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Golden Ocean Group (GOGL) investor relations material
Golden Ocean Group Q1 2025 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.
Executive summary
Net loss of $44.1 million and loss per share of $0.22 in Q1 2025, reversing from net income of $39.0 million and EPS of $0.20 in Q4 2024.
Adjusted EBITDA was $12.7 million, down from $69.9 million in Q4 2024, reflecting weaker market conditions and increased drydocking.
Announced a $0.05 per share dividend for Q1 2025, payable in June.
Entered into a term sheet for a contemplated stock-for-stock merger with CMB.TECH NV after CMB.TECH NV acquired a significant shareholding.
Agreements to sell two Kamsarmax vessels for $15.8 million and $16.8 million as part of fleet renewal.
Financial highlights
Operating revenues for Q1 2025 were $141.9 million, down from $211.0 million in Q4 2024.
Adjusted net loss was $37.5 million, compared to adjusted net income of $12.7 million in Q4 2024.
Ship operating expenses were $95.3 million, including $38.4 million in drydocking expenses.
Cash and cash equivalents stood at $112.6 million as of March 31, 2025, with $100 million undrawn on revolving credit facilities.
Operating cash flow was negative $3.3 million in Q1 2025, compared to $71.7 million in Q4 2024.
Outlook and guidance
Estimated Q2 2025 TCE rates: $19,000/day for 69% of Newcastlemax/Capesize days, $11,100/day for 81% of Kamsarmax/Panamax days.
Estimated Q3 2025 TCE rates: $20,900/day for 12-16% of Newcastlemax/Capesize days, $12,900/day for 38% of Kamsarmax/Panamax days.
Company expects spot TCE rates for Q2 and Q3 2025 to be lower than currently contracted rates due to ballast days.
Medium-term outlook remains constructive, especially for Capesize, supported by limited fleet growth and infrastructure-led demand.
Global tonne-mile demand forecast to rise 1.2% in 2025, accelerating to 4.2% in 2026 and 2027.
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