Monty Rakusen/DigitalVision via Getty Images My Thesis When I last wrote about Golden Ocean Group Limited (NASDAQ:GOGL) stock in June 2023, it was trading at $7.6 - at the time of this writing it's trading at $13.8, and GOGL's total return for the period indicated is around 90%. That's more than five times what the market, as represented by the S&P 500 Index (SPX), has shown. Seeking Alpha, Oakoff's coverage of GOGL And although at first glance it may seem that now is the time to “cast out the line" a ...

The latest trading session saw Golden Ocean Group (GOGL) ending at $13.82, denoting a +1.69% adjustment from its last day's close. This move outpaced the S&P 500's daily loss of 0.46%. At the same time, the Dow lost 0.98%, and the tech-heavy Nasdaq lost 0.64%.Shares of the shipping company witnessed a gain of 6.34% over the previous month, beating the performance of the Transportation sector with its loss of 8.93% and the S&P 500's loss of 3.04%.The investment community will be closely monitoring the perfor ...

The Transportation group has plenty of great stocks, but investors should always be looking for companies that are outperforming their peers. Has Golden Ocean Group (GOGL) been one of those stocks this year? Let's take a closer look at the stock's year-to-date performance to find out.Golden Ocean Group is a member of the Transportation sector. This group includes 132 individual stocks and currently holds a Zacks Sector Rank of #12. The Zacks Sector Rank includes 16 different groups and is listed in order fr ...

In the latest market close, Golden Ocean Group (GOGL) reached $13.03, with a +0.15% movement compared to the previous day. The stock outperformed the S&P 500, which registered a daily loss of 1.2%. At the same time, the Dow lost 0.65%, and the tech-heavy Nasdaq lost 1.79%.Prior to today's trading, shares of the shipping company had gained 1.64% over the past month. This has lagged the Transportation sector's gain of 4.62% and outpaced the S&P 500's loss of 0.85% in that time.Investors will be eagerly watchi ...

Golden Ocean Group (GOGL) closed the most recent trading day at $12.72, moving -0.47% from the previous trading session. This change lagged the S&P 500's 0.15% gain on the day. Elsewhere, the Dow saw a downswing of 0.02%, while the tech-heavy Nasdaq appreciated by 0.32%.Coming into today, shares of the shipping company had lost 4.91% in the past month. In that same time, the Transportation sector lost 0.64%, while the S&P 500 gained 1.65%.Analysts and investors alike will be keeping a close eye on the perfo ...

Everybody loves dividends, as they provide a passive income stream, limit drawdowns in other positions, and provide more than one way to profit from an investment.And when considering dividend-paying stocks, those with a history of consistent payouts are prime considerations, reflecting their commitment to shareholders.For those seeking high-yield stocks with bright outlooks and a history of consistent payouts, Sunoco (SUN) , Xerox (XRX) , and Golden Ocean Group (GOGL) fit the criteria. Let’s take a closer ...

For those looking to find strong Transportation stocks, it is prudent to search for companies in the group that are outperforming their peers. Golden Ocean Group (GOGL) is a stock that can certainly grab the attention of many investors, but do its recent returns compare favorably to the sector as a whole? A quick glance at the company's year-to-date performance in comparison to the rest of the Transportation sector should help us answer this question.Golden Ocean Group is one of 133 individual stocks in the ...

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, 2023 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 ...

