Q1 2025 Golden Ocean Group Ltd Earnings Call Transcript
Key Points
- Golden Ocean Group Ltd (GOGL) declared a dividend of $0.05 per share for the first quarter of 2025.
- The company has entered into agreements for the sale of two older Kamsarmax vessels at attractive prices, aligning with their fleet renewal strategy.
- For Q2, Golden Ocean Group Ltd (GOGL) has fixed a net TCE of about $19,000 per day for 69% of Capesize days and about $11,100 per day for 81% of Panamax days, indicating improved earnings potential.
- The company has $100 million of undrawn available credit lines at quarter end, providing financial flexibility.
- Golden Ocean Group Ltd (GOGL) is benefiting from infrastructure improvements in Brazil, which have positively impacted export volumes despite adverse weather conditions.
- Golden Ocean Group Ltd (GOGL) recorded a net loss of $44.1 million and a loss per share of $0.22 in Q1 2025.
- The company's adjusted EBITDA significantly decreased to $12.7 million in Q1 2025 from $69.9 million in Q4 2024.
- The fleet-wide net TCE rate decreased to $14,400 per day in Q1 2025 from $20,800 in Q4 2024.
- Golden Ocean Group Ltd (GOGL) incurred high dry-docking costs of $38.3 million for 380 dry docking days in Q1 2025.
- Cash flow from operations was negative $3.3 million in Q1 2025, down from $71.7 million in Q4 2024.
Good afternoon, and welcome to the Golden Ocean Q1 2025 release. My name is Peder Simonsen, and I'm the CEO and CFO of Golden Ocean. I will today present the Q1 2025 numbers and forward outlook. In the first quarter of 2025, we have the following main highlights. Our adjusted EBITDA in the first quarter ended up at $12.7 million compared to $69.9 million in the fourth quarter.
We recorded a net loss of $44.1 million and a loss per share of $0.22 compared to a net income of $39 million and earnings per share of $0.20 in the fourth quarter. Our TCE rates were about $16,800 per day for Capesizes and about $10,400 per day for Panamax vessels and a fleet-wide net TCE of about $14,400 per day for the quarter. We continue our intensive dry-docking program, recording dry docking costs of $38.3 million for 380 dry docking days in Q1 compared to $34.3 million in Q4 relating to 320 dry docking days.
Following the share purchase by CNB Tech of close to 50% of the shares in Golden Ocean, a contemplated
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