Golden Ocean Group Ltd 6-K, filed Aug 28, 2024

Golden Ocean Group Ltd (GOGL)

6-K 2024-08-28 For: 2024-06-30

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Added on July 01, 2026

About this 6-K

Golden Ocean Group Ltd filed this 6-K on August 28, 2024.

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	GOLDEN OCEAN GROUP LTD.




	By: /s/ Peder Simonsen
Date: August 28, 2024	Name: Peder Simonsen
	Title: Interim Principal Executive Officer and Principal Financial Officer

(in thousands of $, except per share data)	Three months ended June 30, 2024			Three months ended March 31, 2024			Three months ended June 30, 2023			Six months ended June 30, 2024			Six months ended June 30, 2023
Operating revenues
Time charter revenues		151,486			163,250			106,352			314,736			181,693
Voyage charter revenues		98,364			82,533			106,861			180,897			226,946
Other revenues		241			952			170			1,193			1,261
Total operating revenues		250,091			246,735			213,383			496,826			409,900

Gain from disposal of vessels		—			1,133			—			1,133			2,583

Operating expenses
Voyage expenses and commissions		52,743			50,036			59,395			102,779			123,626
Ship operating expenses		66,313			62,611			62,431			128,924			124,061
Charter hire expenses		4,846			7,308			10,210			12,154			26,992
Administrative expenses		5,109			7,430			5,167			12,539			9,329
Impairment loss on vessels		—			—			—			—			11,780
Depreciation		35,178			35,076			32,590			70,254			64,087
Total operating expenses		164,189			162,461			169,793			326,650			359,875

Net operating income		85,902			85,407			43,590			171,309			52,608

Other income (expenses)
Interest income		1,715			1,956			1,170			3,671			2,685
Interest expense		(27,009	)		(29,177	)		(24,184	)		(56,186	)		(46,197	)
Gain/(loss) on derivatives		2,408			12,010			9,045			14,418			6,962
Equity results of associated companies		(418	)		(4,558	)		4,927			(4,976	)		9,868
Other financial items		(54	)		(201	)		372			(255	)		202
Net other (expenses) income		(23,358	)		(19,970	)		(8,670	)		(43,328	)		(26,480	)
Net income before income taxes		62,544			65,437			34,920			127,981			26,128
Income tax expense		50			50			30			100			60
Net income		62,494			65,387			34,890			127,881			26,068

Per share information:
Earnings per share: basic and diluted	$	0.31		$	0.33		$	0.17		$	0.64		$	0.13

(in thousands of $)	As of June 30, 2024		As of March 31, 2024		As of December 31, 2023
ASSETS
Current assets
Cash and cash equivalents		99,454		144,661		116,382
Restricted cash		3,601		2,746		2,254
Other current assets		181,428		167,136		160,281
Total current assets		284,483		314,543		278,917
Vessels and equipment, net		2,984,408		2,993,587		2,987,360
Vessels held for sale		16,455		—		14,486
Newbuildings		31,421		44,613		54,777
Finance leases, right of use assets, net		61,191		64,917		68,643
Operating leases, right of use assets, net		8,367		8,953		9,538
Other long term assets		75,535		75,252		75,297
Total assets		3,461,860		3,501,865		3,489,018

LIABILITIES AND EQUITY
Current liabilities
Current portion of long-term debt		115,361		114,243		109,309
Current portion of finance lease obligations		20,149		19,844		19,601
Current portion of operating lease obligations		2,697		2,650		2,632
Other current liabilities		105,177		113,925		94,649
Total current liabilities		243,384		250,662		226,191
Long-term debt		1,220,157		1,249,591		1,260,758
Non-current portion of finance lease obligations		57,668		62,837		67,987
Non-current portion of operating lease obligations		8,215		8,907		9,621
Other long-term liabilities		2,039		1,956		2,570
Total liabilities		1,531,463		1,573,953		1,567,127
Equity		1,930,397		1,927,912		1,921,891
Total liabilities and equity		3,461,860		3,501,865		3,489,018

