GOGL – Fourth Quarter 2024 Results

Core Viewpoint - Golden Ocean Group Limited reported solid performance in Q4 2024 despite market fluctuations, highlighting strong commercial capabilities and a disciplined cost structure, particularly in the Capesize and Newcastlemax vessel segments [3]. Financial Performance - Net income for Q4 2024 was $39.0 million, with earnings per share of $0.20, down from $56.3 million and $0.28 in Q3 2024 [3]. - Full year 2024 net income reached $223.2 million, with earnings per share of $1.12, compared to $112.3 million and $0.56 in 2023 [3]. - Adjusted EBITDA for Q4 2024 was $69.9 million, a decrease from $124.4 million in Q3 2024 [3]. - Adjusted net income for Q4 2024 was $12.7 million, down from $66.7 million in Q3 2024 [3]. Operational Highlights - The company recorded $34.3 million in drydocking expenses in Q4 2024, related to 13 drydockings, compared to $9.7 million for five drydockings in Q3 2024 [3]. - Reported TCE rates for Capesize and Panamax vessels were $24,656 per day and $14,771 per day, respectively, with an overall fleet TCE rate of $20,809 per day in Q4 2024 [3]. - Estimated TCE rates for Q1 2025 are approximately $15,100 per day for 77% of Capesize available days and $9,900 per day for 81% of Panamax available days [3]. Strategic Actions - The company repurchased 625,000 shares at an aggregate price of $5.7 million, or $9.08 per share [3]. - A purchase option for eight vessels from SFL Corporation Limited was exercised for a total of $112 million, partially financed by a new $90 million credit facility [3]. - The sale of one Newcastlemax vessel and one Panamax vessel was finalized for a total net consideration of $56.8 million [3]. Dividend Announcement - A cash dividend of $0.15 per share for Q4 2024 was announced, payable on or about March 21, 2025, to shareholders of record on March 11, 2025 [3].