Golden Ocean Group (GOGL) Q1 2025 earnings summary

Executive summary

• Adjusted EBITDA for Q1 2025 was $12.7 million, down from $69.9 million in Q4 2024.

• Net loss of $44.1 million and loss per share of $0.22, compared to net income of $39 million and EPS of $0.20 in Q4.

• Announced a $0.05 per share dividend for Q1 2025.

• Entered into a term sheet for a contemplated share-for-share merger with CMB.TECH NV.

• Agreements to sell two Kamsarmax vessels for $15.8 million and $16.8 million.

Financial highlights

• Operating revenues for Q1 2025 were $141.9 million, down from $211.0 million in Q4 2024.

• Adjusted EBITDA of $12.7 million in Q1 2025, compared to $69.9 million in Q4 2024.

• Net loss before taxation was $43.9 million in Q1 2025, versus net income of $39.4 million in Q4 2024.

• Ship operating expenses totaled $95.3 million, including $38.4 million in drydocking expenses.

• Operating cash flow was negative $3.3 million in Q1 2025, compared to $71.7 million in Q4 2024.

Outlook and guidance

• Q2 2025: 69% of Capesize days fixed at $19,000/day, 81% of Panamax days at $11,100/day.

• Q3 2025: 12% of Capesize days fixed at $20,900/day, 38% of Panamax days at $12,900/day.

• Medium-term outlook remains constructive, especially for Capesize, supported by limited fleet growth and infrastructure-led demand.

• Company expects spot TCE rates for Q2 and Q3 2025 to be lower than currently contracted rates due to ballast days.

• Global tonne-mile demand forecast to rise 1.2% in 2025, accelerating to 4.2% in 2026 and 2027.