Golden Ocean Group Limited (GOGL) Q3 2023 Earnings Call Transcript

Golden Ocean Group Limited (NASDAQ:GOGL) Q3 2023 Earnings Conference Call November 21, 2023 9:00 AM ET

Company Participants

Lars-Christian Svensen - Interim CEO
Peder Simonsen - CFO

Conference Call Participants

Sherif Elmaghrabi - BTIG
Omar Nokta - Jefferies

Lars-Christian Svensen

Hi, there. And a very good afternoon from Oslo. My name is Lars-Christian Svensen and I am the Interim CEO of Golden Ocean. Today CFO, Peder Simonsen and I will guide you through our Q3 numbers and update you on recent activities in Golden Ocean and our forward outlook.

Here are highlights for Q3. Our adjusted EBITDA in the third quarter of 2023 ended up at $78.9 million compared to $80.4 million in the second quarter. We delivered a net profit of $28.7 million and earnings per share of $0.14. This compared with net profit of $34.9 million and earnings per share of $0.17 for the second quarter.

Our TCE rates for Capesize and Panamax vessels were $18,200 per day and $15,400 per day, respectively. Combined, a total fleet-wide net TCE of $17,100. For Q4, we have secured a net TCE of $23,045 per day for 79% of the Capesize days and $17,250 per day for 83% of the Panamax days. For Q1, we have secured a net TCE of $21,700 per day for 12% of the Capesize days and $15,600 per day for 23% of the Panamax days.

During Q3, we have also entered into back-to-back agreements to buy and sell the Supramax vessel, which we held as a purchase option. The company expects to recognize the gain from the sale of approximately $6 million upon delivery of the vessel and expected delivery date is before year-end. We also completed the sale and delivery of one of our Panamax vessels to new owners, recognizing a gain from the sale of about $1 million and net cash