Q4 2024 Golden Ocean Group Ltd Earnings Call Transcript
Key Points
- Golden Ocean Group Ltd (GOGL) reported a full year 2024 net profit of $223.2 million, nearly doubling from $112.3 million in 2023.
- The company declared a dividend of $0.15 per share for the fourth quarter of 2024.
- Golden Ocean Group Ltd (GOGL) has secured a net TCE of about $15,100 per day for 77% of capesize days in Q1 2025, indicating strong forward bookings.
- The company successfully declared a purchase option for 8 capesize vessels, reducing cash break-even by approximately $1000 per day.
- Golden Ocean Group Ltd (GOGL) maintains a strong position as the largest listed owner in the capesize and Newcastle Max segment, providing significant market capitalization and trading liquidity.
- Adjusted EBITDA for Q4 2024 was $69.9 million, a significant decrease from $124.4 million in Q3.
- Net revenues decreased to $174.9 million in Q4 from $206.6 million in Q3.
- The company recorded dry docking costs of $34.3 million in Q4, significantly higher than $9.7 million in Q3, impacting operational expenses.
- OpEx increased by $26 million quarter on quarter, primarily due to dry docking and related expenses.
- The company faces ongoing geopolitical uncertainties and potential impacts from trade tariffs, which could affect market sentiment and demand.
Good afternoon and welcome to the Golden Ocean Q4 2024 earnings release. My name is Peder Simonsen and I am the interim CEO and CFO of Golden Ocean. Today I will present our Q4 numbers and forward outlook.
In the fourth quarter of 2024, we have the following main highlights. Our adjusted EBITDA in the fourth quarter of 2024 ended at $69.9 million compared to $124.4 million in the third quarter. We delivered a net income of $39 million and earnings per share of $0.20 compared to a net income of $56.3 million and earnings per share of $0.28 for the third quarter.
Our full year 2024 net profit was $223.2 million, up from an annual result of $112.3 million in 2023. Our TCE rates were about $24,700 per day for cap sizes and about $14,800 per day for our Panamax vessels and a fleet wide net TCE of about $20,800 for the quarter. We have during Q4 recorded dry docking costs of $34.3 million relating to 13 vessels compared to $9.7 million in Q3 relating to 5 vessels.
We have declared a
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