GlobeNewswire

GOGL – Second Quarter 2021 Results

Share

Golden Ocean Group Limited (NASDAQ: GOGL / OSE: GOGL) (the “Company” or “Golden Ocean”), a leading dry bulk shipping company, today announced its results for the quarter ended June30, 2021.

Highlights

  • 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
  • Estimated TCE rates for the third quarter of 2021, based on contracted time charters and current spot fixtures on a load-to-discharge basis, are:
    • approximately $33,500 per day contracted for 71% of the available days for Capesize vessels;
    • approximately $22,900 per day contracted for 92% of the available days for Panamax vessels

      We expect the spot TCEs for the full third quarter of 2021 to be lower than the TCEs currently contracted, due to the impact of ballast days at the end of the third quarter of 2021 as well as fluctuations in freight rates

  • Announces the appointment of Mr Ben Mills as Director of the Company to fill a vacancy. Mr Mills has extensive experience from the dry bulk market through tenures in Trafigura and the Baltic Exchange, particularly focusing on the Capesize segment. Mr Mills is currently Head of Dry Cargo in Seatankers Management Ltd, an affiliate of Hemen Holding Ltd, the Companys largest shareholder. 
  • Announces a cash dividend of $0.50 per share for the second quarter of 2021

Ulrik Andersen, Chief Executive Officer, commented:

“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.”

The Board of Directors
Hamilton, Bermuda
August 26, 2021

Questions should be directed to:

Ulrik Andersen: Chief Executive Officer, 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.

Forward Looking Statements

Matters discussed in this earnings report may constitute forward-looking statements. The Private Securities Litigation Reform Act of 1995, or the PSLRA, provides safe harbor protections for forward-looking statements in order to encourage companies to provide prospective information about their business. Forward-looking statements include statements concerning plans, objectives, goals, strategies, future events or performance, and underlying assumptions and other statements, which are other than statements of historical facts.

The Company is taking advantage of the safe harbor provisions of the PSLRA and is including this cautionary statement in connection therewith. This document and any other written or oral statements made by the Company or on its behalf may include forward-looking statements, which reflect the Company’s current views with respect to future events and financial performance. This earnings report includes assumptions, expectations, projections, intentions and beliefs about future events. These statements are intended as “forward-looking statements.” The Company cautions that assumptions, expectations, projections, intentions and beliefs about future events may and often do vary from actual results and the differences can be material. When used in this document, the words “believe,” “expect,” “anticipate,” “estimate,” “intend,” “plan,” “targets,” “projects,” “likely,” “will,” “would,” “could” and similar expressions or phrases may identify forward-looking statements.

The forward-looking statements in this report are based upon various assumptions,many of which are based, in turn, upon further assumptions, including without limitation, management's examination of historical operating trends, data contained in the Company's records and other data available from third parties.Although the Company believes that these assumptions were reasonable when made, because 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 cannot assure you that it will achieve or accomplish these expectations, beliefs or projections. As a result, you are cautioned not to rely on any forward-looking statements.

In addition to these important factors and matters discussed elsewhere herein, important factors that, in the Company’s view, could cause actual results to differ materially from those discussed in the forward-looking statements, include among other things: the Company’s future operating or financial results; the Company’s continued borrowing availability under its debt agreements and compliance with the covenants contained therein; the Company’s ability to procure or have access to financing, the Company’s liquidity and the adequacy of cash flows for the Company’s operations; the Company’s ability to successfully employ its existing and newbuilding dry bulk vessels and replace its operating leases on favorable terms, or at all; changes in the Company’s operating expenses and voyage costs, including bunker prices, fuel prices (including increases costs for low sulfur fuel), dry docking, crewing and insurance costs; the Company’s ability to fund future capital expenditures and investments in the construction, acquisition and refurbishment of the Company’s vessels (including the amount and nature thereof and the timing of completion thereof, the delivery and commencement of operations dates, expected downtime and lost revenue); planned, pending or recent acquisitions, business strategy and expected capital spending or operating expenses, including drydocking, surveys, upgrades and insurance costs; risks associated with vessel construction; the Company’s expectations regarding the availability of vessel acquisitions and its ability to complete acquisition transactions planned; vessel breakdowns and instances of off-hire; potential differences in interest by or among certain members of the Company’s board of directors, or the Board, executive officers, senior management and shareholders; potential liability from pending or future litigation; potential exposure or loss from investment in derivative instruments; general dry bulk shipping market trends, including fluctuations in charter hire rates and vessel values; changes in supply and demand in the dry bulk shipping industry, including the market for the Company’s vessels and the number of newbuildings under construction; the strength of world economies; stability of Europe and the Euro; fluctuations in interest rates and foreign exchange rates; changes in seaborne and other transportation; changes in governmental rules and regulations or actions taken by regulatory authorities; general domestic and international political conditions; potential disruption of shipping routes due to accidents or political events; and other important factors described from time to time in the reports filed by the Company with the U.S. Securities and Exchange Commission, including the Company's most recently filed Annual Report on Form 20-F for the year ended December 31, 2020.

