The company reported TCE rates for Capesize and Panamax/Ultramax vessels of $19,083 per day and $15,617 per day, respectively, in Q2.

The operating expenses stood at $169.8 million vs. $170.4 million a year ago.

Net operating income declined to $43.6 million from $155.8 million in the prior year quarter.

Adjusted EBITDA stood at $80.4 million vs. $191.6 million a year ago. 

Adjusted EPS of $0.17 was better than the consensus of $0.12.

As of June 30, 2023, cash and cash equivalents of $107.3 million, including restricted cash balances of $3.4 million. Operating cash flow totaled $45.5 million in the quarter.

As of August 29, the company's fleet consists of 97 vessels, including four newbuildings, with an aggregate capacity of approximately 14.3 million deadweight tonnes (dwt).

Dividend: The company announced a cash dividend of $0.10 per share for Q2, payable on or about September 19, 2023, to shareholders of record on September 11, 2023.

Repurchase: The company repurchased shares worth $6.9 million in the quarter. 

Price Action: GOGL shares are trading higher by 4.06% at $7.18 premarket on the last check Tuesday.