Golden Ocean Group Ltd 6-K, filed May 21, 2025

Golden Ocean Group Ltd (GOGL)

6-K 2025-05-21 For: 2025-03-31

Added on July 01, 2026

About this 6-K

Golden Ocean Group Ltd filed this 6-K on May 21, 2025.

	GOLDEN OCEAN GROUP LTD.



Date: May 21, 2025	By: /s/ Peder Simonsen
	Name: Peder Simonsen
	Title: Principal Executive Officer and Principal Financial Officer

(in thousands of $, except per share data)	Three months ended March 31, 2025	Three months ended December 31, 2024	Three months ended March 31, 2024
Operating revenues
Time charter revenues	99,649	147,758	163,250
Voyage charter revenues	41,930	62,970	82,533
Other revenues	348	245	952
Total operating revenues	141,927	210,973	246,735

Gain from disposal of vessels	—	16,092	1,133

Operating expenses
Voyage expenses and commissions	27,217	36,045	50,036
Ship operating expenses	95,318	95,606	62,611
Charter hire expenses	1,473	4,198	7,308
Administrative expenses	5,354	6,482	7,430
Depreciation	31,911	35,560	35,076
Total operating expenses	161,273	177,891	162,461

Net operating income (loss)	(19,346)	49,174	85,407

Other income (expenses)
Interest income	982	1,735	1,956
Interest expense	(23,018)	(25,066)	(29,177)
Gain/(loss) on derivatives	(3,020)	11,833	12,010
Equity results of associated companies	703	1,637	(4,558)
Other financial items	(198)	89	(201)
Net other expenses	(24,551)	(9,772)	(19,970)
Net income (loss) before income taxes	(43,897)	39,402	65,437
Income tax expense	245	398	50
Net income (loss)	(44,142)	39,004	65,387

Per share information:
Earnings (loss) per share: basic	$ (0.22)	$ 0.20	$ 0.33
Earnings (loss) per share: diluted	$ (0.22)	$ 0.20	$ 0.33

(in thousands of $)	As of March 31, 2025	As of December 31, 2024
ASSETS
Current assets
Cash and cash equivalents	106,705	129,106
Restricted cash	5,937	2,623
Other current assets	176,960	154,812
Total current assets	289,602	286,541
Vessels and equipment, net	2,915,539	2,959,129
Vessels held for sale	12,963	—
Finance leases, right of use assets, net	107,539	53,656
Operating leases, right of use assets, net	1,251	6,848
Other long-term assets	66,732	73,120
Total assets	3,393,626	3,379,294

LIABILITIES AND EQUITY
Current liabilities
Current portion of long-term debt	113,848	113,848
Current portion of finance lease obligations	119,289	18,829
Current portion of operating lease obligations	264	2,414
Other current liabilities	122,307	99,301
Total current liabilities	355,708	234,392
Long-term debt	1,210,431	1,188,679
Non-current portion of finance lease obligations	—	49,158
Non-current portion of operating lease obligations	988	6,918
Other long-term liabilities	574	170
Total liabilities	1,567,701	1,479,317
Equity	1,825,925	1,899,977
Total liabilities and equity	3,393,626	3,379,294

(in thousands of $)	Three months ended March 31, 2025	Three months ended December 31, 2024	Three months ended March 31, 2024
Net income (loss)	(44,142)	39,004	65,387
Adjustments to reconcile net income to net cash provided by operating activities
Gain from disposal of vessels	—	(16,092)	(1,133)
Depreciation	31,911	35,560	35,076
Amortization of time charter party out contracts	(418)	(427)	(422)
Dividends from associated companies	375	283	578
Equity results from associated companies	(703)	(1,637)	4,558
Mark to market value on derivatives	6,994	(9,722)	(5,617)
Other, net	1,075	1,213	1,961
Change in operating assets and liabilities	1,581	23,529	15,422
Net cash provided by (used in) operating activities	(3,327)	71,711	115,810

Investing activities
Additions to vessels and right of use assets	—	(1,492)	(871)
Additions to newbuildings	—	(21,343)	(27,023)
Proceeds from sale of vessels	—	56,750	15,709
Net cash provided by (used in) investing activities	—	33,915	(12,185)

Financing activities
Repayment of long-term debt	(28,462)	(139,459)	(335,656)
Proceeds from long-term debt	50,000	121,600	330,220
Net proceeds from share distribution	—	—	522
Debt fees paid	—	(1,856)	(3,802)
Dividends paid	(29,910)	(60,008)	(59,888)
Share repurchases	—	(5,737)	—
Repayment of finance leases	(7,388)	(6,084)	(6,250)
Net cash used in financing activities	(15,760)	(91,544)	(74,854)
Net change	(19,087)	14,082	28,771
Cash, cash equivalents and restricted cash at start of period	131,729	117,647	118,636
Cash, cash equivalents and restricted cash at end of period	112,642	131,729	147,407

(in thousands of $, except for share data)	Three months ended March 31, 2025	Three months ended March 31, 2024
Number of shares outstanding
Balance at beginning of period	199,403,293	199,628,293
Repurchase of shares	—	—
Distribution of treasury shares	—	400,000
Balance at end of period	199,403,293	200,028,293
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	(14,314)	(11,527)
Repurchase of shares	—	—
Share distribution	—	2,950
Balance at end of period	(14,314)	(8,577)
Additional paid in capital
Balance at beginning of period	1,124	1,124
Stock option expense	—	—
Balance at end of period	1,124	1,124
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	320,849	339,976
Distributions to shareholders	(29,910)	(59,888)
Distribution of treasury shares	—	(2,428)
Net income (loss)	(44,142)	65,387
Balance at end of period	246,797	343,047

Total equity	1,825,925	1,927,912

(in thousands of $, except for TCE rate and days)	Three months ended March 31, 2025	Three months ended December 31, 2024	Three months ended March 31, 2024
TCE Income Newcastlemax/Capesize vessels	82,807	126,117	146,810
TCE Income Kamsarmax/Panamax vessels	31,137	48,139	48,515
Total Time charter equivalent income	113,944	174,256	195,325

in days
Fleet onhire days Newcastlemax/Capesize vessels	4,921	5,115	5,393
Fleet onhire days Kamsarmax/Panamax vessels	2,987	3,259	3,239
Total Fleet onhire days	7,908	8,374	8,632
in $ per day
TCE per day Newcastlemax/Capesize vessels	16,827	24,656	27,222
TCE per day Kamsarmax/Panamax vessels	10,424	14,771	14,978
Time charter equivalent rate	14,409	20,809	22,628