Golden Ocean(US:GOGL)2021-02-18 15:45Financial Data and Key Metrics Changes - The company achieved an EBITDA of $59.3 million and a net profit of $25.4 million, translating to $0.18 per share, driven by strong spot chartering performance on both Capes and Panamaxes [5] - Time charter revenue for the quarter was $125 million, down from $143 million in the previous quarter, attributed to lower market rates and low discharge adjustments [10] - The net profit for the full year was reported as a loss of $137.7 million, primarily due to an impairment recorded in Q2 [14] Business Line Data and Key Metrics Changes - The average TCE rates for the first quarter of 2021 are approximately $18,800 per day for 60% of the Cape fleet and $13,100 per day for 77% of the Panamax fleet [8] - Operating expenses increased by approximately $4 million due to drydockings and COVID-related costs, with an average OpEx of $6,100 for the fleet [11] Market Data and Key Metrics Changes - The Capesize market remained above breakeven throughout Q4, while the Panamax market showed more stability [18] - Demand growth is expected to rebound strongly in 2021, with China and India projected to grow more than 8% and 11% respectively [20] Company Strategy and Development Direction - The company is focusing on acquiring modern, fuel-efficient vessels to align with increasing regulatory requirements and customer demands for decarbonization [6][7] - The acquisition of 18 modern vessels from Hemen is seen as a strategic move to enhance fleet efficiency and reduce cash breakeven costs [23][28] Management's Comments on Operating Environment and Future Outlook - Management expressed optimism about the demand-supply balance, predicting that demand will outpace supply in the next two years, leading to a stronger freight environment [22] - The company believes that the current market conditions, including low asset prices, present a unique opportunity for growth [27] Other Important Information - The company signed the Neptune Declaration on Seafarer Wellbeing, joining approximately 600 other organizations [5] - The cash position at the end of the quarter was $175 million, with a debt and lease liability of $1.2 billion [16] Q&A Session Summary - There were no questions from participants during the Q&A session [35]