The Company cautions readers of this report not to place undue reliance on these forward-looking statements, which speak only as of their dates. Except to the extent required by applicable law or regulation, the Company undertakes no obligation to release publicly any revisions to these forward-looking statements to reflect events or circumstances after the date of this annual report or to reflect the occurrence of unanticipated events. These forward-looking statements are not guarantees of the Company’s future performance, and actual results and future developments may vary materially from those projected in the forward-looking statements.

This information is subject to the disclosure requirements pursuant to section 5-12 of the Norwegian Securities Trading Act.

Attachment

To view this piece of content from www.globenewswire.com, please give your consent at the top of this page.
To view this piece of content from ml-eu.globenewswire.com, please give your consent at the top of this page.

About GlobeNewswire

GlobeNewswire
GlobeNewswire
One Liberty Plaza - 165 Broadway
NY 10006 New York

https://globenewswire.com

GlobeNewswire is one of the world's largest newswire distribution networks, specializing in the delivery of corporate press releases financial disclosures and multimedia content to the media, investment community, individual investors and the general public.

Subscribe to releases from GlobeNewswire

Subscribe to all the latest releases from GlobeNewswire by registering your e-mail address below. You can unsubscribe at any time.

Latest releases from GlobeNewswire

Jotul Holdings SA to redeem its outstanding up to NOK 400,000,000 senior secured floating rate bonds with ISIN NO001081574928.9.2021 22:25:00 CEST | Press release

Jotul Holdings SA hereby announces that its up to NOK 400,000,000 senior secured floating rate bonds with ISIN NO0010815749 (the "Bonds") will be redeemed in advance in accordance with Clause 9.3 (Voluntary total redemption (call option)) of the terms and conditions of the Bonds. The redemption date will be 25 October 2021. The redemption amount for each Bond shall be 100.00 per cent. of the nominal amount, plus accrued but unpaid interest up to, but excluding, the applicable redemption date. The redemption amount will be paid to the bondholders holding Bonds on the applicable record date (being 21 October 2021). Jotul Holdings SA's obligation to redeem the Bonds on the redemption date is conditional upon Jøtul AS, prior to the applicable record date, issuing senior secured floating rate bonds (the "New Bonds") and Jøtul AS fulfilling the conditions precedent for disbursement of the net proceeds from the issue of the New Bonds, which are, among other things, to be applied towards (i) f

Inventiva announces participation at several investor conferences in October 202128.9.2021 22:00:00 CEST | Press release

Daix (France), Long Island City (New York, United States), September 28, 2021 – Inventiva (Euronext Paris and Nasdaq: IVA), a clinical-stage biopharmaceutical company focused on the development of oral small molecule therapies for the treatment of non-alcoholic steatohepatitis (NASH), mucopolysaccharidoses (MPS) and other diseases with significant unmet medical need, today announced that the Company’s leadership will participate in three upcoming investor conferences in October 2021. The event details are as follows: Conference n°1: HealthTech Innovation Days 2021 Event type: One-on-one investor meetings Date: Monday-Tuesday, October 4-5, 2021 Time: 3:00 am – 12:00 pm (ET) / 9:00 am – 6:00 pm (CET) Format: Hybrid event Conference n°2: Portzamparc Health Biotech Seminar Event type: One-on-one investor meetings Date: Wednesday, October 6, 2021 Time: 3:00 am – 12:15 pm (ET) / 9:00 am – 6:15 pm (CET) Format: Hybrid event Conference n°3: H.C. Wainwright 5th Annual NASH Investor Conference E

Avance Gas Holding Ltd enter into three Time Charter Agreements28.9.2021 18:30:00 CEST | Press release

