Supply Chain Council of European Union |

GOGL announces Q3 2019 results

Golden Ocean Group Limited (NASDAQ: GOGL / OSE: GOGL), a leading dry
bulk shipping company, on Thursday (November 21) announced its results for the
quarter ended September 30, 2019.


  • Net
    income of $36.7 million and earnings per share of $0.26 for the third quarter
    of 2019 compared with net loss of $33.1 million and loss per share of $0.23 for
    the second quarter of 2019
  • Adjusted
    EBITDA of $81.1 million for the third quarter of 2019, compared with $21.5
    million for the second quarter of 2019
  • Took
    delivery of two chartered-in 103,000 dwt ice-class vessels on index-linked time
  • Joint
    venture agreement signed between Golden Ocean, Trafigura and Frontline to
    establish a leading global supplier of marine fuels and made further investment
    in Singapore Marine, a dry bulk freight operator
  • Completed
    refinancing of the $284 million loan facility financing 15 vessels at
    attractive terms
  • Agreed
    with SFL Corporation a charter amendment for seven Capesize vessels whereby SFL
    will fund the scrubber investments previously announced by the Company in
    exchange for increased charter rates
  • Acquired
    125,000 shares in the third quarter and an additional 380,000 shares so far in
    the fourth quarter under the share buy-back program announced in December 2018
  • Announced
    a cash dividend of $0.15 per share for the third quarter of 2019

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

“Our strong performance in the third quarter is the result of our
strategic decision to gear our fleet towards modern, fuel-efficient vessels in
the vessel segments that offer the greatest leverage during periods of market
strength. While the market has eased as the fourth quarter has progressed,
rates are still well above our highly competitive cash break-even levels, and
we are pleased with our results thus far. The competitive advantage of our
fleet will become more pronounced with the implementation of the upcoming
IMO2020 regulations, which are widely expected to positively impact the market
and help to drive cash flow going forward.”

Per Heiberg, Chief Financial Officer of
Golden Ocean Management AS, commented:

“We are pleased to announce that we have been able to refinance a
loan facility for 15 vessels at attractive terms with reputable shipping banks.
The loan has a five year tenor with a 20-years age adjusted profile and
eliminates our refinancing needs until 2021. Combined with a total financing of
approximately $45 million of our scrubber investment this gives the Company a
high degree of financial flexibility for the coming year.”

Sea News, November 25

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