China steel production up 2% y-o-y with a solid 4.5% increase in Q3 Chinese car export up 62% y-o-y Bauxite The Guinea bauxite volumes to China... Bauxite share of cape trade (by tonne-miles) 15% 12.5% 11.1% 10% 8.4% 6.8% 5.4% 5% 0% 2019 2020 2021 2022 2023 Guinea bauxite export (* of shipments) Brazil IO vs Guinea bauxite export (million tonnes / month) Favourable supply dynamics 140% 120% 100% 80% 60% Total bulk, 8% 40% Capesize, 5% 20% 0% 5000 5051 5105 5005 500F 5015 5072 505105 5005 5005 5005 7105 200 ...

UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 6-K REPORT OF FOREIGN PRIVATE ISSUER PURSUANT TO RULE 13A-16 OR 15D-16 UNDER THE SECURITIES EXCHANGE ACT OF 1934 For the month of September 2023 Commission File Number: 000-29106 GOLDEN OCEAN GROUP LIMITED. (Translation of registrant's name into English) Par-la-Ville Place, 14 Par-la-Ville Road, Hamilton, HM 08, Bermuda (Address of principal executive offices) Indicate by check mark whether the registrant files or will file annual ...

Financial Data and Key Metrics Changes - Adjusted EBITDA for Q2 2023 was $80.4 million, up from $54.7 million in Q1 2023, with a net profit of $34.9 million compared to a net loss of $8.8 million in Q1 [2][3] - Total fleet-wide TCE increased to $17,700 from $14,900 in Q1, with TCE revenues rising to $153 million from $131.2 million [4][5] - Charter hire expense decreased from $16.8 million in Q1 to $10.2 million in Q2 due to fewer vessel days in the trading portfolio [6] Business Line Data and Key Metrics Changes - TCE rates for Capesize vessels were $19,100 per day and $15,600 for Panamax vessels, leading to a fleet-wide average net TCE of $17,660 per day [26] - Operating expenses increased to $62.4 million from $61.6 million in Q1, primarily due to higher drydocking costs [28] - General and administrative expenses rose to $5.2 million from $4.2 million in Q1, attributed to nonrecurring personnel expenses [29] Market Data and Key Metrics Changes - The Capesize market saw a significant increase in iron ore exports from Brazil, up by approximately 12 million tonnes year-to-date [36] - Chinese iron ore port inventories decreased by 25% since early 2022, indicating strong demand for iron ore [37] - The bauxite trade is expected to grow significantly, with analysts predicting a 30% to 40% increase in 2024 [38] Company Strategy and Development Direction - The company aims to maintain the lowest cash breakeven in the industry, currently around $13,000 per day, while continuing fleet renewal and enhancing energy efficiency [50] - A total of $181 million in TCE revenue has been contracted for the second half of the year, which is expected to support a healthy bottom line [51] - The company is optimistic about the bauxite trade's growth potential, which could drive Capesize rates higher [53] Management's Comments on Operating Environment and Future Outlook - The management noted unusual volatility in freight and trading markets due to macroeconomic factors [12] - The outlook for the second half of the year appears promising, with 79% of Capesize days locked in at $18,300 per day and 97% of Panamax days at $13,500 per day [17] - The company expects to capitalize on the increased iron ore activity and the potential for steady trade flows throughout the year [40] Other Important Information - The company declared a dividend of $0.10 per share for Q2 2023 [3] - Cash flow from operations was positive at $45.5 million, including dividends received from associated companies [31] - The company has $75 million undrawn and available under revolving credit facilities at quarter end [33] Q&A Session Summary Question: Iron ore activity and volumes outside of China - Management noted that iron ore activity has been strong going into China, with significant increases in output from Brazil, and they see potential for growth in other regions as well [21][44] Question: Impact of bauxite trade on traditional drybulk market dynamics - Management expressed optimism about the bauxite trade potentially offsetting the typical seasonal weakness in the drybulk market, indicating a shift in traditional patterns [42][53] Question: Effects of rising LNG prices on coal volumes - The management observed that the coal trade has remained active, particularly from Australia to China, and they expect continued imports from India as stockpiles are low [56]

Exhibit 99.1 INTERIM FINANCIAL INFORMATION GOLDEN OCEAN GROUP LIMITED First Quarter 2023 May 16, 2023 Hamilton, Bermuda, May 16, 2023 - 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 March 31, 2023. Highlights Ulrik Andersen, Chief Executive Officer, commented: "Following a period of seasonal weakness in the first quarter, freight rates have rebounded ...

