Golden Ocean Announces Q2 2019 Results


Posted On Sep 25 2020 by

first_imgEntered into a non-binding term sheet together with Trafigura and Frontline to establish a JV for supply of marine fuels (Image Courtesy: VesselFinder) Announced a cash dividend of $0.10 per share for the second quarter of 2019 Per Heiberg, Chief Financial Officer of Golden Ocean Management AS, commented: Highlights Declared four options for scrubber installations, increasing the total number to 23 installations Golden Ocean Group Limited (NASDAQ: GOGL / OSE: GOGL) (the “Company” or “Golden Ocean”), on Thursday announced its results for the quarter ended June 30, 2019. Birgitte Ringstad Vartdal, Chief Executive Officer of Golden Ocean Management AS, commented: Invested in Singapore Marine, a dry bulk freight operatorcenter_img Net loss of $33.1 million and loss per share of $0.23 for the second quarter of 2019, which includes $13.3 million in mark to market losses on derivatives, compared with net loss of $7.5 million and loss per share of $0.05 for the first quarter of 2019 Adjusted EBITDA of $21.5 million for the second quarter of 2019, compared with $36.0 million for the first quarter of 2019 “The weak second quarter results were negatively impacted by losses on our portfolio of derivatives of $13.3 million as falling U.S. forward interest rates affected our interest rate hedges and improvement in freight rates late in the quarter partially reversed the unrealized gains on our FFA hedges in previous quarters. These losses coincided with a heavy drydocking schedule during the second quarter, which increased operating expenses. Excluding these effects, we managed to limit the influence of the weak market by delivering an average TCE rate above the market indexes for all of our vessel classes.” Sea News, August 16 “Following a weak first half of the year, the third quarter has started off on a very strong note. Increased iron ore volumes and supply imbalances, combined with fewer vessels in the market due to scrubber installations have led to a dramatic turnaround in the market, which we expect will improve our third quarter results. The upcoming IMO2020 regulations are widely expected to positively impact the market and create a further competitive advantage for owners with modern, fuel-efficient fleets. There may also be supply chain issues that constrain supply of compliant fuels for some owners. We believe the scale of our fleet will again benefit us and that our joint venture with Trafigura and Frontline will further strengthen our ability to source competitively priced bunker fuel of good quality when and where we need it.” Completed refinancing of the non-recourse loans for 14 vessels, reducing interest expense and cash break-even levels Author: Baibhav Mishralast_img

Last Updated on: September 25th, 2020 at 8:00 am, by


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