, 2024 at 5:26 pm (Updated February 28, 2024 at 7:14 pm)

Dry-bulk shipper posts Q4 net income of $57.5m

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