Financial Performance - Net income for Q4 2023 was $57.5 million, with earnings per share of $0.29, compared to $28.7 million and $0.14 in Q3 2023[5] - Adjusted EBITDA for Q4 2023 was $123.2 million, up from $78.9 million in Q3 2023[5] - Total operating revenues for Q4 2023 were $254.205 million, compared to $221.663 million in Q3 2023 and $249.558 million in Q4 2022[65] - Net income for Q4 2023 was $57.471 million, a significant increase from $28.734 million in Q3 2023 but a decrease from $68.208 million in Q4 2022[65] - Earnings per share (basic) for Q4 2023 were $0.29, compared to $0.14 in Q3 2023 and $0.34 in Q4 2022[65] - Net operating income for Q4 2023 was $91.117 million, a significant increase from $44.888 million in Q3 2023 and $75.178 million in Q4 2022[65] - Interest expense for Q4 2023 was $28.663 million, slightly down from $28.803 million in Q3 2023 but up from $18.963 million in Q4 2022[65] - Net income for the three months ended December 31, 2023, was $57.471 million, compared to $28.734 million in the previous quarter and $68.208 million in the same period last year[69] - The company reported a net income of $57.5 million for the three months ended December 31, 2023, and $112.3 million for the twelve months ended December 31, 2023[115] - Adjusted EBITDA for the twelve months ended December 31, 2023, was $337.2 million, compared to $571.6 million for the same period in 2022[115] - Total operating revenues for Q4 2023 were $254.2 million, compared to $221.7 million in Q3 2023 and $249.6 million in Q4 2022[123] - Net time and voyage charter revenues for Q4 2023 were $251.3 million, up from $220.7 million in Q3 2023 and $249.4 million in Q4 2022[123] - Time charter equivalent (TCE) income for Q4 2023 was $193.8 million, compared to $155.6 million in Q3 2023 and $180.2 million in Q4 2022[123] Fleet and Operations - TCE rates for Capesize and Panamax vessels in Q4 2023 were $25,176/day and $16,738/day, respectively, with an overall fleet average of $21,958/day[5] - Estimated TCE rates for Q1 2024 are $25,000/day for 74% of Capesize available days and $15,400/day for 84% of Panamax available days[5] - The company's fleet consists of 94 vessels, including three newbuildings, with an aggregate capacity of approximately 14.1 million dwt[9] - Global dry bulk fleet utilization reached 91.1% in Q4 2023, up from 85.7% in Q3 2023, with total seaborne transportation of dry bulk goods increasing by 2.8% to 1,252 mt compared to Q3 2023 and by 8.7% compared to Q4 2022[38] - The global fleet of dry bulk vessels increased by 6.4 million dwt in Q4 2023, with newbuilding orders totaling 10.9 million dwt, including 20 Capesize vessels and 48 Panamax vessels[45] - The Capesize orderbook as a percentage of the operating fleet was 5.7% as of January 31, 2024, the lowest among all vessel segments and a decrease from 6.5% at the start of 2023[50] - The company increased its fleet size by 30% based on dwt since 2020, reducing the fleet's average age by approximately 2%, and maintains an industry-leading daily cash breakeven level of $14,000 per day[52] - Total fleet onhire days for Q4 2023 were 8,827, down from 9,113 in Q3 2023 but up from 8,825 in Q4 2022[127] - TCE rate per day for Capesize vessels in Q4 2023 was $25,176, up from $18,173 in Q3 2023 and $21,399 in Q4 2022[127] - TCE rate per day for Panamax vessels in Q4 2023 was $16,738, up from $15,389 in Q3 2023 but down from $18,992 in Q4 2022[127] - Total TCE rate per day for Q4 2023 was $21,958, up from $17,076 in Q3 2023 and $20,421 in Q4 2022[127] Financing and Debt - The company secured $625 million in financings, fully funding its remaining capex obligations and refinancing all debt maturities until 2026[5] - In December 2023, the company signed an $85.0 million sale-and-leaseback agreement to partially finance four Kamsarmax newbuildings[15] - In February 2024, the company signed a $360 million sustainability-linked credit facility to refinance a fleet of 20 vessels[17] - As of December 31, 2023, the company had cash and cash equivalents of $118.6 million, including restricted cash balances of $2.3 million[34] - Net cash used in financing activities was $92.7 million in Q4 2023, including $27.3 million in scheduled debt repayment, $25.0 million in revolving credit facility repayment, $20.4 million in finance lease repayment, and $20.0 million in dividend payments[36] - As of December 31, 2023, the company's long-term debt was $1,370.1 million, with $109.3 million as the current portion, and finance lease obligations were $87.6 million, with $19.6 million as the current portion[37] - Total assets as of December 31, 2023, were $3,489.018 million, slightly down from $3,543.447 million as of September 30, 2023[67] - Cash and cash equivalents as of December 31, 2023, were $116.382 million, up from $97.517 million as of September 30, 2023[67] - Long-term debt as of