2013-08-23 07:59:01 -
· Golden Ocean generates second quarter 2013 EBITDA* of $49.5 million
· Golden Ocean reports profit of $43.5 million for the second quarter of 2013
· Golden Ocean announces dividends of US $0.01 per share for the second quarter
· The Company entered into an agreement for three Supramax vessels and three
options at Chengxi
· Golden Ocean settled a dispute related to non-performance on a 10 year
charter and received $30 million
· The Company took delivery of the ice class Panamax vessel Golden Pearl in
· The JV owned 50% by the Company took delivery of the Capesize vessel Golden
Magnum in June 2013
· The Company has cancelled two newbuilding contracts in the second quarter
*EBITDA is equal to operating profit plus depreciations (including impairment
vessels) and amortisation.
Second Quarter and First Half Year 2013 Results
Golden Ocean Group Limited (the "Company" or "Golden Ocean") reports
$43.5 million and earnings per share of $0.10 for the second quarter of 2013.
This compares with profit and earnings per share of $6.8 million and $0.015
respectively for the first quarter of 2013. Total operating revenues for the
second quarter were $104.7 million, total operating expenses were $63.5 million
and other gains/losses net were negative with $1.4 million. Net financial items
were positive with $3.7 million.
The profit for the period of $43.5 million is an increase of $36.7 million
compared to last quarter. This increase is mainly related to the settlement of
$30 million received for an old non-performing ten year charter contract and the
increased value of interest rate swaps. The operating revenues increased by
$50.3 million, and the operating expenses increased by $18.7 million. In
addition to the settlement, higher activity on short term contracts increased
both revenues and costs for the quarter. Total other gains/ (losses) net
decreased by $3.2 million. This leads to an increase in operating income of
$28.4 million. Except for the settlement and the interest rate swaps the results
are more or less in line with the first quarter 2013.
Cash and cash equivalents decreased by $2.0 million during the quarter. The
Company generated cash from operating activities of $40.2 million during the
quarter and the change in restricted cash was negative with $2.4 million. The
Company paid $35.2 million in installments and other predelivery costs and
investments in new assets in the quarter. The Company invested $18.3 million in
a Joint Venture for the purchase of the Capesize vessel Golden Magnum (financing
is expected to take place within the next three months, which will reduce the
investment by $11.8 million). Financing activities were positive with $13.4
million in the quarter. Ordinary repayments of long term debt amounted to $6.1
million while the Company obtained new bank financing and seller's credit
related to delivery of Golden Pearl of $24.0 million.
The full report is available in the link below.
August 23, 2013
The Board of Directors
Golden Ocean Group Limited
Questions should be directed to:
Herman Billung: CEO Golden Ocean Management AS
+47 22 01 73 41
Birgitte Ringstad Vartdal: CFO Golden Ocean Management AS
+47 22 01 73 53
This information is subject of the disclosure requirements pursuant to section
5-12 of the Norwegian Securities Trading Act.
Q2 2013 Results:
This announcement is distributed by Thomson Reuters on behalf of
Thomson Reuters clients. The owner of this announcement warrants that:
(i) the releases contained herein are protected by copyright and
other applicable laws; and
(ii) they are solely responsible for the content, accuracy and
originality of the information contained therein.
Source: Golden Ocean Group via Thomson Reuters ONE