Golden Ocean Group Limited (NASDAQ:GOGL) Q1 2023 Earnings Conference Call May 16, 2023 10:00 AM ET Company Participants Ulrik Andersen - Chief Executive Officer Peder Simonsen - Chief Financial Officer Conference Call Participants Greg Lewis - BTIG Operator Ladies and gentlemen, thank you for standing by and welcome to the Q1 2023 Golden Ocean Group Limited Earnings Conference Call. [Operator Instructions] I would now like to hand the conference over to the CEO, Ulrik Andersen. Please go ahead, sir. Ulrik A ...

UNITED STATES SECURITIES AND EXCHANGE COMMISSION WASHINGTON, D.C. 20549 FORM 20-F (Mark One) o REGISTRATION STATEMENT PURSUANT TO SECTION 12(b) OR (g) OF THE SECURITIES EXCHANGE ACT OF 1934 OR x ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the fiscal year ended December 31, 2022 OR o TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 OR o SHELL COMPANY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 19 ...

[Fourth Quarter 2022 Results](index=1&type=section&id=Fourth%20Quarter%202022%20Results) The company details its Q4 2022 performance, fleet development, corporate actions, and market outlook [Highlights](index=2&type=section&id=Highlights) The company reported Q4 net income of $68.2 million, announced a $0.20 dividend, and acquired six vessels Q4 2022 Financial & Operational Highlights | Metric | Value | Quarter Comparison | | :--- | :--- | :--- | | Net Income | $68.2 million | Down from $104.6 million in Q3 2022 | | Earnings Per Share (EPS) | $0.34 | Down from $0.52 in Q3 2022 | | Adjusted EBITDA | $112.4 million | Down from $118.2 million in Q3 2022 | | Cash Dividend per Share | $0.20 | - | | Fleet TCE Rate | $20,421 per day | - | | Capesize TCE Rate | $21,399 per day | - | | Panamax/Ultramax TCE Rate | $18,992 per day | - | - Acquired six modern Newcastlemax vessels for **$291 million**, which will be chartered back to the seller for 36 months at a net TCE rate of approximately **$21,000 per day**[5](index=5&type=chunk) - Completed the sale of two older Panamax vessels, Golden Ice and Golden Strength, as part of its fleet renewal strategy[5](index=5&type=chunk) - Announced a **cash dividend of $0.20 per share** for Q4 2022[5](index=5&type=chunk) Q1 & Q2 2023 TCE Rate Estimates (Load-to-Discharge Basis) | Quarter | Vessel Type | TCE Rate per Day | % of Available Days Covered | | :--- | :--- | :--- | :--- | | Q1 2023 | Capesize | ~$13,150 | 63% | | Q1 2023 | Panamax | ~$14,900 | 73% | | Q2 2023 | Capesize | ~$21,100 | 19% | | Q2 2023 | Panamax | ~$17,900 | 14% | [Fleet Development & Performance](index=4&type=section&id=Fleet%20Development%20%26%20Performance) The company's fleet stands at 93 vessels after acquiring six modern ships and selling two older ones - The company's fleet consists of **93 vessels** with an aggregate capacity of **~13.4 million dwt**, including 74 owned vessels, 8 chartered-in Capesize vessels, 1 chartered-in Ultramax, and 10 Kamsarmax vessels on order[9](index=9&type=chunk)[15](index=15&type=chunk) - Sold two Panamax vessels (built 2008 and 2009) for an aggregate price of **$30.3 million**, recording a gain of ~$2.8 million for Golden Ice in Q4 2022 and expecting a ~$2.7 million gain for Golden Strength in Q1 2023[9](index=9&type=chunk) - Acquired six modern Newcastlemax vessels (average age ~2.5 years) for **$291 million**, which are chartered back to the seller for 36 months at a net TCE of just above **$21,000 per day**[10](index=10&type=chunk) - Outstanding contractual commitments for ten newbuildings amount to **$241.7 million**, due by Q1 2025[11](index=11&type=chunk) [Corporate Development](index=5&type=section&id=Corporate%20Development) The company executed share buy-backs, purchased scrubbers, and secured new credit facilities for refinancing - Repurchased **400,000 shares for $3.3 million** in Q4 2022 under its share buy-back program[16](index=16&type=chunk) - Entered into agreements to purchase three scrubbers for installation on