Press Releases

20.02.2018 at 08:14CET

Fourth Quarter 2017 Results

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 and year ended December 31, 2017.

  • Net income of $27.1 million and earnings per share of $0.19 for the fourth quarter of 2017, compared with net income of $0.4 million and earnings per share of $0.00 for the third quarter of 2017 and net income of $6.5 million and earnings per share of $0.06 for the fourth quarter of 2016
  • Net loss of $2.3 million and loss per share of $0.02 for the full year 2017, compared with net loss of $127.7 million and loss per share of $1.34 for the full year 2016
  • Adjusted EBITDA of $65.3 million for the fourth quarter of 2017, compared with $40.4 million in the third quarter of 2017 and $24.2 million for the fourth quarter of 2016
  • Raised $100 million in capital through a $66 million equity offering and a $34 million equity in-kind contribution as partial consideration for two modern Capesize vessels, delivered in November 2017 and January 2018
  • Completed its current newbuilding program by taking delivery of the remaining five Capesize newbuildings in January and February 2018
  • Terminated the covenant waivers related to the Company's recourse debt to reinstate ordinary debt service and to provide flexibility with respect to use of cash flow
  • Announces today a cash dividend of $0.10 per share for the fourth quarter of 2017

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

"After returning to profitability during the third quarter of 2017, we are pleased with our improved results for the fourth quarter of 2017. We were able to capitalize on improving market conditions due to the size, composition and modernity of our fleet. We remain focused on maintaining competitive cash breakeven levels and a healthy balance sheet to provide us the flexibility to return value to our shareholders through our cash flows and continue to evaluate accretive growth opportunities."

The Board of Directors
Hamilton, Bermuda
February 20, 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. 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.

4th Quarter and FY 2017 Results