◾ |
Net income of $195.3 million and earnings per share of $0.97 for the third quarter of 2021 compared with net income of $104.5 million and earnings per share of $0.52 for the second quarter of 2021.
|
◾ |
Adjusted EBITDA1 of $229.7 million for the third quarter of 2021, compared with $130.5 million for the second quarter of 2021.
|
◾ |
Reported TCE2 rates for Capesize and Panamax/Ultramax vessels of $38,142 per day and $24,733 per day, respectively, in the third quarter of 2021. Reported TCE rate for the whole fleet of $32,262 per day.
|
◾ |
Entered into agreements to construct seven latest generation ECO-type Kamsarmax vessels.
|
◾ |
Sold two older Panamax vessels at attractive prices, as part of the fleet renewal strategy.
|
◾ |
Completed refinancing of $413.6 million facility provided by Sterna Finance, and secured $435 million of long-term financing.
|
◾ |
Estimated TCE ratesinclusive of charter coverage and calculated on a load-to-discharge basis, are:
|
◾ |
approximately $41,900 per day contracted for 83% of the available days for Capesize vessels and $27,300 per day contracted for 87% of the available days for Panamax vessels for the fourth quarter of 2021; and
|
◾ |
approximately $33,200 per day contracted for 30% of the available days for Capesize vessels and $24,150 per day contracted for 36% of the available days for Panamax vessels for the first quarter of 2022.
|
◾ |
Announced a cash dividend of $0.85 per share in respect of the third quarter of 2021.
|
a. |
81 vessels owned by the Company (48 Capesize, 31 Panamax and two Ultramax vessels);
|
b. |
Eight Capesize vessels chartered in on long-term leases with profit-sharing arrangements;
|
c. |
Two 104,550 dwt ice-class vessels chartered in;
|
d. |
One Ultramax vessel chartered in.
|
Unaudited Interim Condensed Consolidated Statements of Operations
|
Unaudited Interim Condensed Consolidated Balance Sheets
|
Unaudited Interim Condensed Consolidated Cash Flow Statements
|
Unaudited Interim Condensed Consolidated Statements of Changes in Equity
|
Selected Notes to the Unaudited Interim Condensed Consolidated Financial Statements
|
(in thousands of $, except per share data)
|
Three months ended
September 30, 2021
|
Three months ended
June 30, 2021
|
Three months ended
September 30, 2020
|
Nine months ended
September 30, 2021
|
Nine months ended
September 30, 2020
| |||||||||||||||
Operating revenues
| ||||||||||||||||||||
Time charter revenues
|
188,764
|
127,198
|
71,873
|
394,282
|
158,123
| |||||||||||||||
Voyage charter revenues
|
198,618
|
148,047
|
113,135
|
425,841
|
279,517
| |||||||||||||||
Other revenues
|
236
|
457
|
574
|
1,250
|
1,595
| |||||||||||||||
Total operating revenues
|
387,618
|
275,702
|
185,582
|
821,373
|
439,235
| |||||||||||||||
Gain from disposal of vessels
|
4,860
|
-
|
-
|
4,860
|
-
| |||||||||||||||
Other operating income (expenses)
|
792
|
2,910
|
1,310
|
4,351
|
3,672
| |||||||||||||||
Operating expenses
| ||||||||||||||||||||
Voyage expenses and commissions
|
81,734
|
62,955
|
43,935
|
183,922
|
151,640
| |||||||||||||||
Ship operating expenses
|
52,371
|
50,283
|
43,444
|
151,271
|
143,603
| |||||||||||||||
Charter hire expenses
|
31,240
|
33,152
|
20,444
|
78,312
|
49,682
| |||||||||||||||
Administrative expenses
|
4,602
|
4,605
|
3,103
|
13,322
|
9,699
| |||||||||||||||
Impairment loss on right of use assets
|
-
|
-
|
-
|
-
|
94,233
| |||||||||||||||
Impairment loss on vessels
|
-
|
-
|
-
|
4,187
|
-
| |||||||||||||||
Depreciation
|
33,299
|
30,248
|
27,631
|
90,345
|
83,712
| |||||||||||||||
Total operating expenses
|
203,246
|
181,243
|
138,556
|
521,359
|
532,569
| |||||||||||||||
Net operating income (loss)
|
190,024
|
97,369
|
48,336
|
309,225
|
(89,662
|
)
| ||||||||||||||
Other income (expenses)
| ||||||||||||||||||||
Interest income
|
76
|
79
|
110
|
330
|
896
| |||||||||||||||
Interest expense
|
(10,846
|
)
|
(9,665
|
)
|
(9,915
|
)
|
(29,400
|
)
|
(37,828
|
)
| ||||||||||
Gain (loss) on derivatives
|
5,598
|
14,631
|
3,270
|
29,254
|
(20,127
|
)
| ||||||||||||||
Equity results of associated companies
|
11,076
|
2,866
|
(2,334
|
)
|
14,607
|
(4,897
|
)
| |||||||||||||
Other financial items
|
(569
|
)
|
(755
|
)
|
(366
|
)
|
(533
|
)
|
(11,303
|
)
| ||||||||||
Net other (expenses) income
|
5,335
|
7,156
|
(9,235
|
)
|
14,258
|
(73,259
|
)
| |||||||||||||
Net income (loss) before income taxes
|
195,359
|
104,525
|
39,101
|
323,483
|
(162,921
|
)
| ||||||||||||||
Income tax expense (credit)
|
30
|
30
|
40
|
80
|
120
| |||||||||||||||
Net income (loss)
|
195,329
|
104,495
|
39,061
|
323,403
|
(163,041
|
)
| ||||||||||||||
Per share information:
| ||||||||||||||||||||
Earnings (loss) per share: basic
| $ |
0.97
| $ |
0.52
| $ |
0.27
| $ |
1.71
| $ |
(1.14
|
)
| |||||||||
Earnings (loss) per share: diluted
| $ |
0.97
| $ |
0.52
| $ |
0.27
| $ |
1.70
| $ |
(1.14
|
)
|
The accompanying selected notes are an integral part of these unaudited interim condensed consolidated financial statements.