December 31, 2023, was $1,260.758 million, down from $1,312.083 million as of September 30, 2023[67] - The company's book value of finance lease obligations was $87.6 million as of December 31, 2023, including the current portion of $19.6 million[88] - The company's long-term debt as of December 31, 2023, had a book value of $1,370.1 million and an outstanding principal of $1,380.7 million, with a current portion of $109.3 million[92] - In March 2023, the company entered into a $233.0 million two-year credit facility to partially finance the acquisition of six Newcastlemax vessels, with an interest rate of SOFR plus 190 basis points per annum[95] - The company entered into an $80.0 million facility in April 2023 to partially finance four Kamsarmax newbuildings, with a seven-year tenor and an interest rate of SOFR plus 180 basis points, fully drawn as of December 31, 2023[96] - A $40.0 million credit facility was secured in July 2023 for two Kamsarmax newbuildings, with a seven-year tenor and an interest rate of SOFR plus 175 basis points, fully drawn by December 31, 2023[97] - The company drew down $50.0 million and repaid $25 million on its revolving credit facilities in 2023, resulting in an undrawn balance of $75 million at year-end[98] - A sale-and-leaseback agreement for $85.0 million was signed in December 2023 to finance four Kamsarmax newbuildings, with a ten-year tenor and an interest rate of SOFR plus 185 basis points, no amounts drawn as of December 31, 2023[99] - A $360 million sustainability-linked credit facility was signed in February 2024 to refinance a fleet of 20 vessels, with a five-year tenor and an interest rate of SOFR plus 175 basis points[108] - Credit approvals for a $180 million credit facility were received in February 2024 to refinance six Newcastlemax vessels, with a five-year tenor and an interest rate of SOFR plus 160 basis points[109] Dividends and Share Buybacks - The company announced a cash dividend of $0.30 per share for Q4 2023, payable on or about March 25, 2024[5] - A cash dividend of $0.30 per share was announced for the fourth quarter of 2023, payable on or about March 25, 2024[107] - The company acquired 1,107,328 shares at an aggregate purchase price of $8.5 million under its share buy-back program in 2023[100] Market and Demand Trends - Global coal imports increased by 4.7% in Q4 2023 compared to Q3 2023 and by 12.6% compared to Q4 2022, driven by a 5.0% and 13.8% increase in thermal coal volumes, respectively[42] - Tonne-mile demand for bauxite grew by over 8.0% in each of the last two years, with nearly 80% of seaborne bauxite export volumes heading to China[43] - Global agribulk demand is expected to grow by 3.9% in 2024 and 3.6% in 2025, with tonne-mile demand benefiting from economic recovery and longer sailing distances[44] - Global tonne-mile demand is forecast to increase by 3.2% in both 2024 and 2025, with fleet utilization expected to remain at levels historically supportive of stable dry bulk freight rates[49] Vessel Transactions and Investments - The company recorded a gain of $5.8 million from the sale of a Supramax vessel in the fourth quarter of 2023[87] - In 2023, the company acquired six modern 208,000 dwt vessels for a total consideration of $291.0 million, which are chartered back to their former owner for approximately 30 months at an average net TCE rate of just above $21,000 per day[78] - The company sold two vessels, Golden Feng and Golden Shui, for an aggregate net sale price of $43.6 million, recording an impairment loss of $11.8 million[80] - During the twelve months of 2023, the company installed scrubbers on three vessels in its existing fleet at a total cost of $6.2 million[83] - The company delivered six out of ten Kamsarmax newbuildings in 2023, with total costs of $219.5 million, and had capitalized costs of $54.8 million for the remaining four newbuildings as of December 31, 2023[84] - The company received $7.8 million in dividends from its 15.92% equity investment in SwissMarine Pte. Ltd. during the twelve months ended December 31, 2023[89] TCE Income by Vessel Type - TCE income for Capesize vessels in Q4 2023 was $137.5 million, up from $100.4 million in Q3 2023 and $112.1 million in Q4 2022[127] - TCE income for Panamax vessels in Q4 2023 was $56.3 million, compared to $55.2 million in Q3 2023 and $68.1 million in Q4 2022[127]

Golden Ocean Group Limited (NASDAQ:GOGL) Q4 2023 Earnings Conference Call February 28, 2024 9:00 AM ET Company Participants Lars-Christian Svensen - Chief Executive Officer Peder Simonsen - Chief Financial Officer Conference Call Participants Emily Harkins - Jefferies LLC Operator Good day, and thank you for standing by. Welcome to the Q4 2023 Golden Ocean Group Limited Earnings Conference Call and Webcast. At this time, all participants are in a listen-only mode. After the speakers' presentation, there wil ...