Golden Ocean Group Limited (GOGL) shares surged 5.05% on Wednesday, following the company's fourth quarter 2024 earnings release that showed resilient performance amid ongoing volatility in the dry bulk shipping market.
For Q4 2024, Golden Ocean reported net income of $39 million, or $0.20 per share, compared to $56.3 million in Q3 2024. Full year 2024 net income was $223.2 million, up from $112.3 million in 2023. Adjusted EBITDA for Q4 was $69.9 million, down from $124.4 million in Q3. The company declared a quarterly dividend of $0.15 per share.
Looking ahead, Golden Ocean exercised options to purchase 8 vessels from SFL for $112 million, as it continues to modernize its fleet. The company expects TCE rates of around $15,100 per day for 77% of available Capesize days and $9,900 for 81% of Panamax days in Q1 2025. Interim CEO Peder Simonsen stated the company remains well-positioned with its modern, fuel-efficient fleet to generate strong cash flows across market cycles given supportive demand and supply dynamics.
Disclaimer: Investing carries risk. This is not financial advice. The above content should not be regarded as an offer, recommendation, or solicitation on acquiring or disposing of any financial products, any associated discussions, comments, or posts by author or other users should not be considered as such either. It is solely for general information purpose only, which does not consider your own investment objectives, financial situations or needs. TTM assumes no responsibility or warranty for the accuracy and completeness of the information, investors should do their own research and may seek professional advice before investing.