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]

Financial Data and Key Metrics Changes - Net revenues for Q4 2023 were $196.7 million, an increase from $156.6 million in Q3 2023 [5] - Operating expenses decreased to $63.4 million from $64.5 million in the previous quarter [5] - Adjusted EBITDA for Q4 2023 was $123.2 million, up from $78.9 million in Q3 2023 [48] - Full-year 2023 net profit was $112.2 million, with an adjusted net profit of $117.4 million [25] - Cash flow from operations was $96.9 million, including $1.7 million in dividends received from associated companies [7] - Cash and cash equivalents at quarter end were $118.6 million, with $75 million in undrawn available credit facilities [26] Business Line Data and Key Metrics Changes - Fleet-wide TCE rate for Q4 was $22,000 per day, up from $17,000 in Q3 [23] - TCE rates for Capesize and Panamax vessels were $25,176 and $16,738 per day, respectively [22] - The company recorded a gain of $2.7 million from investments in associates, compared to a loss of $300,000 in Q3 [51] Market Data and Key Metrics Changes - The Panamax market saw a 5.5% year-on-year increase in ton mile agribulk trade, driven by a strong soybean season from East Coast South America [11] - Steel production in China is expected to remain flat in 2024, with steel exports increasing by 35% in 2023 [12][57] - Bauxite exports from Guinea reached $125 million in 2023, accounting for 12.5% of all Capesize ton miles [56] Company Strategy and Development Direction - The company is focusing on optimizing its fleet by divesting older Panamax vessels that do not fit current vessel stocks [14] - The strategy includes maintaining a mid-cycle leverage of 55% to sustain a healthy balance sheet throughout market cycles [36] - The company aims to capture spikes in the Capesize sector, which holds the highest income potential compared to smaller sizes [28] Management's Comments on Operating Environment and Future Outlook - Management expressed optimism about the strength of the market in Q1 2024, expecting continued demand driven by various factors [19] - The company anticipates reaching mid-30s on freight rates in the near future, yielding around 30% [42] - The Capesize segment is viewed as the most promising area for growth, with a closing order book at a 30-year low [31] Other Important Information - The company announced a dividend of $0.30 per share for Q4 2023 [46] - An aggregate of $625 million in new financings was established, including lease and bank financing [8] Q&A Session Summary Question: How is the company thinking about rising ship values, particularly in the secondhand market? - Management indicated they are looking to divest older Panamaxes at attractive prices [14] Question: Can you provide further details behind the industry drivers causing market strength, particularly within the Capesize segment? - Management noted that the market strength is supported by increased exports from Colombia, Brazil, West Africa, and Indonesia, along with the limited activity through the Suez [55] Question: How surprised were you about the strength of the market in Q1? - Management was not surprised, as they had anticipated a strong push due to various market drivers and secured bookings at favorable rates [19]

[Report Overview](index=2&type=section&id=Report%20Overview) [Highlights](index=2&type=section&id=Highlights) Golden Ocean reported Q3 2023 net income of $28.7 million and Adjusted EBITDA of $78.9 million, alongside strategic vessel transactions, share repurchases, and a $0.10 dividend - The Interim CEO highlighted the company's **market-leading position**, **competitive fleet**, and **low cash breakeven levels**, which ensure profitability during market weakness while maintaining **significant operating leverage**. The near-term market is viewed as **well-balanced**, with a **positive long-term outlook** supported by **favorable supply-side dynamics**[4](index=4&type=chunk) Q3 2023 Key Financial and Operational Metrics | Metric | Q3 2023 ($M) | Q2 2023 ($M) | | :--- | :--- | :--- | | Net Income | $28.7 million | $34.9 million | | Earnings Per Share (basic) | $0.14 | $0.17 | | Adjusted EBITDA | $78.9 million | $80.4 