Golden Ocean(US:GOGL)2022-11-16 17:31Financial Performance (Q3 2022) - Adjusted EBITDA was $118.2 million, compared to $191.6 million in the previous quarter[11] - The company reported a net income of $104.6 million, with earnings per share of $0.52, compared to $163.7 million and $0.82 respectively in Q2 2022[11] - TCE rates for Capesize vessels were $22,658 per day and for Panamax vessels $23,562 per day[11] - A gain of $21.9 million was recorded from the sale of two Ultramax vessels, resulting in net cash proceeds of $43.0 million[11] - A dividend of $0.35 per share was announced for Q3 2022[11] TCE Rate Estimates - Estimated TCE rates for Q4 2022 are $23,100 per day for 75% of Capesize days and $19,100 per day for 78% of Panamax days[11] - Estimated TCE rates for Q1 2023 are $21,300 per day for 4% of Capesize days and $21,150 per day for 21% of Panamax days[11] Market Dynamics - The orderbook for the next several years is highly visible and is set to continue to decline further as we move through 2022[26] - The orderbook as a percentage of the global fleet is 6.9% for the full fleet and 5.7% for Capesize vessels[26] - GDP growth forecasts, despite downward revisions, remain above pre-pandemic levels, supporting continued demand for dry bulk commodities[23, 24, 25] Liquidity and Loan-to-Value - The company's liquidity was $229 million in Q3 2022, compared to $264 million in Q2 2022[20] - Loan-to-value was 41.7% in Q3 2022, compared to 37.5% in Q2 2022[20]