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GOGL - Fourth Quarter 2018 Results

Golden Ocean Group Limited (NASDAQ: GOGL / OSE: GOGL) (the "Company" or "Golden Ocean"), a leading dry bulk shipping company, today announced its results for the quarter ended December 31, 2018.

Highlights

  • Net income of $23.6 million and earnings per share of $0.16 for the fourth quarter of 2018, compared with net income of $35.3 million and earnings per share of $0.24 for the third quarter of 2018 and net income of $27.1 million and earnings per share of $0.19 for the fourth quarter of 2017
  • Net income of $84.5 million and earnings per share of $0.59 for the full year 2018, compared with net loss of $2.3 million and loss per share of $0.02 for the full year 2017
  • Adjusted EBITDA of $70.4 million for the fourth quarter of 2018, compared with $78.8 million for the third quarter of 2018 and $65.3 million for the fourth quarter of 2017
  • Announced share buyback program in December 2018 to purchase up to an aggregate of six million of the Company`s common shares
  • Secured financing for up to 11 scrubber installations in combination with a 3 year extension and upsizing of an existing loan facility
  • Repaid the outstanding balance of the convertible bond at maturity in January 2019
  • Announced a cash dividend of $0.05 per share for the fourth quarter of 2018

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

"Golden Ocean generated strong cash flow during the fourth quarter, despite a softening Capesize market. The start of 2019 has been marked by uncertainty created by trade tensions and by the tragic dam accident in Brazil. The Company`s low cash breakeven levels and strong balance sheet are vitally important as we navigate through current market volatility. Although sentiment is surely negative in the short term, we believe most scenarios have been priced into the forward freight curve, and if this market continues we should see adjustments to supply."

The Board of Directors
Hamilton, Bermuda
February 19, 2019

Questions should be directed to:

Birgitte Ringstad Vartdal: Chief Executive Officer, Golden Ocean Management AS
+47 22 01 73 53

Per Heiberg: Chief Financial Officer, Golden Ocean Management AS
+47 22 01 73 45

The full report is available in the link below.

Forward Looking Statements
Matters discussed in this report may constitute forward-looking statements. The Private Securities Litigation Reform Act of 1995 provides safe harbor protections for forward-looking statements, which include statements concerning plans, objectives, goals, strategies, future events or performance, and underlying assumptions and other statements, which are other than statements of historical facts. The Company desires to take advantage of the safe harbor provisions of the Private Securities Litigation Reform Act of 1995 and is including this cautionary statement in connection with this safe harbor legislation. Words such as "believe," "anticipate," "intends," "estimate," "forecast," "project," "plan," "potential," "may," "will," "should," "expect," "pending" and similar expressions identify forward-looking statements. The forward-looking statements in this report are based upon various assumptions. Although we believe that these assumptions were reasonable when made, because these assumptions are inherently subject to significant uncertainties and contingencies which are difficult or impossible to predict and are beyond our control, we cannot assure you that we will achieve or accomplish these expectations, beliefs or projections. The information set forth herein speaks only as of the date hereof, and we disclaim any intention or obligation to update any forward-looking statements as a result of developments occurring after the date of this communication.

In addition to these important factors and matters discussed elsewhere herein, important factors that, in our view, could cause actual results to differ materially from those discussed in the forward-looking statements include the strength of world economies, fluctuations in currencies and interest rates, general market conditions, including fluctuations in charter hire rates and vessel values, changes in demand in the dry bulk market, changes in our operating expenses, including bunker prices, drydocking and insurance costs, the market for our vessels, availability of financing and refinancing, changes in governmental rules and regulations or actions taken by regulatory authorities, potential liability from pending or future litigation, general domestic and international political conditions, potential disruption of shipping routes due to accidents, political events or acts by terrorists, and other important factors described from time to time in the reports filed by the Company with the U.S. Securities and Exchange Commission.

This information is subject to the disclosure requirements pursuant to section 5-12 of the Norwegian Securities Trading Act.

4th Quarter and FY 2018 Results


This announcement is distributed by West Corporation on behalf of West Corporation clients.

The issuer of this announcement warrants that they are solely responsible for the content, accuracy and originality of the information contained therein.
Source: Golden Ocean Group Limited via GlobeNewswire

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