million | | Fleet-wide TCE Rate | $17,076/day | - | | Capesize TCE Rate | $18,173/day | - | | Panamax/Supramax TCE Rate | $15,389/day | - | - Key corporate actions in Q3 2023 include: - Entered into agreements to buy and sell a Supramax vessel, expecting a **~$6 million gain**[4](index=4&type=chunk) - Completed the sale of one Panamax vessel, recognizing a **$0.8 million gain**[4](index=4&type=chunk) - Repurchased **125,000 shares** for **$0.9 million** and extended the buy-back program[4](index=4&type=chunk) - Announced a cash dividend of **$0.10 per share** for Q3 2023[4](index=4&type=chunk) Forward TCE Rate Estimates (as of Nov 21, 2023) | Period | Vessel Type | TCE Rate/Day | % of Days Booked | | :--- | :--- | :--- | :--- | | **Q4 2023** | Capesize | $23,045 | 79% | | | Panamax | $17,275 | 83% | | **Q1 2024** | Capesize | $21,700 | 12% | | | Panamax | $15,600 | 23% | [Fleet Development & Performance](index=3&type=section&id=Fleet%20Development%20%26%20Performance) Golden Ocean's fleet consists of 96 vessels, including newbuildings, with strategic acquisitions and sales in Q3, and forward TCE rate estimates provided - The company's fleet consists of **83 owned vessels** (**52 Capesize**, **31 Panamax**), **8 chartered-in Capesize vessels**, **1 chartered-in Supramax**, and **4 Kamsarmax vessels** on order[5](index=5&type=chunk)[12](index=12&type=chunk) - The company sold one Panamax vessel for **$14.8 million**, realizing a gain of **$0.8 million** and net cash proceeds of **$7.2 million** in Q3 2023[6](index=6&type=chunk) - The company exercised a purchase option on a chartered-in Supramax for **~$15.3 million** and subsequently agreed to sell it for **$21.6 million**, expecting a gain of **~$6 million** in Q4 2023[7](index=7&type=chunk) - The company has outstanding contractual commitments of **$94.2 million** for **four vessels** under construction, due by Q4 2024[5](index=5&type=chunk) [Corporate Development](index=4&type=section&id=Corporate%20Development) In Q3 2023, the company repurchased shares, extended its buy-back program, secured a new $40.0 million credit facility, and announced a $0.10 per share cash dividend - Repurchased **125,000 shares** at an average price of **$7.20 per share** and extended the share buy-back program for **one additional year**[13](index=13&type=chunk) - Entered into a new **$40.0 million** credit facility with a **seven-year tenor** and an interest rate of SOFR plus **175 basis points** to finance **two Kamsarmax newbuildings** delivered in Q3[14](index=14&type=chunk) - Announced a cash dividend of **$0.10 per share** for Q3 2023, payable in December 2023[15](index=15&type=chunk) [Third Quarter 2023 Results](index=4&type=section&id=Third%20Quarter%202023%20Results) Golden Ocean's Q3 2023 net income was $28.7 million, with Adjusted EBITDA at $78.9 million, reflecting increased operating revenues offset by higher expenses and interest costs [Income Statement Analysis](index=4&type=section&id=Income%20Statement%20Analysis) Operating revenues increased by $8.3 million due to fleet expansion, offset by higher voyage, ship operating, depreciation, and net interest expenses, alongside a $12.6 million net gain on derivatives Q3 2023 vs Q2 2023 Income Statement Highlights | Item | Q3 2023 ($M) | Q2 2023 ($M) | Change ($M) | | :--- | :--- | :--- | :--- | | Operating Revenues | 221.7 | 213.4 | +8.3 | | Voyage Expenses | 65.1 | 59.4 | +5.7 | | Ship Operating Expenses | 64.5 | 62.4 | +2.1 | | Depreciation | 35.3 | 32.6 | +2.7 | | Net Interest Expense | 28.1 | 23.0 | +5.1 | | Net Gain on Derivatives | 12.6 | 9.0 | +3.6 | [Cash Flow and Balance Sheet Analysis](index=5&type=section&id=Cash%20Flow%20and%20Balance%20Sheet%20Analysis) Cash and cash equivalents decreased to $99.7 million, with $47.4 million from operations, $88.5 million used in investing, and $33.5 million provided by financing activities, while total long-term debt reached $1,421.4 million - Cash provided by operating activities was **$47.4 million**[26](index=26&type=chunk) - Net cash used in investing activities was **$88.5 million**, including **$45.3 million** for a Newcastlemax vessel and **$58.1 million** for Kamsarmax newbuildings, offset