Logotype for Golden Ocean Group

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.
Logotype for Golden Ocean Group
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.

Partial view of Summaries dataset, powered by Quartr API
Research faster. Power your platform.
Your earnings 
season toolkit.
Download
Free on both iOS & Android.

The essential earnings season companion

The #1 app for live earnings calls, transcripts, analyst estimates, and more. All for free.

Live calls and transcripts

Listen to earnings calls, CMDs, investor conferences, and more – with a podcast-like experience.

Find what you need faster

Search for any keyword across all transcripts simultaneously.

Easily store key findings

Capturing important takeaways is as simple as it gets. Even during your lunch run or commute.

Your watchlist. Your dashboard.

Follow the companies that matter to you. Get a personalized feed with real-time updates.

Be the first to know

Set keyword alerts for any company, product, or competitor. Get notified the moment they're mentioned.

Consensus estimates

Access analyst consensus estimates, valuation multiples, and revenue segments splits.

All IR material in one place

The easiest way to stay updated during earnings season.

Global coverage

All events from public companies. Live and recorded.

Just click and listen

No webcast links. No manual registrations.

Research anytime, anywhere

Built for professionals. Loved by everyone. Try our free mobile app.

excellent app, it gives me free access to company earnings calls and annual reports. I also love the convenience of calls being available offline so I can listen in whilst doing other things and even when internet or WiFi isn't available.
App-store-avatar.png play-store-avatar.png
Leroy DaleyApp Store
One of the very few apps you could call perfect. If something was to add to it, maybe the share price of the company when you search for it, but it's already excellent.
play-store-avatar
Eferix Drawings Google Play
This is genuinely one of the cleanest and fastest finance apps out there to track the market.
App-store-avatar.png play-store-avatar.png
anuj283App Store
excellent app, it gives me free access to company earnings calls and annual reports. I also love the convenience of calls being available offline so I can listen in whilst doing other things and even when internet or WiFi isn't available.
App-store-avatar.png play-store-avatar.png
Leroy DaleyApp Store
One of the very few apps you could call perfect. If something was to add to it, maybe the share price of the company when you search for it, but it's already excellent.
play-store-avatar
Eferix Drawings Google Play
This is genuinely one of the cleanest and fastest finance apps out there to track the market.
App-store-avatar.png play-store-avatar.png
anuj283App Store
I can't remember the last time an app had such a positive impact on my investment process.
x-avatar
@ankurshah47_ x.com
Love the app! Quartr makes it really easy to keep track of earnings calls. It also includes the reports and slides to make it easier to follow along.
App-store-avatar.png play-store-avatar.png
Amina0781App Store
Quartr is amazing, no way around it. It is the best right now for earnings calls, presentations, and the like.
x-avatar
@theshortbearx.com
I can't remember the last time an app had such a positive impact on my investment process.
x-avatar
@ankurshah47_ x.com
Love the app! Quartr makes it really easy to keep track of earnings calls. It also includes the reports and slides to make it easier to follow along.
App-store-avatar.png play-store-avatar.png
Amina0781App Store
Quartr is amazing, no way around it. It is the best right now for earnings calls, presentations, and the like.
x-avatar
@theshortbearx.com

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.

Quartr provides global coverage of all investor relation material from public companies.

  • Mobile app: Research anytime, anywhere with the #1 app for live earnings calls, transcripts, analyst estimates, and more. All for free.

  • Desktop (Quartr Pro): The leading platform for qualitative research, used daily by top firms and financial institutions.

  • Quartr API: Build custom solutions powered by live earnings calls, live transcripts, filings and reports, slide presentations, and more.

Yes, the Quartr mobile app is free on both iOS and Android.

Yes. Quartr provides global, industry-leading live coverage of company events such as regular earnings calls, capital markets days, M&A announcements, and investor conferences. Live with zero delays. Just click and listen.

Yes, capturing important takeaways is as simple as it gets. Even during your lunch run or commute.

Yes. Follow the companies that matter to you. Get a personalized feed with real-time updates, a tailored earnings calendar, and instant alerts when earnings calls go live.

Yes. Set keyword alerts for any company, product, or competitor. Get notified the moment they're mentioned, regardless of who's talking.

Explore our global coverage