(in thousands of $) |
As of
September 30, 2021
|
As of June 30, 2021 |
As of December 31, 2020 | |||||||||
ASSETS
| ||||||||||||
Current assets
| ||||||||||||
Cash and cash equivalents
|
242,369
|
154,655
|
153,093
| |||||||||
Restricted cash
|
20,093
|
20,162
|
22,009
| |||||||||
Other current assets
|
186,056
|
190,345
|
109,427
| |||||||||
Total current assets
|
448,518
|
365,162
|
284,529
| |||||||||
Vessels and equipment, net
|
2,923,058
|
2,964,677
|
2,267,686
| |||||||||
Vessels held for sale
|
16,760
|
-
|
9,504
| |||||||||
Newbuildings
|
-
|
-
|
-
| |||||||||
Finance leases, right of use assets, net
|
102,302
|
106,069
|
113,480
| |||||||||
Operating leases, right of use assets, net
|
18,356
|
19,550
|
22,739
| |||||||||
Other long-term assets
|
39,622
|
27,218
|
23,129
| |||||||||
Total assets
|
3,548,616
|
3,482,676
|
2,721,067
| |||||||||
LIABILITIES AND EQUITY
| ||||||||||||
Current liabilities
| ||||||||||||
Current portion of long-term debt
|
107,534
|
85,062
|
87,831
| |||||||||
Current portion of long-term related party debt
|
-
|
27,058
|
-
| |||||||||
Current portion of finance lease obligations
|
23,332
|
24,197
|
23,475
| |||||||||
Current portion of operating lease obligations
|
15,107
|
16,173
|
16,783
| |||||||||
Other current liabilities
|
136,362
|
151,759
|
113,586
| |||||||||
Total current liabilities
|
282,335
|
304,249
|
241,675
| |||||||||
Long-term debt
|
1,244,735
|
858,307
|
957,652
| |||||||||
Long-term related party debt
|
-
|
386,542
|
-
| |||||||||
Non-current portion of finance lease obligations
|
110,347
|
115,340
|
127,730
| |||||||||
Non-current portion of operating lease obligations
|
16,036
|
18,400
|
25,254
| |||||||||
Total liabilities
|
1,653,453
|
1,682,838
|
1,352,311
| |||||||||
Equity
|
1,895,163
|
1,799,838
|
1,368,756
| |||||||||
Total liabilities and equity
|
3,548,616
|
3,482,676
|
2,721,067
|
(in thousands of $)
|
Three months ended
September 30, 2021
|
Three months ended
June 30, 2021
|
Three months ended
September 30, 2020
|
Nine months ended
September 30, 2021
|
Nine months ended
September 30, 2020
| |||||||||||||||
Net income (loss)
|
195,329
|
104,495
|
39,061
|
323,403
|
(163,041
|
)
| ||||||||||||||
Adjustments to reconcile net income (loss) to net cash provided by operating activities;
| ||||||||||||||||||||
Depreciation
|
33,299
|
30,248
|
27,631
|
90,345
|
83,712
| |||||||||||||||
Impairment loss on right of use assets
|
-
|
-
|
-
|
-
|
94,233
| |||||||||||||||
Impairment loss on vessels
|
-
|
-
|
-
|
4,187
|
-
| |||||||||||||||
Gain from sale of vessels
|
(4,860
|
)
|
-
|
-
|
(4,860
|
)
|
-
| |||||||||||||
Dividends from associated companies
|
-
|
-
|
-
|
-
|
450
| |||||||||||||||
Equity results from associated companies
|
(11,076
|
)
|
(2,866
|
)
|
2,334
|
(14,607
|
)
|
4,897
| ||||||||||||
Amortization of time charter party out contracts
|
45
|
(68
|
)
|
3,116
|
1,055
|
10,173
| ||||||||||||||
Mark to market value on derivatives
|
(2,797
|
)
|
139
|
(3,156
|
)
|
(13,205
|
)
|
25,247
| ||||||||||||
Other, net
|
(896
|
)
|
(893
|
)
|
(994
|
)
|
(4,322
|
)
|
8,072
| |||||||||||
Change in operating assets and liabilities
|
(8,559
|
)
|
3,124
|
(9,917
|
)
|
(40,754
|
)
|
5,544
| ||||||||||||