(in thousands of $)	Three months ended June 30, 2024			Three months ended March 31, 2024			Three months ended June 30, 2023			Six months ended June 30, 2024			Six months ended June 30, 2023
Net income		62,494			65,387			34,890			127,881			26,068
Adjustments to reconcile net income to net cash provided by operating activities
Gain from disposal of vessels		—			(1,133	)		—			(1,133	)		(2,583	)
Depreciation		35,178			35,076			32,590			70,254			64,087
Impairment loss on vessels		—			—			—			—			11,780
Amortization of time charter party out contracts		(423	)		(422	)		(545	)		(845	)		(545	)
Dividends from associated companies		400			578			1,600			978			16,868
Equity results from associated companies		418			4,558			(4,927	)		4,976			(9,868	)
Mark to market value on derivatives		1,234			(5,617	)		(9,452	)		(4,383	)		(3,679	)
Other, net		1,120			1,961			252			3,083			2,156
Change in operating assets and liabilities		(23,475	)		15,422			(8,859	)		(8,054	)		17,784
Net cash provided by operating activities		76,946			115,810			45,549			192,757			122,068
Investing activities
Additions to vessels and right of use assets		—			(871	)		(130,146	)		(871	)		(254,010	)
Additions to newbuildings		(25,531	)		(27,023	)		(98,028	)		(52,554	)		(113,739	)
Repayments of loans receivable from related parties		—			—			—			—			925
Proceeds from sale of vessels		—			15,709			43,560			15,709			58,873
Other investing activities, net		—			—			2			—			4
Net cash used in investing activities		(25,531	)		(12,185	)		(184,612	)		(37,716	)		(307,947	)
Financing activities
Repayment of long-term debt		(229,347	)		(335,656	)		(49,960	)		(565,003	)		(297,505	)
Proceeds from long-term debt		201,600			330,220			207,140			531,820			537,140
Net proceeds from share distributions		—			522			—			522			—
Debt fees paid		(1,879	)		(3,802	)		(924	)		(5,681	)		(4,516	)
Dividends paid		(60,008	)		(59,888	)		(20,035	)		(119,897	)		(60,120	)
Share repurchases		—			—			(6,943	)		—			(7,452	)
Repayment of finance leases		(6,133	)		(6,250	)		(6,132	)		(12,382	)		(12,418	)
Net cash provided by (used in) financing activities		(95,767	)		(74,854	)		123,146			(170,621	)		155,129
Net change		(44,352	)		28,771			(15,917	)		(15,580	)		(30,750	)
Cash, cash equivalents and restricted cash at start of period		147,407			118,636			123,240			118,635			138,073
Cash, cash equivalents and restricted cash at end of period		103,055			147,407			107,323			103,055			107,323

(in thousands of $, except for share data)	Six months ended June 30, 2024			Six months ended June 30, 2023
Number of shares outstanding
Balance at beginning of period		199,628,293			200,485,621
Repurchase of shares		—			(982,328	)
Distribution of treasury shares		400,000			—
Balance at end of period		200,028,293			199,503,293

Share capital
Balance at beginning of period		10,061			10,061
Shares issued		—			—
Balance at end of period		10,061			10,061

Treasury shares
Balance at beginning of period		(11,527	)		(5,014	)
Repurchase of shares		—			(7,452	)
Share distribution		2,950			—
Balance at end of period		(8,577	)		(12,466	)

Additional paid in capital
Balance at beginning of period		1,124			851
Stock option expense		—			202
Balance at end of period		1,124			1,053

Contributed capital surplus
Balance at beginning of period		1,582,257			1,582,257
Balance at end of period		1,582,257			1,582,257

Accumulated earnings
Balance at beginning of period		339,976			328,878
Dividends to shareholders		(119,897	)		(60,120	)
Distribution of treasury shares		(2,428	)		—
Net income		127,881			26,068
Balance at end of period		345,532			294,826

Total equity		1,930,397			1,875,731

(in thousands of $, except for TCE rate and days)	Three months ended June 30, 2024		Three months ended March 31, 2024		Three months ended June 30, 2023		Six months ended June 30, 2024		Six months ended June 30, 2023
TCE Income Capesize vessels		148,876		146,810		97,802		295,686		165,437
TCE Income Panamax, Ultramax vessels*		47,808		48,515		55,471		96,323		119,031
Total Time charter equivalent income		196,684		195,325		153,273		392,009		284,468

in days
Fleet onhire days Capesize vessels		5,316		5,393		5,125		10,709		10,091
Fleet onhire days Panamax, Ultramax vessels*		3,041		3,239		3,552		6,280		7,374
Total Fleet onhire days		8,357		8,632		8,677		16,989		17,465
in $ per day
TCE per day Capesize vessels		28,005		27,222		19,083		27,611		16,395
TCE per day Panamax, Ultramax vessels*		15,721		14,978		15,617		15,338		16,142
Time charter equivalent rate		23,535		22,628		17,664		23,074		16,288