Capesize vessels during their 2023 drydocks[17](index=17&type=chunk) - Signed a **$250.0 million credit facility** in January 2023 to refinance debt on 20 vessels with an attractive interest rate of SOFR plus 185 basis points[18](index=18&type=chunk) - Received credit approvals for a new two-year **$233 million credit facility** to be secured by the six newly-acquired vessels and two unencumbered vessels[19](index=19&type=chunk) [Financial Performance](index=5&type=section&id=Financial%20Performance) The company's Q4 net income was $68.2 million, with full-year 2022 net income reaching $461.8 million [Fourth Quarter 2022 Results](index=5&type=section&id=Fourth%20Quarter%202022%20Results) Q4 net income fell to $68.2 million from $104.6 million in Q3 due to lower TCE rates and revenues Q4 2022 vs Q3 2022 Performance | Metric | Q4 2022 | Q3 2022 | | :--- | :--- | :--- | | Net Income | $68.2M | $104.6M | | Basic EPS | $0.34 | $0.52 | | Adjusted EBITDA | $112.4M | $118.2M | | Operating Revenues | $249.6M | $282.0M | | Average Fleet TCE Rate | $20,421/day | $23,017/day | | Net Interest Expense | $17.6M | $14.4M | - Voyage expenses decreased by **$17.3 million to $69.2 million**, primarily due to lower bunker prices and commissions[24](index=24&type=chunk) - Recorded a **$2.8 million gain** from the sale of the vessel Golden Ice[25](index=25&type=chunk) [Full Year 2022 Results](index=6&type=section&id=Full%20Year%202022%20Results) Full-year 2022 net income was $461.8 million, down from 2021 due to lower average TCE rates Full Year 2022 vs 2021 Performance | Metric | 2022 | 2021 | | :--- | :--- | :--- | | Net Income | $461.8M | $527.2M | | Net Operating Income | $435.1M | $513.6M | | Average Fleet TCE Rate | $24,262/day | $27,582/day | [Cash Flow and Balance Sheet](index=7&type=section&id=Cash%20Flow%20and%20Balance%20Sheet) The company ended Q4 with $138.1 million in cash, supported by strong operating cash flow of $125.6 million - Cash and cash equivalents increased by **$5.8 million** during Q4 to **$138.1 million** as of December 31, 2022[31](index=31&type=chunk) - Cash provided by operating activities was **$125.6 million** in Q4 2022[32](index=32&type=chunk) - Net cash used in financing activities was **$114.3 million**, including **$70.3 million in dividend payments** and $23.2 million in scheduled debt repayments[34](index=34&type=chunk) - As of December 31, 2022, the book value of long-term debt was **$1,120.9 million** and finance lease obligations were **$106.0 million**[35](index=35&type=chunk) [Market and Strategy](index=7&type=section&id=Market%20and%20Strategy) The company maintains a positive outlook on the dry bulk market, citing China's reopening and low fleet growth [The Dry Bulk Market](index=7&type=section&id=The%20Dry%20Bulk%20Market) The Q4 dry bulk market was supported by coal volumes, with a positive outlook from low fleet orderbooks - Dry bulk rates rebounded slightly in Q4 2022, supported by increased coal volumes and longer sailing distances due to the EU ban on Russian imports[36](index=36&type=chunk) - Chinese steel production decreased by **8.0% in Q4 2022 vs Q3**, but the government eased its 'Zero-COVID' policy and released plans to support the real estate market[39](index=39&type=chunk) - The orderbook as a percentage of the global fleet stood at a **30-year low of 7.5%** at the end of Q4 2022, a decrease from 8.4% at the start of the year[42](index=42&type=chunk) [Strategy and Outlook](index=9&type=section&id=Strategy%20and%20Outlook) The company anticipates a market recovery in H2 2023, leveraging its modern fleet and favorable supply dynamics - The IMF forecasts global GDP growth of **2.9% in 2023** and **3.1% in 2024**, with China and India expected to account for half of global growth in 2023[45](index=45&type=chunk) - Global dry bulk fleet growth is forecasted to be **3.0% in 2023** and just **1.9% in 2024**, well below historical averages and organic replacement