GOGL – Third Quarter 2024 Results

Core Viewpoint - Golden Ocean Group Limited reported a strong performance in Q3 2024, with net income of $56.3 million and adjusted EBITDA of $124.4 million, reflecting the company's effective strategy and market positioning despite macroeconomic volatility [2][3]. Financial Performance - Net income for Q3 2024 was $56.3 million, down from $62.5 million in Q2 2024, with earnings per share decreasing from $0.31 to $0.28 [2]. - Adjusted EBITDA increased to $124.4 million in Q3 2024 from $120.3 million in Q2 2024 [2]. - Adjusted net income rose to $66.7 million in Q3 2024, compared to $63.4 million in Q2 2024 [2]. Fleet and Operations - The reported Time Charter Equivalent (TCE) rates for Capesize and Panamax vessels were $28,295 and $16,361 per day, respectively, with an overall fleet TCE of $23,726 per day for Q3 2024 [2]. - The company entered agreements to sell one Newcastlemax vessel and one Panamax vessel for a total of $56.8 million [2]. - A $150 million facility was secured to refinance six Newcastlemax vessels under favorable terms [2]. Future Outlook - Estimated TCE rates for Q4 2024 are projected at $26,300 per day for 82% of Capesize available days and $14,600 per day for 83% of Panamax available days [2]. - For Q1 2025, estimated TCE rates are $21,060 per day for 27% of Capesize available days and $17,500 per day for 15% of Panamax available days [2]. - The company remains optimistic about the freight market, driven by strong iron ore and bauxite exports from Brazil and Guinea to Asia [3]. Shareholder Returns - A cash dividend of $0.30 per share was announced for Q3 2024, payable on or about December 18, 2024, to shareholders of record on December 9, 2024 [2].