Net cash provided by operating activities
|
200,485
|
134,179
|
58,075
|
341,242
|
69,287
| |||||||||||||||
Investing activities
| ||||||||||||||||||||
Additions to vessels and right of use assets
|
(802
|
)
|
(223,642
|
)
|
(354
|
)
|
(289,744
|
)
|
(24,163
|
)
| ||||||||||
Additions to newbuildings
|
-
|
(72,843
|
)
|
-
|
(116,445
|
)
|
-
| |||||||||||||
Proceeds from sale of vessels
|
-
|
8,148
|
-
|
17,652
|
-
| |||||||||||||||
Other investing activities, net
|
939
|
11
|
11
|
961
|
4,416
| |||||||||||||||
Net cash provided by (used in) investing activities
|
137
|
(288,326
|
)
|
(343
|
)
|
(387,576
|
)
|
(19,747
|
)
| |||||||||||
Financing activities
| ||||||||||||||||||||
Repayment of long-term debt
|
(434,866
|
)
|
(21,266
|
)
|
(23,447
|
)
|
(538,173
|
)
|
(68,841
|
)
| ||||||||||
Proceeds from long-term debt
|
435,000
|
62,975
|
-
|
497,975
|
18,000
| |||||||||||||||
Net proceeds from share distributions
|
62
|
-
|
-
|
636
|
-
| |||||||||||||||
Debt fees paid
|
(4,432
|
)
|
-
|
-
|
(4,432
|
)
|
-
| |||||||||||||
Net proceeds from share issuance
|
-
|
16,885
|
-
|
352,225
|
-
| |||||||||||||||
Dividends paid
|
(100,218
|
)
|
(50,104
|
)
|
-
|
(150,322
|
)
|
(7,164
|
)
| |||||||||||
Lease incentives received
|
-
|
-
|
-
|
-
|
17,500
| |||||||||||||||
Repayment of finance leases
|
(8,523
|
)
|
(8,071
|
)
|
(7,541
|
)
|
(24,215
|
)
|
(41,453
|
)
| ||||||||||
Net cash provided by (used in) financing activities
|
(112,977
|
)
|
419
|
(30,988
|
)
|
133,694
|
(81,958
|
)
| ||||||||||||
Net change
|
87,645
|
(153,728
|
)
|
26,744
|
87,360
|
(32,418
|
)
| |||||||||||||
Cash, cash equivalents and restricted cash at start of period
|
174,817
|
328,545
|
104,082
|
175,102
|
163,244
| |||||||||||||||
Cash, cash equivalents and restricted cash at end of period
|
262,462
|
174,817
|
130,826
|
262,462
|
130,826
|
(in thousands of $, except for share data)
|
Nine months ended
September 30, 2021
|
Nine months ended
September 30, 2020
| ||||||
Number of shares outstanding
| ||||||||
Balance at beginning of period
|
143,327,697
|
143,277,697
| ||||||
Shares issued
|
56,917,924
|
-
| ||||||
Distribution of treasury shares
|
190,000
|
-
| ||||||
Balance at end of period
|
200,435,621
|
143,277,697
| ||||||
Share capital
| ||||||||
Balance at beginning of period
|
7,215
|
7,215
| ||||||
Shares issued
|
2,846
|
-
| ||||||
Balance at end of period
|
10,061
|
7,215
| ||||||
Treasury shares
| ||||||||
Balance at beginning of period
|
(5,386
|
)
|
(5,669
|
)
| ||||
Share distribution
|
1,077
|
-
| ||||||
Balance at end of period
|
(4,309
|
)
|
(5,669
|
)
| ||||
Additional paid in capital
| ||||||||
Balance at beginning of period
|
979
|
715
| ||||||
Shares issued
|
349,379
|
-
| ||||||
Stock option expense
|
467
|
133
| ||||||
Transfer to contributed surplus
|
(350,671
|
)
|
-
| |||||
Balance at end of period
|
154
|
848
| ||||||
Contributed capital surplus
| ||||||||
Balance at beginning of period
|
1,732,670
|
1,739,834
| ||||||
Distributions to shareholders
|
(150,322
|
)
|
(7,164
|
)
| ||||
Transfer to contributed surplus
|
350,671
|
-
| ||||||
Balance at end of period
|
1,933,019
|
1,732,670
| ||||||
Accumulated deficit
| ||||||||
Balance at beginning of period
|
(366,722
|
)
|
(228,704
|
)
| ||||
