Core Viewpoint - The analysis questions whether the positive news surrounding Golden Ocean Group Limited (NASDAQ: GOGL) has already been factored into the stock price, indicating a potential overvaluation at that time [1]. Group 1 - The previous analysis of Golden Ocean Group Limited was conducted in early March, focusing on the implications of good news on the stock price [1].

Financial Performance - Net income for Q3 2024 was $56.3 million, with earnings per share of $0.28, down from $62.5 million and $0.31 in Q2 2024[3]. - Total operating revenues for Q3 2024 reached $260,621,000, a 17.6% increase from $221,663,000 in Q3 2023[60]. - Net income for Q3 2024 was $56,329,000, compared to $28,734,000 in Q3 2023, representing a 96.4% increase[60]. - Adjusted net income for the third quarter of 2024 was $66.7 million, compared to $22.0 million in the same quarter of the previous year[106]. - Net cash provided by operating activities for the three months ended September 30, 2024, was $100.8 million, up from $47.4 million in the same period last year[64]. - Total operating expenses for Q3 2024 were $170,965,000, a decrease of 3.5% from $177,606,000 in Q3 2023[60]. - The company reported a gain from the disposal of vessels amounting to $4,202,000 in Q3 2024[60]. Fleet and Operations - The fleet consists of 91 vessels with a total capacity of approximately 13.8 million deadweight tonnes[6]. - Total fleet onhire days decreased to 8,583 in Q3 2024 from 9,113 in Q3 2023, a decline of 5.8%[113]. - The company reported no Ultramax vessels in its fleet as of September 30, 2024[113]. - The global fleet of dry bulk vessels reached 1,027.8 million dwt at the end of Q3 2024, with a net increase of 7.9 million dwt (0.8%) in the quarter[38]. Revenue and Earnings - Time charter revenues were $160,075,000, up from $97,215,000 in the same quarter last year, reflecting a 64.5% year-over-year growth[60]. - Total TCE income for Q3 2024 reached $203,641,000, compared to $155,618,000 in Q3 2023, marking a 30.8% increase[113]. - Capesize vessels TCE income for Q3 2024 was $149,880,000, up from $100,370,000 in Q3 2023, representing a 49.2% increase year-over-year[113]. - Nine months total TCE income was $595,650,000 in 2024, compared to $440,085,000 in 2023, representing a 35.5% increase[113]. Market Conditions - Global dry bulk fleet utilization was 89.1% in Q3 2024, indicating a continued tight market balance[31]. - Global iron ore imports increased by 1.5% compared to Q2 2024, with Brazilian iron ore exports reaching the highest level since 2018[33]. - The International Monetary Fund forecasts global GDP growth of 3.2% in 2024, with emerging Asian economies expected to grow at 5.4%[39]. - India's economy is projected to grow by 7.0% in 2024, driving demand for dry bulk commodities, supported by a nearly $134 billion infrastructure investment for 2024-25[41]. Dividends and Shareholder Returns - A cash dividend of $0.30 per share for Q3 2024 was announced, payable on or about December 18, 2024[14]. - Dividends paid during the nine months ended September 30, 2024, amounted to $179.9 million, compared to $80.1 million in the same period last year[66]. - The Company declared a cash dividend of $0.30 per share for the third quarter of 2024, payable on or about December 18, 2024[95]. Debt and Financial Position - Long-term debt was reported at $1,204,926,000, down from $1,260,758,000 in the previous year[62]. - The company reported a total equity of $1.93 billion as of September 30, 2024, compared to $1.88 billion at the end of the same period in 2023[66]. - The book value of long-term debt was $1.32 billion as of September 30, 2024, with a current portion of $115.6 million[84]. Future Outlook - Estimated TCE rates for Q4 2024 are $26,300 per day for 82% of Capesize available days and $14,600 per day for 83% of Panamax available days[9]. - The outlook for fleet supply remains promising, with limited growth expected due to high costs and limited shipyard capacity[45]. - Global tonne-mile demand is forecast to increase by 5.0% in 2024, driven by strength in bauxite and coal trades[44].