Bermuda, 28 September 2021 – Avance Gas Holding Ltd (“AGAS” or the “Company”) is pleased to announce that we have entered into three Time Charter Agreements for a period of 2 years at an average hire level of approximately $30,000 per day net to owners for the 2008-built VLGC Iris Glory and Venus Glory and the 2009-built VLGC Promise. The vessels are delivered in September and October 2021. For further queries, please contact: Kristian Sørensen, CEO Tel: +47 22 00 48 10 Email: kristian.sorensen@avancegas.com Randi Navdal Bekkelund, CFO Tel: +47 22 00 48 29 Email: randi.navdal@avancegas.com About Avance Gas: Avance Gas operates in the global market for transportation of liquefied petroleum gas (LPG). The Company is one of the world's leading owners and operators of very large gas carrier (VLGC) and operates a fleet of thirteen modern ships and six Dual Fuel LPG newbuildings due for delivery in Q4 2021, Q1 2022, Q4 2022 and Q1-Q4 2023. For more information about Avance Gas, please visit 

Phoenix Software Delivers First Enhancement to JES3 Technology in Six Years with JES3plus® V1R128.9.2021 18:00:00 CEST | Press release

Phoenix Software released updates to its product line in September 2021 EL SEGUNDO, Calif., Sept. 28, 2021 (GLOBE NEWSWIRE) -- Phoenix Software International, Inc., today announced the general availability of JES3plus V1R1, a derivative work based on IBM’s z/OS® JES3. This release integrates SPOOL I/O performance enhancements made available to JES3plus customers through continuous delivery earlier this year. This is the first release of the JES3 technology to contain enhancements since early 2015 and coincides with z/OS 2.5, the last release of z/OS to include JES3. Organizations looking to remain on this technology who migrate to JES3plus can now reap the benefits of an enhanced product with a roadmap for future development. JES3plus V1R1 JES3plus V1R1 supports two newer channel programming techniques to improve performance: ACKD – channel programs with a shortened prefix that can process an entire track instead of one record at a time. This enhancement leverages MIDAW support.zHPF –

Roman Sonderegger named new CEO of Schweiter Technologies28.9.2021 18:00:00 CEST | Press release

Ad hoc announcement pursuant to Art. 53 LR Steinhausen, 28 September 2021 – The Board of Directors of Schweiter Technologies AG has appointed Roman Sonderegger as the new CEO of the Schweiter Technologies Group. The 45-year-old Swiss citizen is currently Head of Business Unit Wheat & Rye at the Bühler Group and will take up his new position on 1 May 2022, succeeding Heinz Baumgartner, who will continue to lead the Group until his departure as previously announced. Heinz Baumgartner has been with Schweiter Technologies since 1996 and CEO of the Group since 2008. Under his leadership, the company has adopted a new strategic focus on the composites business and continued to develop through organic growth and acquisitions. In connection with the planned change in senior management, he will leave his role as CEO, at his own request, in 2022 once the familiarization period of his successor has been completed, but will remain a member of the Board of Directors. The Board of Directors would li

LIDDS patent covering the NanoZolid® production process granted in Russia and Australia28.9.2021 16:00:00 CEST | Press release

UPPSALA, SWEDEN – LIDDS AB (publ) announces today that its most recent patent family on the NanoZolid® production process, and hence achieved pharmaceutical products, has been granted in Russia and Australia. The patent provides protection until 2037 in these markets. “This patent is central to LIDDS and significantly broadens our patent protection. The product aspect of the patent improves the ability to detect infringement and it further strengthens our already strong IP portfolio. The decision from the patent authorities in Russia and Australia gives us important protection for our production process, and hence the pharmaceutical products that we derive from this process,” said Nina Herne, CEO of LIDDS. Recently, LIDDS has received patent approvals in Russia (patent no. 275334) and Australia (patent no. 201734489). The invention covering process and products based on the NanoZolid® technology provides protection until 2037. Furthermore, the patent protects all pharmaceutical product

CorelDRAW Introduces Valuable Subscriber Updates & New CorelDRAW Technical Suite, Completing its 2021 Professional Graphics Lineup28.9.2021 15:32:18 CEST | Press release

CorelDRAW Graphics Suite subscribers get integrated access to Google Fonts library, dynamic asset management and collaboration workflow enhancements, enabling designers to maximize their creativity while remaining connected. Latest version of CorelDRAW Technical Suite simplifies technical graphics workflows with advanced tools that accelerate productivity and deliver precise results. OTTAWA, Sept. 28, 2021 (GLOBE NEWSWIRE) -- Corel extends its CorelDRAW® 2021 professional product family with new subscriber-exclusive updates for CorelDRAW Graphics Suite 2021 and unveils CorelDRAW Technical Suite 2021, the newest edition of its comprehensive software collection for high-impact technical design and documentation. Whether they choose CorelDRAW® Graphics Suite or CorelDRAW® Technical Suite, subscribers can now enjoy a more flexible way to stay up to date with productivity-boosting dynamic asset management and collaboration workflow enhancements, additional fonts, creative templates and more