levels[47](index=47&type=chunk) - New environmental regulations (EEXI and CII) are expected to reduce effective fleet supply by up to **2.5% in both 2023 and 2024** by forcing older vessels to reduce speed[49](index=49&type=chunk) - The company's strategy focuses on divesting older tonnage and leveraging its modern fleet, of which **48% (by dwt) will be scrubber-equipped**, to capitalize on elevated fuel spreads and maintain its market-leading position[50](index=50&type=chunk) [Interim Financial Information](index=13&type=section&id=Interim%20Financial%20Information) This section presents the unaudited consolidated financial statements and reconciliations of non-GAAP measures [Unaudited Interim Condensed Consolidated Financial Statements](index=14&type=section&id=Unaudited%20Interim%20Condensed%20Consolidated%20Financial%20Statements) The statements show full-year 2022 net income of $461.8 million and total assets of $3.26 billion Consolidated Statement of Operations (Full Year) | Metric (in thousands of $) | 2022 | 2021 | | :--- | :--- | :--- | | Total operating revenues | 1,113,456 | 1,203,181 | | Net operating income | 435,087 | 513,608 | | Net income | 461,847 | 527,218 | Consolidated Balance Sheet (As of Dec 31, 2022) | Metric (in thousands of $) | Value | | :--- | :--- | | Total current assets | 299,147 | | Vessels and equipment, net | 2,665,785 | | **Total assets** | **3,257,291** | | Total current liabilities | 211,628 | | Long-term debt | 1,027,991 | | **Total liabilities** | **1,340,258** | | **Total equity** | **1,917,033** | Consolidated Cash Flow Statement (Full Year 2022) | Metric (in thousands of $) | Value | | :--- | :--- | | Net cash provided by operating activities | 503,387 | | Net cash provided by investing activities | 72,816 | | Net cash used in financing activities | (648,147) | | **Net change in cash** | **(71,944)** | [Selected Notes to the Financial Statements](index=18&type=section&id=Selected%20Notes%20to%20the%20Financial%20Statements) Notes detail vessel sales, newbuilding commitments, debt levels, and significant subsequent events - In 2022, the company sold five vessels (Golden Empress, Enterprise, Endeavour, Cecilie, Cathrine) for total proceeds of **$115.0 million**, recording gains of **$31.4 million**[77](index=77&type=chunk)[79](index=79&type=chunk) - As of Dec 31, 2022, capitalized costs for ten Kamsarmax newbuildings were **$91.9 million**, with total outstanding contractual commitments of **$255.6 million** due by Q1 2025[82](index=82&type=chunk)[100](index=100&type=chunk) - Book value of long-term debt was **$1,120.9 million** as of Dec 31, 2022[92](index=92&type=chunk) - Subsequent Event (Feb 2023): Acquired six scrubber-fitted Newcastlemax vessels for **$291 million**, to be financed by a new **$233 million** two-year credit facility and cash on hand[106](index=106&type=chunk) - Subsequent Event (Jan 2023): Signed a **$250.0 million credit facility** to refinance debt on 20 vessels at a rate of SOFR + 185 bps[104](index=104&type=chunk) [Reconciliation of Non-GAAP Measures](index=23&type=section&id=Reconciliation%20of%20Non-GAAP%20Measures) This section reconciles net income to Adjusted EBITDA and operating revenues to TCE income for Q4 2022 Reconciliation to Adjusted EBITDA (Q4 2022) | Metric (in thousands of $) | Value | | :--- | :--- | | Net income | 68,208 | | Adjustments (Interest, Tax, D&A) | +50,310 | | **EBITDA** | **118,518** | | Further Adjustments (Gains on disposals, derivatives, etc.) | (6,071) | | **Adjusted EBITDA** | **112,447** | Reconciliation to TCE Rate (Q4 2022) | Metric | Value | | :--- | :--- | | Total operating revenues (in thousands of $) | 249,558 | | Less: Voyage expenses & commission | (69,189) | | **TCE Income (in thousands of $)** | **180,216** | | Total Fleet onhire days | 8,825 | | **TCE Rate ($ per day)** | **20,421** |

The forward-looking statements in this presentation 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 diffic ...

