Market Overview

GOGL - Second Quarter 2018 Results

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Golden Ocean Group Limited (NASDAQ:GOGL) (the "Company" or "Golden Ocean"), a leading dry bulk shipping company, today announced its results for the quarter ended June 30, 2018.



Highlights

  • Net income of $9.0 million and earnings per share of $0.06 for the second quarter of 2018, compared with net income of $16.7 million and earnings per share of $0.12 for the first quarter of 2018 and net loss of $12.0 million and loss per share of $0.10 for the second quarter of 2017. Net income of $25.7 million and earnings per share of $0.18 for the first six months of 2018, compared with net loss of $29.8 million and loss per share of $0.26 for the first six months of 2017 
  • Adjusted EBITDA of $54.0 million for the second quarter of 2018, compared with $53.3 million for the first quarter of 2018 and $29.7 million for the second quarter of 2017
  • Entered into a $120 million loan facility to refinance 10 vessels on favorable terms
  • Delivered the Golden Eminence, a Panamax vessel, to her new owner in early August 2018
  • Signed contracts to install exhaust gas scrubbers on 16 Capesize vessels and options for 9 additional installations
  • Announces a cash dividend of $0.10 per share for the second quarter of 2018



Birgitte Ringstad Vartdal, Chief Executive Officer of Golden Ocean Management AS, commented:

"Golden Ocean generated positive results once again in the second quarter. The market continues to strengthen over the summer, in particular for Capesize vessels. The Company is currently benefiting from the strategic decision to focus our fleet on larger vessel classes as this maximizes the Company's leverage to improving markets. We have a fleet of modern, fuel efficient vessels, and the steps we are taking to optimize the fleet by installing scrubbers will further position the Company ahead of the implementation of new caps on sulphur emissions."



The Board of Directors

Hamilton, Bermuda

August 17, 2018



Questions should be directed to:


Birgitte Ringstad Vartdal: Chief Executive Officer, Golden Ocean Management AS

+47 22 01 73 53


Per Heiberg: 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 report may constitute forward-looking statements. The Private Securities Litigation Reform Act of 1995 provides safe harbor protections for forward-looking statements, which 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 desires to take advantage of the safe harbor provisions of the Private Securities Litigation Reform Act of 1995 and is including this cautionary statement in connection with this safe harbor legislation. Words such as "believe," "anticipate," "intends," "estimate," "forecast," "project," "plan," "potential," "may," "will," "should," "expect," "pending" and similar expressions identify forward-looking statements. The forward-looking statements in this report are based upon various assumptions. Although we believe 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 our control, we cannot assure you that we will achieve or accomplish these expectations, beliefs or projections. The information set forth herein speaks only as of the date hereof, and we disclaim any intention or obligation to update any forward-looking statements as a result of developments occurring after the date of this communication.


In addition to these important factors and matters discussed elsewhere herein, important factors that, in our view, could cause actual results to differ materially from those discussed in the forward-looking statements include the strength of world economies, fluctuations in currencies and interest rates, general market conditions, including fluctuations in charter hire rates and vessel values, changes in demand in the dry bulk market, changes in our operating expenses, including bunker prices, drydocking and insurance costs, the market for our vessels, availability of financing and refinancing, changes in governmental rules and regulations or actions taken by regulatory authorities, potential liability from pending or future litigation, general domestic and international political conditions, potential disruption of shipping routes due to accidents, political events or acts by terrorists, and other important factors described from time to time in the reports filed by the Company with the U.S. Securities and Exchange Commission.



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

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