Golden Ocean(US:GOGL)2024-05-22 12:39Financial Performance - Adjusted EBITDA for Q1 2024 was $114.3 million, compared to $123.2 million in Q4 2023[60] - Adjusted net income for Q1 2024 was $58.4 million, or $0.29 per share, compared to $64.6 million, or $0.32 per share, in Q4 2023[60] - Net income for Q1 2024 was $65.4 million, or $0.33 per share, compared to $57.5 million, or $0.29 per share, in Q4 2023[60] - Operating cash flow for Q1 2024 was $115.8 million[6,70] - The company announced a dividend of $0.30 per share for Q1 2024[63] Fleet and TCE Rates - The company estimates TCE rates of $27,200 per day for 75% of Capesize available days and $14,500 per day for 82% of Panamax available days for Q2 2024[61] - The company estimates TCE rates of $25,200 per day for 24% of Capesize available days and $20,500 per day for 41% of Panamax available days for Q3 2024[61] - Reported TCE rates for Capesize vessels were $27,222 per day, and for Panamax vessels, $14,978 per day in Q1 2024, with an overall fleet TCE rate of $22,628 per day[63] Market Dynamics - Global Capesize trade increased by 3.75% year-over-year in Q1 2024, driven by increased trade flow from the Atlantic to the Pacific (+13% y/y)[12] - Brazilian iron ore exports increased by 15% year-over-year in Q1 2024[12,21,50] - Vessels transiting through the Suez Canal decreased by 43% in Q1 2024 compared to Q1 2023[20]