by **$14.8 million** from a vessel sale[28](index=28&type=chunk) - Net cash provided by financing activities was **$33.5 million**, driven by **$97.4 million** in debt drawdowns, offset by **$35.6 million** in debt repayment, **$19.9 million** in dividends, and **$7.8 million** in finance lease repayments[29](index=29&type=chunk) Debt and Lease Obligations (as of Sep 30, 2023) | Liability | Book Value ($M) | | :--- | :--- | | Long-term debt (incl. current portion) | 1,421.4 | | Finance lease obligations (incl. current portion) | 106.5 | [The Dry Bulk Market](index=6&type=section&id=The%20Dry%20Bulk%20Market) The dry bulk market showed stability in Q3 2023 with a 5.4% YoY increase in seaborne transportation driven by strong Chinese imports, while a historically low orderbook supports a positive supply-side outlook - Global dry bulk fleet utilization was **84.7%** in Q3 2023, with total seaborne transport increasing **5.4%** compared to Q3 2022[31](index=31&type=chunk) - Demand trends were positive across key commodities. Chinese iron ore imports increased **6.7%** QoQ, and global coal imports rose **6.7%** YoY. A notable trend is the increasing reliance of China on bauxite from Guinea, significantly boosting Capesize tonne-mile demand[34](index=34&type=chunk)[36](index=36&type=chunk)[37](index=37&type=chunk) - The supply side is highly favorable, with the global fleet orderbook at a near-historical low of **8.3%**. The Capesize orderbook is even lower at just **5.2%**, compared to a **25-year average** of nearly **24%**[40](index=40&type=chunk) [Strategy and Outlook](index=8&type=section&id=Strategy%20and%20Outlook) Golden Ocean maintains a positive outlook, forecasting global tonne-mile demand growth against historically low fleet growth, leveraging its modern fleet and low cash breakeven to maximize shareholder returns through dividends - The outlook is supported by forecasts of a **3.7%** increase in global tonne-mile demand in 2023 and **2.7%** in 2024, driven by emerging Asian economies like China and India[41](index=41&type=chunk)[42](index=42&type=chunk) - The fleet supply outlook is highly positive, with the global dry bulk fleet forecast to grow by only **2.9%** in 2023 and **2.2%** in 2024, well below historical averages and organic replacement levels[44](index=44&type=chunk) - Since 2020, the company has grown its fleet by over **31%** (dwt) while reducing its average age by **7%** through strategic acquisitions and sales. This modern fleet, combined with a low average cash breakeven of **$13,500/day**, provides **strong downside protection** and **significant upside potential**[47](index=47&type=chunk) - The Board of Directors remains committed to distributing a **significant portion** of earnings to shareholders through dividends, contingent on results and market conditions[48](index=48&type=chunk) [Interim Financial Information](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) For Q3 2023, total operating revenues were $221.7 million and net income was $28.7 million ($0.14 per share), significantly lower than the $104.6 million net income in Q3 2022 Consolidated Statements of Operations (Unaudited) | (in thousands of $) | Three months ended Sep 30, 2023 | Nine months ended Sep 30, 2023 | Nine months ended Sep 30, 2022 | | :--- | :--- | :--- | :--- | | Total operating revenues | 221,663 | 631,562 | 863,898 | | Net operating income | 44,888 | 97,494 | 359,908 | | Net income | 28,734 | 54,798 | 393,638 | | Earnings per share: basic | $ 0.14 | $ 0.27 | $ 1.96 | [Unaudited Interim Condensed Consolidated Balance Sheets](index=15&type=section&id=Unaudited%20Interim%20Condensed%20Consolidated%20Balance%20Sheets) As of September 30, 2023, total assets increased to $3.54 billion from $3.26 billion, while total liabilities rose to $1.66 billion, resulting in a slight decrease in total equity to $1.88 billion Consolidated Balance Sheets (Unaudited) | (in thousands of $) | As of Sep 30, 2023 | As of Dec 31, 2022 | | :--- | :--- | :--- | | **ASSETS** | | | | Total current assets | 281,046 | 299,147 | | Vessels and equipment, net | 3,033,514 | 2,665,785 | | **Total assets** | **3,543,447** | **3,257,291** | | **LIABILITIES AND