Golden Ocean(US:GOGL)2022-05-20 12:49Financial Performance - Golden Ocean reported a net income of $125.3 million and earnings per share of $0.63 for Q1 2022, down from $203.8 million and $1.02 in Q4 2021[8]. - Total operating revenues for Q1 2022 were $265.2 million, a decrease of 30.6% from $381.8 million in Q1 2021[57]. - Net income for Q1 2022 was $125.3 million, down from $203.8 million in Q1 2021, representing a decline of 38.5%[57]. - Earnings per share (EPS) for Q1 2022 were $0.63 (basic) and $0.62 (diluted), compared to $1.02 (basic) and $1.01 (diluted) in Q1 2021[57]. - The company's Adjusted EBITDA for Q1 2022 was $149.4 million, compared to $243.5 million in Q4 2021 and $54.6 million in Q1 2021[96]. - Total operating revenues for the first quarter of 2022 were $265.2 million, a decrease from $381.8 million in the previous quarter and an increase from $158.1 million year-over-year[99]. Cash and Debt Management - Cash and cash equivalents as of March 31, 2022, were $115.7 million, a decrease of $94.3 million from the previous quarter[24]. - Cash and cash equivalents decreased to $107.4 million as of March 31, 2022, from $197.0 million as of December 31, 2021[59]. - The company made total repayments of $33.2 million in long-term debt during Q1 2022[61]. - The company had long-term debt of $1,229.9 million as of March 31, 2022, with an outstanding principal of $1,240.5 million[80]. - Net cash used in financing activities was $221.9 million in Q1 2022, including $180.4 million in dividend payments[26]. Fleet and Operations - The fleet consists of 94 vessels with a total capacity of approximately 13.4 million dwt, including the sale of three older Panamax vessels for $52 million[9]. - The average TCE rate for the fleet was $24,330 per day in Q1 2022, compared to $35,256 per day in Q4 2021[18]. - The company has seven vessels under construction with contractual commitments of $201.7 million due by Q1 2024[85]. - The Company disposed of older vessels and acquired or placed orders for 25 modern vessels, maintaining an average fleet age of approximately 6.4 years[45]. - The company has secured highly profitable charter coverage for most available days in Q2 2022 and approximately 21% in Q3 2022[46]. Market Conditions - Global dry bulk fleet utilization was 89.5% in Q1 2022, down from 93.0% in the prior quarter[30]. - Thermal coal volumes decreased by 15.4% in Q1 2022 compared to Q4 2021, with Indian thermal coal inventories remaining 43% below last year's levels[35]. - Transportation of essential agribulks decreased by 4.9% in Q1 2022 compared to Q4 2021, while increasing by 1.0% compared to Q1 2021[37]. - The global fleet of dry bulk vessels grew by 7.3 million dwt in Q1 2022, with the orderbook at a 30-year low of 6.8% of the global fleet[38]. - Global ton-mile demand is expected to increase by 2.1% in 2022 and 2.7% in 2023, supporting steady dry bulk commodity demand[40]. - The global dry bulk fleet is forecast to grow by 3.6% in 2022 and just 2.2% in 2023, below organic replacement levels[42]. Shareholder Returns - A cash dividend of $0.50 per share was announced for Q1 2022, payable on or about June 8, 2022[13]. - The Board of Directors intends to distribute a significant portion of earnings to shareholders in line with strong market expectations[47]. - The company paid a dividend of $0.90 per share totaling $180.4 million related to Q4 2021 results[81].