Financial Data and Key Metrics - Adjusted EBITDA for Q3 2024 was $124.4 million, up from $120.3 million in Q2 [4] - Net income for Q3 was $56.3 million, with earnings per share (EPS) of $0.28, compared to $62.5 million and EPS of $0.31 in Q2 [4] - Adjusted net profit was $66.7 million, with adjusted EPS of $0.33, up from $63.4 million and EPS of $0.32 in Q2 [4] - TCE rates were $28,300 per day for Capesizes and $16,400 per day for Panamax vessels, with a fleet-wide net TCE of $23,700 per day [5] - Net revenues increased to $206.6 million, up $9.2 million from Q2, driven by increased vessel days [8] - Cash flow from operations was $100.8 million, up from $76.9 million in Q2 [12] Business Line Data and Key Metrics - The company sold one older Panamax and one older Newcastlemax vessel at attractive prices as part of its fleet renewal strategy [5] - For Q4, the company secured a net TCE of $26,300 per day for 82% of Capesize days and $14,600 per day for 83% of Panamax days [6] - For Q1 2025, the company locked in a net TCE of $21,100 per day for 27% of Capesize days and $17,500 per day for 15% of Panamax days [6] - The company declared a dividend of $0.30 per share for Q3 2024 [6] Market Data and Key Metrics - Brazilian iron ore volumes increased by 13% quarter-on-quarter, driven by strong production from Vale [17] - West African bauxite volumes grew to 10-12 million tonnes per month, approaching peak season exports in Q1 [18] - Coal volumes increased by 3% quarter-on-quarter, mainly from Indonesia and Australia to Southeast Asia [18] - Colombian volumes decreased by 11% due to onshore infrastructure issues [18] - China imported 75% of Brazilian iron ore and 83% of Guinea bauxite exports [19] Company Strategy and Industry Competition - The company focuses on its position in the Capesize and Newcastlemax segments, which represent over 80% of its deadweight tonnes and earnings capacity [15] - The company is the largest listed owner in the Capesize segment, benefiting from favorable supply and demand dynamics [16] - The company expects the Simandou iron ore mine in Guinea to significantly boost Capesize demand starting from Q4 2025 [21][22] - The company anticipates that environmental regulations and aging fleets will reduce capacity and increase costs for smaller operators [31] Management Commentary on Operating Environment and Future Outlook - The company remains fundamentally positive on the market outlook despite ongoing geopolitical uncertainty [35] - Iron ore prices remain healthy, supporting continued profitable exports [20] - Chinese government stimulus packages and commitment to growth targets are expected to support long-term demand for commodities [23][24] - The company expects the bauxite trade to grow by 5-10% in 2025, further supporting Capesize demand [29] Other Important Information - The company recorded $2.4 million in decarbonization and digitalization investments [8] - The company has $150 million in undrawn available credit facilities at quarter-end [14] - The company's debt and finance lease liabilities totaled $1.4 billion in Q3, down by approximately $20 million quarter-on-quarter [14] - The company's accumulated dividends paid have surpassed $1.1 billion, representing over 90% of net profit for the period [35] Q&A Session Summary Question: Capital Deployment Strategy - The company has completed its heavy lifting in fleet growth and does not see value in acquiring modern tonnage at current prices [38] - The company prefers dividends over buybacks and may consider deploying capital into its buyback program if share prices plummet [39] Question: Dividend Policy - The company intends to maintain its dividend policy, balancing peaks and troughs, and remains optimistic about the market fundamentals [41][42] - The company has paid a $0.30 dividend per share for the past four quarters and aims to continue this trend, even during weaker periods [40][41]

Golden Ocean Results Q3 2024 November 27th, 2024 � Forward-looking statements Matters discussed in this presentation may constituteforward-looking statements. The PrivateSecuritiesLitigationReform Act of 1995, or the PSIRA, providessafe harbor protections for forward-looking statements in order to encouragecompanies to provide prospectiveinformation about their business. Forward-looking statements include statements concerning plans. objectives, goals, strategies, future events or performance, and underlyin ...

Golden Ocean Group (GOGL) came out with quarterly earnings of $0.33 per share, beating the Zacks Consensus Estimate of $0.29 per share. This compares to earnings of $0.08 per share a year ago. These figures are adjusted for non-recurring items.This quarterly report represents an earnings surprise of 13.79%. A quarter ago, it was expected that this shipping company would post earnings of $0.28 per share when it actually produced earnings of $0.32, delivering a surprise of 14.29%.Over the last four quarters, ...

Please find enclosed the presentation of Golden Ocean Group Limited’s third quarter 2024 results for today’s webcast / conference call at 14:30 CET. Attend by Webcast: Use the follow link prior to the webcast: GOGL Q3 2024 Webcast Attend by Conference Call:  Participants will need to register online prior to the conference call via the link below. Dial-in details will be available when registered.  GOGL Q3 2024 Conference Call  A Q&A session will be held after the conference call/webcast. Information on ho ...

Hamilton, Bermuda, November 27, 2024 - Golden Ocean Group Limited (NASDAQ/OSE: GOGL) (the “Company” or “Golden Ocean”), the world's largest listed owner of large size dry bulk vessels, today announced its unaudited results for the quarter ended September 30, 2024. Highlights Net income of $56.3 million and earnings per share of $0.28 (basic) for the third quarter of 2024, compared to net income of $62.5 million and earnings per share of $0.31 (basic) for the second quarter of 2024.Adjusted EBITDA of $124.4 ...

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Golden Ocean Group Limited (the “Company”) will publish its financial results for the third quarter of 2024 on Wednesday November 27, 2024. In connection with the release, a conference call and webcast will be held as described below: Conference call and webcastA conference call will be held at 2:30 P.M. CET (8:30 A.M. New York Time) on Wednesday November 27, 2024. The presentation will be available for download from the Investor Relations section at www.goldenocean.bm (under "Presentations") prior to the c ...

If your investment goals include selecting stocks that pay dividends and operate in traditional sectors, Golden Ocean (NASDAQ: GOGL ) could be a good pick. Here’s why: The company is among the leaders in the dry bulk sector and is known forAnalyst’s Disclosure: I/we have no stock, option or similar derivative position in any of the companies mentioned, and no plans to initiate any such positions within the next 72 hours. I wrote this article myself, and it expresses my own opinions. I am not receiving compe ...