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Golden Ocean Group Q1 2025 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.Q1 2025 earnings summary21 May, 2025
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.
Assess impact of trade tariffs on drybulk.
Explain the Simandou project's impact.
Detail waivers for debt change of control.
What's the expected timeline for the merger with CMB Tech?
Assess the impact of Guinea's mining license review.
Explain the disconnect between rates and asset prices.
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Frequently asked questions
Golden Ocean Group Limited's services include ocean transportation of dry bulk cargoes, such as raw materials, such as iron ore and coal, to steel mills and power plants, and grains; and related services, including vessel management services that are engaged primarily in the management of Capesize vessels. It also provides technical management services for dry bulk vessels. The company was founded in 1996 and is based in Hamilton, Bermuda.
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