Golden Ocean(GOGL) - 2024 Q3 - Quarterly Report

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].