Golden Ocean(US:GOGL)2024-08-28 14:32Financial Performance - Adjusted EBITDA for Q2 2024 was $120.3 million, compared to $114.3 million in Q1 2024[8] - Adjusted net income for Q2 2024 was $63.4 million, with adjusted earnings per share of $0.32, compared to $58.4 million and $0.29 per share in Q1 2024[8] - Net income for Q2 2024 was $62.5 million, with earnings per share of $0.31, compared to $65.4 million and $0.33 per share in Q1 2024[8] - The company announced a dividend of $0.30 per share for Q2 2024[8] TCE Rates and Fleet - Reported TCE rates for Capesize vessels were $28,005 per day, and for Panamax vessels, $15,721 per day in Q2 2024, with an overall fleet TCE rate of $23,535 per day[8] - Estimated TCE rates for Q3 2024 are approximately $26,200 per day for 83% of Capesize available days and $17,200 per day for 94% of Panamax available days[8] - Estimated TCE rates for Q4 2024 are approximately $25,800 per day for 29% of Capesize available days and $17,900 per day for 18% of Panamax available days[8] - The company entered into an agreement to sell one 2014-built Panamax vessel for net consideration of $20.8 million[8] Market Dynamics and Outlook - Capesize trade increased by 34% year-over-year for the first half of 2024[126] - Chinese steel production decreased by 11% in the first half of 2024, but this was partly offset by growth in India[130] - China continues to offset overcapacity with 27% export growth in the first half of 2024[130] - The Capesize orderbook remains low at 72% of the current fleet[136]