EQUITY** | | | | Total current liabilities | 260,595 | 211,628 | | Long-term debt | 1,312,083 | 1,027,991 | | **Total liabilities** | **1,659,078** | **1,340,258** | | **Total equity** | **1,884,369** | **1,917,033** | [Unaudited Interim Condensed Consolidated Cash Flow Statements](index=16&type=section&id=Unaudited%20Interim%20Condensed%20Consolidated%20Cash%20Flow%20Statements) For the nine months ended September 30, 2023, net cash from operations was $169.5 million, with $396.5 million used in investing activities and $188.7 million provided by financing, leading to a $38.3 million net decrease in cash Consolidated Cash Flow Statements (Unaudited, Nine months ended Sep 30) | (in thousands of $) | 2023 | 2022 | | :--- | :--- | :--- | | Net cash provided by operating activities | 169,466 | 377,782 | | Net cash provided by (used in) investing activities | (396,473) | 78,353 | | Net cash provided by (used in) financing activities | 188,674 | (533,897) | | **Net change in cash** | **(38,333)** | **(77,762)** | [Unaudited Interim Condensed Consolidated Statements of Changes in Equity](index=17&type=section&id=Unaudited%20Interim%20Condensed%20Consolidated%20Statements%20of%20Changes%20in%20Equity) For the nine months ended September 30, 2023, total equity decreased from $1.917 billion to $1.884 billion, primarily due to $80.1 million in dividends and $8.4 million in share repurchases, partially offset by $54.8 million in net income Changes in Equity (Unaudited, Nine months ended Sep 30, 2023) | (in thousands of $) | Amount | | :--- | :--- | | Equity at beginning of period | 1,917,033 | | Net income | 54,798 | | Distributions to shareholders | (80,057) | | Repurchase of shares | (8,357) | | **Equity at end of period** | **1,884,369** | [Selected Notes to the Unaudited Interim Condensed Consolidated Financial Statements](index=18&type=section&id=Selected%20Notes%20to%20the%20Unaudited%20Interim%20Condensed%20Consolidated%20Financial%20Statements) The notes detail significant financial activities including the acquisition and sale of vessels, newbuilding deliveries, new debt facilities exceeding $500 million, share capital activities, and outstanding commitments for newbuildings - **Vessels:** Acquired **six modern Newcastlemax vessels** for **$291.0 million**. Sold **two vessels** (Golden Feng and Golden Shui) for **$43.6 million** and another Panamax vessel for **$14.8 million**[73](index=73&type=chunk)[75](index=75&type=chunk)[76](index=76&type=chunk) - **Newbuildings:** **Six Kamsarmax newbuildings** were delivered in the first nine months of 2023. The company has outstanding contractual commitments of **$97.8 million** for **four remaining newbuildings**[79](index=79&type=chunk)[101](index=101&type=chunk) - **Debt:** Entered into several new credit facilities in 2023, including a **$250.0M** refinancing, a **$233.0M** facility for acquisitions, an **$80.0M** facility for newbuildings, and a **$40.0M** facility for newbuildings. As of Sep 30, 2023, total long-term debt was **$1,421.4 million**[89](index=89&type=chunk)[90](index=90&type=chunk)[91](index=91&type=chunk) - **Share Capital:** Repurchased **125,000 shares** for **$0.9 million** in Q3. Paid dividends of **$19.9 million** related to Q2 2023 results[95](index=95&type=chunk)[96](index=96&type=chunk) [Reconciliation of Non-GAAP Measures](index=23&type=section&id=Reconciliation%20of%20Non-GAAP%20Measures) This section reconciles non-GAAP measures, showing Q3 2023 Net Income of $28.7 million reconciled to Adjusted EBITDA of $78.9 million, and Total Operating Revenues of $221.7 million reconciled to TCE Income of $155.6 million Reconciliation of Net Income to Adjusted EBITDA (Q3 2023) | (in thousands of $) | Amount | | :--- | :--- | | Net income | 28,734 | | Depreciation & Amortization | 34,825 | | Net Interest Expense | 28,063 | | Other adjustments (derivatives, gains, etc.) | (12,744) | | **Adjusted EBITDA** | **78,878** | TCE Rate Calculation (Q3 2023) | Vessel Class | TCE Income ($'000) | Onhire Days | TCE Rate ($/day) | | :--- | :--- | :--- | :--- | | Capesize | 100,370 | 5,523 | 18,173 | | Panamax/Supramax | 55,248 | 3,590 | 15,389 | | **Total Fleet** | **155,618** | **9,113** | **17,076** |