Golden Ocean Group Limited (NASDAQ:GOGL) Q4 2022 Earnings Conference Call February 16, 2023 9:00 AM ET Company Participants Ulrik Andersen - Chief Executive Officer Peder Simonsen - Chief Financial Officer Conference Call Participants Omar Nokta - Jefferies Sherif Elmaghrabi - BTIG Operator Good day and thank you for standing by. Welcome to the Fourth Quarter 2022 Golden Ocean Group Limited Earnings Conference Call. [Operator Instructions] Please be advised that today’s conference is being recorded. I would ...

[Report Overview](index=2&type=section&id=Report%20Overview) [Financial & Operational Highlights (Q3 2022)](index=2&type=section&id=Highlights) Golden Ocean reported solid Q3 2022 results despite challenging factors, with decreased net income and Adjusted EBITDA, completed vessel sales, a share buy-back program, and a declared dividend Q3 2022 Key Financial Metrics | Metric | Q3 2022 | Q2 2022 | | :--- | :--- | :--- | | Net Income | $104.6 million | $163.7 million | | Earnings Per Share (EPS) | $0.52 | $0.82 | | Adjusted EBITDA | $118.2 million | $191.6 million | Q3 2022 TCE Rates | Vessel Type | TCE Rate per day | | :--- | :--- | | Capesize | $22,658 | | Panamax/Ultramax | $23,562 | | **Total Fleet** | **$23,017** | - Completed the sale of **two Ultramax vessels**, Golden Cecilie and Golden Cathrine, recording a gain of **$21.9 million** and net cash proceeds of **$43.0 million**[6](index=6&type=chunk) - Announced a share buy-back program of up to **$100.0 million** and a cash dividend of **$0.35 per share** for Q3 2022[6](index=6&type=chunk) Forward TCE Rate Estimates (Load-to-Discharge Basis) | Period | Vessel Type | TCE Rate per day | % of Available Days | | :--- | :--- | :--- | :--- | | Q4 2022 | Capesize | $23,100 | 75% | | Q4 2022 | Panamax | $19,100 | 78% | | Q1 2023 | Capesize | $21,300 | 4% | | Q1 2023 | Panamax | $21,150 | 21% | [Fleet and Corporate Development](index=3&type=section&id=Fleet%20Development%20%26%20Corporate%20Development) As of the report date, Golden Ocean's fleet comprised **95 vessels**, including **ten newbuildings**, with a total capacity of approximately **13.6 million dwt**, alongside **$261.5 million** in outstanding contractual commitments and the initiation of a **$100 million** share buy-back program and a **$0.35 per share** cash dividend for Q3 2022 - The company's fleet consists of **95 vessels** with an aggregate capacity of ~**13.6 million dwt**, broken down as: - **76 owned vessels** (**48 Capesize**, **28 Panamax**) - **8 chartered-in Capesize vessels** - **1 chartered-in Ultramax vessel** - **10 Kamsarmax vessels** on order[7](index=7&type=chunk)[13](index=13&type=chunk) - The company has **ten vessels** under construction with outstanding contractual commitments of **$261.5 million** due by the first quarter of **2025**[8](index=8&type=chunk) - A share buy-back program of up to **$100.0 million** was introduced in October **2022** to purchase up to **10,000,000 common shares** over **12 months**[11](index=11&type=chunk) - A cash dividend of **$0.35 per share** for Q3 **2022** was announced, payable around December **5**, **2022**[12](index=12&type=chunk) [Financial Performance](index=4&type=section&id=Financial%20Performance) [Third Quarter 2022 Results (Income Statement)](index=4&type=section&id=Third%20Quarter%202022%20Results) The company's net income for Q3 2022 was **$104.6 million**, a decrease from **$163.7 million** in Q2 2022, primarily due to a **$34.7 million** decrease in operating revenues and a **$19.8 million** increase in voyage expenses, partially offset by a **$21.9 million** gain from vessel sales Q3 2022 vs Q2 2022 Income Statement Highlights | Item | Q3 2022 | Q2 2022 | Change | | :--- | :--- | :--- | :--- | | Operating Revenues | $282.0M | $316.7M | -$34.7M | | Voyage Expenses | $86.5M | $66.6M | +$19.9M | | Ship Operating Expenses | $59.3M | $50.4M | +$8.9M | | Gain from Sale of Vessels | $21.9M | $9.5M | +$12.4M | | Net Income | $104.6M | $163.7M | -$59.1M | - The average TCE