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Golden Ocean Group
Golden Ocean Group (GOGL) investor relations material
Golden Ocean Group has been acquired by Cmb.Tech NV
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
Adjusted EBITDA for Q1 2025 was $12.7 million, down from $69.9 million in Q4 2024, with a net loss of $44.1 million and a loss per share of $0.22, compared to net income of $39 million and EPS of $0.20 in Q4.
Operating revenues dropped to $141.9 million from $211.0 million in Q4 2024, with average TCE rate for the fleet at $14,409 per day, down from $20,809.
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 after CMB.TECH acquired a significant stake.
Agreements to sell two Kamsarmax vessels for $15.8 million and $16.8 million, with gains to be recognized upon delivery.
Financial highlights
Net revenues were $114.7 million, down from $174.9 million in Q4; operating revenues for Q1 2025 were $141.9 million, down from $211.0 million in Q4 2024.
Operating expenses were $95.3 million, with running expenses at $53.8 million, and drydocking costs increased to $38.4 million for 380 days.
Cash flow from operations was negative $3.3 million, compared to $71.7 million in Q4.
Cash and cash equivalents at quarter-end were $112.6 million, with $100 million undrawn credit lines.
Debt and finance lease liabilities totaled $1.44 billion, with book value of long-term debt at $1,324.3 million as of March 31, 2025.
Outlook and guidance
Q2 TCE fixed at $19,000/day for 69% of Capesize days and $11,100/day for 81% of Panamax days.
Q3 TCE fixed at $20,900/day for 12% of Capesize days and $12,900/day for 38% of Panamax days.
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.
Assess impact of trade tariffs on drybulk.
Explain the Simandou project's impact.
Detail waivers for debt change of control.
Merger's impact on fleet strategy?
Simandou project's immediate rate impact?
Dry docking program's financial impact?
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Golden Ocean Group
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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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