Hamilton, Bermuda - November 20, 2018
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 ended September 30, 2018.
• Net income of $35.3 million and earnings per share of $0.24 for the third quarter of 2018, compared with net income of $9.0 million and earnings per share of $0.06 for the second quarter of 2018 and net income of $0.4 million and earnings per share of $0.00 for the third quarter of 2017
• Adjusted EBITDA of $78.8 million for the third quarter of 2018, compared with $54.0 million for the second quarter of 2018 and $40.4 million for the third quarter of 2017
• Declared the first four options to install exhaust gas scrubbers on Capesize vessels in addition to previously announced contracts to install scrubbers on 16 Capesize vessels
• Announced a cash dividend of $0.15 per share for the third quarter of 2018, the Company's fourth consecutive quarterly dividend
Birgitte Ringstad Vartdal, Chief Executive Officer of Golden Ocean Management AS, commented: "Golden Ocean's third quarter result reflects a strong rate environment during the summer, particularly for Capesize vessels. The result also reflects the competitive advantage of our modern, fuel efficient fleet. Our focus on operational efficiency resulted in stable costs and low offhire during the quarter, which also contributed positively to our results. The Company's operating cash flow during the quarter further strengthened our balance sheet, and we took advantage of market volatility to secure incremental time charter coverage prior to the recent drop in rates. We have further strengthened our fleet's competitive advantage by declaring options for additional scrubbers. A large part of our Capesize fleet that have exposure to fuel cost will be retrofitted with scrubbers, and is expected to significantly increase the company's cash generation from 2020 and onwards."
Golden Ocean Group Limited press release