rate for the fleet decreased to **$23,017 per day** in Q3 **2022** from **$29,431 per day** in Q2 **2022**[16](index=16&type=chunk) - Net interest expense increased to **$14.4 million** from **$11.9 million** in Q2, driven by higher SOFR and LIBOR rates[21](index=21&type=chunk) - The company recorded a **$11.4 million** net gain on derivatives, primarily from interest rate swaps[21](index=21&type=chunk) [Cash Flow and Balance Sheet](index=5&type=section&id=Third%20quarter%202022%20Cash%20Flow%20Statements%20and%20Balance%20Sheet%20as%20of%20September%2030%2C%202022) As of September **30**, **2022**, the company held **$132.3 million** in cash and cash equivalents, a decrease of **$36.1 million** from the prior quarter, with strong cash from operations at **$98.7 million**, and total long-term debt and finance lease obligations at **$1.15 billion** and **$110.3 million** respectively Q3 2022 Cash Flow Summary | Activity | Cash Flow (in millions) | | :--- | :--- | | Cash from Operating Activities | $98.7 | | Cash from Investing Activities | $36.6 | | Cash from Financing Activities | ($171.3) | | **Net Change in Cash** | **($36.1)** | - Ending cash and cash equivalents were **$132.3 million**, with an additional **$100.0 million** available under revolving credit facilities[23](index=23&type=chunk) - Major financing cash outflows included **$120.5 million** in dividend payments and a total of **$50.8 million** in debt and finance lease repayments[26](index=26&type=chunk) - As of September **30**, **2022**, the book value of long-term debt was **$1,154.5 million** and finance lease obligations were **$110.3 million**[27](index=27&type=chunk) [Market Analysis and Outlook](index=5&type=section&id=Market%20Analysis%20and%20Outlook) [The Dry Bulk Market](index=5&type=section&id=The%20Dry%20Bulk%20Market) In Q3 2022, dry bulk rates declined due to easing port congestion and decreased trade, partially offset by increased coal tonne-mile demand, while the newbuilding orderbook reached a **30-year low** at **7.3%** of the global fleet - Global dry bulk fleet utilization decreased from **91.5%** in Q2 **2022** to **87.3%** in Q3 **2022**, primarily due to easing port congestion which increased effective fleet supply[30](index=30&type=chunk) - Chinese steel production decreased by **9.9%** QoQ, but iron ore imports increased by **7.3%** QoQ[31](index=31&type=chunk) - The coal trade was significantly impacted by sanctions on Russian coal, leading to increased tonne-mile demand as volumes are sourced from more distant locations[32](index=32&type=chunk) - Thermal coal demand is forecast to grow by **4.9%** in **2022** and **8.8%** in **2023**[33](index=33&type=chunk) - The newbuilding orderbook as a percentage of the global fleet stood at a **30-year low** of **7.3%** at the end of Q3 **2022**[36](index=36&type=chunk) [Strategy and Outlook](index=7&type=section&id=Strategy%20and%20Outlook) The company anticipates short-term market softness but maintains a positive long-term outlook driven by highly favorable supply-side dynamics, including a **30-year low** orderbook and upcoming EEXI environmental regulations, leveraging its modern fleet to maximize cash generation and shareholder returns - While acknowledging near-term challenges from inflation and rising interest rates, the company is optimistic due to supportive factors like changes in the coal market and positive supply-side dynamics[37](index=37&type=chunk) - The outlook for fleet supply is highly positive, with the orderbook at a **30-year low**[39](index=39&type=chunk) - Global dry bulk fleet growth is forecasted to be only **2.9%** in **2023** and **1.8%** in **2024**[41](index=41&type=chunk) - The introduction of EEXI regulations in **2023** is expected to reduce sailing speeds for older vessels, further constraining effective fleet supply and benefiting modern, fuel-efficient ships[39](index=39&type=chunk) - The company has actively renewed its fleet, acquiring or ordering **28 modern vessels** in the last **18 months**, making it the largest listed owner of large-size dry bulk vessels with an average age of **6.5 years**[44](index=44&type=chunk) - The Board remains committed to returning value to shareholders through dividends, intending to distribute a significant portion of earnings[45](index=45&type=chunk) [Interim Condensed Consolidated Financial Statements](index=13&type=section&id=INTERIM%20FINANCIAL%20INFORMATION) [Unaudited Interim Condensed Consolidated Statements of Operations](index=14&type=section&id=Unaudited%20Interim%20Condensed%20Consolidated%20Statements%20of%20Operations) The statement of operations details the company's revenues and expenses for the three and nine-month periods ending September **30**, **2022**, with total operating revenues of **$282.0 million** and net income of **$104.6 million** for the third quarter Statement of Operations Highlights (Three Months Ended Sep 30) | (in thousands of $) | 2022 | 2021 | | :--- | :--- | :--- | | Total operating revenues | 282,049 | 387,618 | | Total operating expenses | 202,239 | 203,246 | | Net operating income | 101,666 | 190,024 | | **Net income** | **104,565** | **195,329** | [Unaudited Interim Condensed Consolidated Balance Sheets](index=16&type=section&id=Unaudited%20Interim%20Condensed%20Consolidated%20Balance%20Sheets) The balance sheet as of September **30**, **2022**, shows total assets of **$3.32 billion**, a slight decrease from **$3.45 billion** at year-end **2021**, with total liabilities at **$1.40 billion** and total equity at **$1.92 billion** Balance Sheet Highlights (as of Sep 30, 2022) | (in thousands of $) | Amount | | :--- | :--- | | Cash and cash equivalents | 129,270 | | Vessels and equipment, net | 2,718,422 | | **Total assets** | **3,324,511** | | Current portion of long-term debt | 94,460 | | Long-term debt | 1,060,001 | | **Total liabilities** | **1,402,234** | | **Total equity** | **1,922,277** | [Unaudited Interim Condensed Consolidated Cash Flow Statements](index=17&type=section&id=Unaudited%20Interim%20Condensed%20Consolidated%20Cash%20Flow%20Statements) For the third quarter of **2022**, the company generated **$98.7 million** in cash from operations, with investing activities providing **$36.6 million** and financing activities using **$171.3 million**, resulting in a net decrease in cash and cash equivalents of **$36.1 million** Cash Flow Statement Highlights (Three Months Ended Sep 30, 2022) | (in thousands of $) | Amount | | :--- | :--- | | Net cash provided by operating activities | 98,681 | | Net cash provided by investing activities | 36,552 | | Net cash used in financing activities | (171,299) | | **Net change in cash** | **(36,066)** | [Selected Notes to the Financial Statements](index=21&type=section&id=Selected%20Notes%20to%20the%20Unaudited%20Interim%20Condensed%20Consolidated%20Financial%20Statements) The notes provide critical details supplementing the financial statements, including the sale of **two Ultramax vessels** for **$63.0 million**, **$271.8 million** in contractual commitments for **ten newbuildings**, a new **$275.0 million** credit facility, and subsequent events like a **$100 million** share buy-back and a **$0.35 per share** dividend [Vessel Transactions and Newbuildings](index=21&type=section&id=4.%20Vessels%20and%20equipment%2C%20net%20and%20vessels%20held%20for%20sale%20%26%205.%20Newbuildings) During Q3 **2022**, the company completed the sale of **two Ultramax vessels**, Golden Cecilie and Golden Cathrine, for an aggregate price of **$63.0 million**, recognizing a gain of **$21.9 million**, and had capitalized costs of **$73.6 million** for **ten Kamsarmax newbuildings** under construction - Sold **two Ultramax vessels** for **$63.0 million**, recording a gain of **$21.9 million** in Q3 **2022**[72](index=72&type=chunk) - As of quarter-end, the company had **ten Kamsarmax newbuildings** under construction with capitalized costs of **$73.6 million**[73](index=73&type=chunk) [Leases, Debt, and Equity](index=22&type=section&id=6.