Golden Ocean Group Limited (NASDAQ: GOGL / OSE: GOGL) (Golden Ocean), a leading dry bulk shipping company, today announced its results for the quarter ended June 30, 2017.
Highlights
- Net loss of $12.0 million and loss per share of $0.10 for the second quarter of 2017, compared with net loss of $17.9 million and loss per share of $0.17 for the first quarter of 2017 and net loss of $39.2 million and loss per share of $0.37 for the second quarter of 2016. Net loss of $29.8 million and loss per share of $0.26 for the first six months of 2017, compared with net loss of $107.5 million and loss per share of $1.27 for the first six months of 2016.
- Adjusted EBITDA of $29.7 million for the second quarter of 2017 compared with $17.5 million in the prior quarter and negative $0.8 million for the second quarter of 2016.
- Completed the acquisitions of 14 modern dry bulk vessels from Quintana in ship-for-share transactions in exchange for 14.5 million shares and the assumption of $262.7 million in debt. Eleven vessels delivered in the second quarter and remaining three vessels delivered in July.
- Took delivery of two Panamax ice-class vessels in June acquired from Hemen, in ship-for-share transactions in exchange for 3.3 million shares and the assumption of a $22.5 million seller's credit debt.
- Joint venture company agreed to sell Golden Opus for $28.9 million, with expected delivery in third quarter. Net cash proceeds are expected to be approximately $6 million.
Birgitte Ringstad Vartdal, Chief Executive Officer of Golden Ocean Management AS commented: "Our second quarter results were positively impacted by the improved freight rate environment going into the quarter and by a small increase in our fleet operating days. The majority of the 16 modern, high quality vessels we agreed to acquire earlier this year were delivered in the second half of the quarter. All of these vessels have now been delivered and we view the acquisition as timely based on the developments both in freight rates and asset values. Our large fleet of young, modern vessels with the majority trading in the spot market gives us strong leverage to further improvements in the dry bulk market and positions the company to create significant value for our shareholders."
Source: Golden Ocean