Golden Ocean Group Limited (NASDAQ: GOGL / OSE: GOGL) (the Company or Golden Ocean), a leading dry bulk transportation company, today announced its results for the quarter ended December 31, 2020.
Net earnings of $ 25.4 million and earnings per share of $ 0.18 for the fourth quarter of 2020 compared to net earnings of $ 39.1 million and earnings per share of $ 0.27 for the third quarter from 2020.
Adjusted EBITDA of $ 59.3 million for the fourth quarter of 2020, compared to $ 76.7 million for the third quarter of 2020.
Signed Neptune’s Declaration on the Welfare of Seafarers and Crew Change.
In December 2020, reached an agreement to sell the Golden Shea, a Panamax vessel, for $ 9.6 million to an unrelated third party.
In January 2021, reached an agreement to sell the Golden Saguenay, a Panamax vessel, for $ 8.4 million to an unrelated third party.
In February 2021, reached an agreement in principle to acquire 18 modern dry bulk vessels for a total consideration of $ 752 million.
Reported TCE rates for Capesize and Panamax / Ultramax vessels of $ 18,214 per day and $ 12,586 per day, respectively, in the fourth quarter of 2020.
The estimated TCE rates for the first quarter of 2021, including charter coverage and calculated on a load to unload basis, are as follows:
approximately $ 18,200 per day under contract for 66% of days available for Capesize vessels;
approximately $ 13,800 per day contracted for 86% of days available for Panamax ships
We expect spot TCEs for the entire first quarter of 2021 to be lower than currently contracted TCEs, due to the impact of ballast days at the end of the first quarter of 2021 as well as currently lower rates.
Ulrik Andersen, Managing Director, said:
“The company continued to deliver a strong performance in the fourth quarter of 2020, despite the volatility of freight rates. So far, the first quarter of 2021 has been the strongest in recent years, suggesting a balance between supply and demand in the market and bodes well.We expect positive effects of seasonality as well as a rebound wider demand for freight as the pandemic softens its grip on the global economy.
Our recently announced acquisition of 18 large modern dry bulk vessels significantly increases our exposure to positive market dynamics while reducing the cash flow levels of our fleet. With a world-class fleet focused exclusively on large classes of vessels, limited capital expenditure commitments and no debt maturities through 2023, Golden Ocean is uniquely positioned to generate significant cash flow and create value. for our shareholders.
Board of directors
February 18, 2021
Questions should be directed to:
Ulrik Andersen: Managing Director, Golden Ocean Management AS
+47 22 01 73 53
Peder Simonsen: Chief Financial Officer, Golden Ocean Management AS
+47 22 01 73 45
The full report is available in the link below.
Matters discussed in this earnings report may constitute forward-looking statements. The Private Securities Litigation Reform Act of 1995 provides safe haven protections for forward-looking statements, which include statements about future plans, objectives, goals, strategies, events or performance, as well as underlying assumptions and assumptions. ‘other statements, which are other than statements of historical fact. . The Company wishes to take advantage of the safe harbor provisions of the Private Securities Litigation Reform Act of 1995 and includes this caveat in connection with this safe harbor legislation. Words such as “believe”, “expect”, “anticipate”, “estimate”, “intend”, “plan”, “targets”, “projects”, “likely”, “will”, ” would be “,” could “,” “seek”, “potential”, “continue”, “consider”, “possible”, “could”, “foresee”, “may”, “should” and similar expressions or expressions may identify forward-looking statements. The forward-looking statements contained in this report are based on various assumptions. many of which in turn are based on other assumptions, including, without limitation, management’s review of historical operating trends, data in company records and others data available from third parties. Although the Company believes these assumptions were reasonable when made, since these assumptions are inherently subject to significant uncertainties and contingencies which are difficult or impossible to predict and are beyond the Company’s control, the Company does not can assure you that it will meet or achieve these expectations. , beliefs or projections. The information contained in this document speaks only as of the date hereof, and the company disclaims any intention or obligation to update any forward-looking statements as a result of developments occurring after the date of this communication.
In addition to these important factors and matters discussed elsewhere herein, the significant factors which, in the opinion of the Company, could cause actual results to differ materially from those discussed in forward-looking statements include, among others, the strength of global economies, fluctuations in currencies and interest rates, general market conditions including fluctuations in rental rates and vessel values, changes in demand in the dry bulk market, duration and the severity of the COVID-19 epidemic, the impact of threats to public health and epidemics of other highly communicable diseases, the evolution of the Company’s operating costs, including bunker prices, drydock and insurance costs, the Company’s vessel market, the availability of financing and refinancing, the impact of the planned LIBOR shutdown after 2021 on the interest rates on the debt of the Company that refer to LIBOR, changes in government rules and regulations or actions taken by the regulator third party liability, potential liability for pending or future litigation, national and international policy conditions, potential disruption shipping routes due to accidents, political events or acts of terrorists, and other significant factors described from time to time in reports filed by the Company with the United States Securities and Exchange Commission , including the latest annual report filed by the company on Form 20-F for the fiscal year ended December 31, 2019.
This information is subject to disclosure obligations in accordance with section 5-12 of the Norwegian Securities Law.
GOGL – Fourth Quarter 2020 Results
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