%20Leases%20%26%208.%20Long-term%20debt%20%26%209.%20Share%20capital) As of September **30**, **2022**, the company had **11 vessels** chartered-in long-term, with finance lease obligations totaling **$110.3 million**, and a book value of long-term debt at **$1.15 billion**, with a new **$275.0 million** credit facility signed in May **2022** and **$120.5 million** in dividends paid in Q3 - Total book value of finance lease obligations was **$110.3 million** as of September **30**, **2022**[76](index=76&type=chunk) - Total book value of long-term debt was **$1,154.5 million**[83](index=83&type=chunk) - A new **$275.0 million** credit facility was secured in May **2022** at an interest rate of SOFR plus **190 basis points**[84](index=84&type=chunk) - In Q3 **2022**, the company paid **$120.5 million** in dividends (**$0.60 per share**) related to Q2 **2022** results[85](index=85&type=chunk) [Investments and Related Parties](index=22&type=section&id=7.%20Equity%20securities%20%26%2010.%20Related%20party%20transactions) The company holds equity investments in SwissMarine (**16.4%**), TFG Marine (**10%**), and UFC (**50%**), with significant related party transactions including leasing **eight vessels** from SFL Corporation and procuring **$147.8 million** in bunkers from TFG in the first nine months of **2022** - Key equity method investments include SwissMarine (book value **$49.0M**), TFG Marine (**$8.0M**), and UFC (**$2.8M**)[78](index=78&type=chunk)[81](index=81&type=chunk)[82](index=82&type=chunk) - The most significant related party transactions are with SFL for vessel leases[87](index=87&type=chunk) - The company paid TFG Marine **$147.8 million** for bunker procurement in the first nine months of **2022**[89](index=89&type=chunk) [Subsequent Events](index=24&type=section&id=12.%20Subsequent%20events) After the end of the third quarter, the company announced a share buy-back program of up to **$100.0 million** in October **2022** and declared a cash dividend of **$0.35 per share** for the third quarter in November **2022** - In October **2022**, the company initiated a share buy-back program of up to **$100.0 million**[92](index=92&type=chunk) - On November **16**, **2022**, a cash dividend of **$0.35 per share** for Q3 **2022** was announced[93](index=93&type=chunk) [Non-GAAP Financial Measures](index=25&type=section&id=Non-GAAP%20Financial%20Measures) [Reconciliation to EBITDA and Adjusted EBITDA](index=25&type=section&id=(A)%20Reconciliation%20of%20Net%20Income%20(loss)%20to%20EBITDA%20and%20Adjusted%20EBITDA) This section provides a reconciliation from the GAAP measure of Net Income to the non-GAAP measures of EBITDA and Adjusted EBITDA, with Q3 **2022** Net Income of **$104.6 million** reconciled to an EBITDA of **$151.5 million** and an Adjusted EBITDA of **$118.2 million** Reconciliation to Adjusted EBITDA (Q3 2022) | (in thousands of $) | Amount | | :--- | :--- | | Net income | 104,565 | | Interest, Tax, Depreciation & Amortization | 46,918 | | **EBITDA** | **151,483** | | Gain from disposal of vessels | (21,856) | | Gain on derivatives | (11,391) | | Other financial items | (48) | | **Adjusted EBITDA** | **118,188** | [Reconciliation to Time Charter Equivalent (TCE) Rate](index=26&type=section&id=(B)%20Reconciliation%20of%20Total%20Operating%20Revenues%20to%20Time%20Charter%20Equivalent%20Income%20and%20Time%20Charter%20Equivalent%20Rate) The company provides a reconciliation of GAAP operating revenues to the non-GAAP measure of Time Charter Equivalent (TCE) income and rate, with Q3 **2022** total operating revenues of **$282.0 million** reconciled to a TCE income of **$194.9 million**, resulting in an average TCE rate of **$23,017 per day** TCE Rate by Vessel Class (Q3 2022) | Vessel Class | TCE Income (in thousands) | Onhire Days | TCE Rate ($ per day) | | :--- | :--- | :--- | :--- | | Capesize | $115,716 | 5,107 | $22,658 | | Panamax and Ultramax | $79,214 | 3,362 | $23,562 | | **Total Fleet** | **$194,930** | **8,469** | **$23,017** |