GOGL – Second Quarter 2018 Results

GOGL – Second Quarter 2018 Results

GOGL – Second Quarter 2018 Results

Golden Ocean Group Limited (NASDAQ: GOGL / OSE: GOGL) (the “Company” or “Golden Ocean”), a leading dry bulk shipping company, announced its results for the quarter ended June 30, 2018.

Highlights
Net income of $9.0 million and earnings per share of $0.06 for the second quarter of 2018, compared with net income of $16.7 million and earnings per share of $0.12 for the first quarter of 2018 and net loss of $12.0 million and loss per share of $0.10 for the second quarter of 2017. Net income of $25.7 million and earnings per share of $0.18 for the first six months of 2018, compared with net loss of $29.8 million and loss per share of $0.26 for the first six months of 2017
Adjusted EBITDA of $54.0 million for the second quarter of 2018, compared with $53.3 million for the first quarter of 2018 and $29.7 million for the second quarter of 2017
Entered into a $120 million loan facility to refinance 10 vessels on favorable terms
Delivered the Golden Eminence, a Panamax vessel, to her new owner in early August 2018
Signed contracts to install exhaust gas scrubbers on 16 Capesize vessels and options for 9 additional installations
Announces a cash dividend of $0.10 per share for the second quarter of 2018

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

“Golden Ocean generated positive results once again in the second quarter. The market continues to strengthen over the summer, in particular for Capesize vessels. The Company is currently benefiting from the strategic decision to focus our fleet on larger vessel classes as this maximizes the Company’s leverage to improving markets. We have a fleet of modern, fuel efficient vessels, and the steps we are taking to optimize the fleet by installing scrubbers will further position the Company ahead of the implementation of new caps on sulphur emissions.”

Manjula

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