Golden Ocean Group Limited, the world's largest listed owner of large size dry bulk vessels, reported a net loss of $44.1 million for the first quarter of 2025, a significant decline compared to the net income of $39.0 million recorded in the fourth quarter of 2024. The company's adjusted EBITDA also saw a steep decrease, reaching $12.7 million in Q1 2025 from $69.9 million in Q4 2024. Additionally, Golden Ocean recorded an adjusted net loss of $37.5 million for the first quarter of 2025, contrasting with an adjusted net income of $12.7 million in the previous quarter. The results were impacted by a weaker market environment with softer charter rates and lower trading activity, along with higher drydocking expenses of $38.4 million in Q1 2025, up from $34.3 million in Q4 2024. Despite these challenges, the company maintains a constructive medium-term outlook, citing limited fleet growth and infrastructure-led demand in key regions as positive factors. Golden Ocean announced a cash dividend of $0.05 per share for the first quarter of 2025, payable on June 17, 2025, to shareholders of record on June 5, 2025, with a later payment date for those holding shares through Euronext VPS. The company is also progressing towards a contemplated merger with CMB.TECH NV, while focusing on fleet enhancement and operational efficiency.
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