Golden Ocean maintains exposure to soaring spot market
(Posted on 27/08/21)
Dry bulk shipping company Golden Ocean Group Limited has announced its results for the quarter ended June 30, 2021 with Ulrik Andersen, Chief Executive Officer “excited about what lies ahead”.
Anderson said, ““Golden Ocean’s result for the second quarter of 2021 reflects the dry bulk market’s strong underlying fundamentals, but also our strategy of maintaining a significant portion of our fleet exposed to the spot market. As pleased as we are with the net profit for the second quarter of 2021, we are more excited about what lies ahead. Our longer-term market outlook is positive based on the pace of the growth in the demand, coupled with slowing fleet growth through at least 2023. While in the short term, port and supply chain inefficiencies will continue to result in rate volatility and periods of exceptionally strong rates.
As evidenced this quarter with a $0.50 per share dividend, Golden Ocean intends to pay out a significant portion of the earnings. With no material capital expenses, no debt maturities or vessels on order, Golden Ocean, as the largest listed owner in the world, is well-positioned to continue to generate significant cash flows to the benefit of the shareholders.”
Highlights from the announcement include:
Net income of $104.5 million and earnings per share of $0.52 for the second quarter of 2021 compared with net income of $23.6 million and earnings per share of $0.14 for the first quarter of 2021
Adjusted EBITDA of $130.5 million for the second quarter of 2021, compared with $54.6 million for the first quarter of 2021
Reported TCE rates for Capesize and Panamax/Ultramax vessels of $29,372 per day and $18,987 per day, respectively, in the second quarter of 2021. Reported TCE rate for the whole fleet of $24,920 per day
Completed the previously announced acquisitions of 15 modern dry bulk vessels and three newbuildings, all of which have been delivered as of the date of this report
Signed agreements to refinance existing credit facility with Sterna Finance, securing up to $435 million of new long-term financing. The highly attractive terms of the refinancing will lower the average cash break even rate for the acquired vessels with an estimated $415 per day
Converted time charters from floating rates to average fixed rates of $33,250 gross until the second quarter of 2022 for three Capesize vessels (180k dwt)
In August 2021 terminated relationship with Capesize Chartering Ltd, taking full control of the Company’s commercial activities on the Capesize vessels
Latest News
Former INTERCARGO Chairman, Dr Spyros M Polemis, passes away
(Posted on 24/07/24)INTERCARGO, the association of dry bulk shipping companies, has released the following statement:&ldquo... Read more
Joint study of ammonia fuelled bulk carriers
(Posted on 22/07/24)ITOCHU Corporation, ClassNK, Nihon Shipyard Co., Ltd., and Maritime and Port Authority of Singapore (... Read more
WISTA UK celebrates 50 years of championing diversity and inclusion
(Posted on 22/07/24)The Women's International Shipping & Trading Association UK (WISTA UK) marked its 50th anniversary... Read more
Accidents on ships under scrutiny as InterManager submits statistics to IMO
(Posted on 16/07/24)Accidents onboard ships are not decreasing, according to latest accident statistics submitted to the... Read more
Solutions required for FuelEU Maritime rules compliance, says Columbia
(Posted on 16/07/24)Solutions must be in place to help ship owners with navigating the complex challenges of complying with... Read more
Boers committed to diversity with relocation of Filipino employees to Germany
(Posted on 16/07/24)Diversity and nurturing talent is high on the agenda for BCS Group – Boers Crew Services as it... Read more
INTERCARGO joins industry calls for IMO to amend flaws in CII
(Posted on 12/07/24)With discussions regarding the IMO’s (International Maritime Organization) Carbon Intensity Indicator... Read more
ICS Türkiye branch celebrates its inauguration in Istanbul
(Posted on 12/07/24)The Institute of Chartered Shipbrokers (ICS), the professional body for the commercial shipping industry... Read more
Columbia Group and Crowley forge strategic US alliance
(Posted on 12/07/24)Columbia Group and Crowley have signed a strategic cooperation agreement that broadens both companies... Read more
Inmarsat report advocates data sharing to address preventable incidents
(Posted on 04/07/24)The 2024 edition of The Future of Maritime Safety Report from Inmarsat Maritime, a Viasat company, reveals... Read more
