GOGL – First Quarter 2024 Results

Core Viewpoint - Golden Ocean Group Limited reported strong financial results for Q1 2024, indicating a positive outlook for the dry bulk shipping market driven by demand growth and limited fleet supply growth, particularly in the Capesize segment [2][3]. Financial Performance - Net income for Q1 2024 was $65.4 million, with earnings per share of $0.33, compared to net income of $57.5 million and earnings per share of $0.29 in Q4 2023 [3]. - Adjusted EBITDA for Q1 2024 was $114.3 million, down from $123.2 million in Q4 2023 [3]. - Adjusted net income for Q1 2024 was $58.4 million, compared to $64.6 million in Q4 2023 [3]. Fleet and Market Insights - Reported TCE rates for Capesize and Panamax vessels were $27,222 per day and $14,978 per day, respectively, with an overall fleet TCE rate of $22,628 per day for Q1 2024 [3]. - Estimated TCE rates for Q2 2024 are approximately $27,200 per day for 75% of Capesize available days and $14,500 per day for 82% of Panamax available days [3]. - For Q3 2024, estimated TCE rates are $25,200 per day for 24% of Capesize available days and $20,500 per day for 41% of Panamax available days [3]. Dividends and Shareholder Returns - The company announced a cash dividend of $0.30 per share for Q1 2024, payable on or about June 17, 2024, to shareholders of record on June 7, 2024 [3]. - Over the past three years, the company has returned over $1 billion, or $5.1 per share, in dividends to shareholders [2]. Strategic Developments - The company completed the sale of one Panamax vessel for net consideration of $15.7 million [3]. - Subsequent to the quarter end, the company signed and closed a $180 million credit facility at record low credit margin and attractive terms [3].