Distribution treasury shares
|
(443
|
)
|
-
| |||||
Adjustment on adoption of ASC 326 and other
|
-
|
(234
|
)
| |||||
Net income (loss)
|
323,403
|
(163,041
|
)
| |||||
Balance at end of period
|
(43,762
|
)
|
(391,979
|
)
| ||||
Total equity
|
1,895,163
|
1,343,085
|
(in thousands of $)
|
Three months ended
September 30, 2021
|
Three months ended
June 30, 2021
|
Three months ended
September 30, 2020
|
Nine months ended
September 30, 2021
|
Nine months ended
September 30, 2020
| |||||||||||||||
Net income (loss)
|
195,329
|
104,495
|
39,061
|
323,403
|
(163,041
|
)
| ||||||||||||||
Interest income
|
(76
|
)
|
(79
|
)
|
(110
|
)
|
(330
|
)
|
(896
|
)
| ||||||||||
Interest expense
|
10,846
|
9,665
|
9,915
|
29,400
|
37,828
| |||||||||||||||
Income tax expense
|
30
|
30
|
40
|
80
|
120
| |||||||||||||||
Depreciation
|
33,299
|
30,248
|
27,631
|
90,345
|
83,712
| |||||||||||||||
Amortization of time charter party out contracts
|
45
|
(68
|
)
|
3,116
|
1,055
|
10,173
| ||||||||||||||
Earnings before Interest Taxes Depreciation and Amortization
|
239,473
|
144,290
|
79,653
|
443,953
|
(32,104
|
)
| ||||||||||||||
Impairment loss on right of use assets
|
-
|
-
|
-
|
-
|
94,233
| |||||||||||||||
Impairment loss on vessels
|
-
|
-
|
-
|
4,187
|
-
| |||||||||||||||
Gain from sale of vessels
|
(4,860
|
)
|
-
|
-
|
(4,860
|
)
|
-
| |||||||||||||
(Gain) loss on derivatives
|
(5,598
|
)
|
(14,631
|
)
|
(3,270
|
)
|
(29,254
|
)
|
20,127
| |||||||||||
Other financial items
|
637
|
799
|
359
|
673
|
10,967
| |||||||||||||||
Adjusted Earnings before Interest Taxes Depreciation and Amortization
|
229,652
|
130,459
|
76,742
|
414,699
|
93,223
|
(in thousands of $) |
Three months ended
September 30, 2021
|
Three months ended
June 30, 2021
|
Three months ended
September 30, 2020
| Nine months ended September 30, 2021 |
Nine months ended September 30, 2020 | |||||||||||||||
Total operating revenues
|
387,618
|
275,702
|
185,582
|
821,373
|
439,235
| |||||||||||||||
Add: Amortization of time charter party out contracts
|
45
|
(68
|
)
|
3,116
|
1,055
|
10,173
| ||||||||||||||
Add: Other operating income (expenses)
|
792
|
2,910
|
1,310
|
4,351
|
3,672
| |||||||||||||||
Less: Other revenues*
|
236
|
457
|
574
|
1,250
|
1,595
| |||||||||||||||
Net time and voyage charter revenues
|
388,219
|
278,087
|
189,434
|
825,529
|
451,485
| |||||||||||||||
Less: Voyage expenses & commission
|
81,734
|
62,955
|
43,935
|
183,922
|
151,640
| |||||||||||||||
Time charter equivalent income
|
306,485
|
215,132
|
145,499
|
641,607
|
299,845
|
in thousands of $, except for TCE rate and days)
|
Three months ended September 30, 2021
|
Three months ended
June 30, 2021
|
Three months ended
September 30, 2020
|
Nine months ended
September 30, 2021
|
Nine months ended
September 30, 2020
| |||||||||||||||
TCE Income Capesize vessels
|
203,449
|
144,862
|
94,571
|
424,207
|
184,739
| |||||||||||||||
TCE Income Panamax vessels and Ultramax vessels
|
103,036
|
70,270
|
50,928
|
217,401
|
115,106
| |||||||||||||||
Total Time charter equivalent income
|
306,485
|
215,132
|
145,499
|
641,608
|
299,845
| |||||||||||||||
in days
| ||||||||||||||||||||
Fleet onhire days Capesize vessels
|
5,334
|
4,932
|
4,546
|
14,835
|
13,068
| |||||||||||||||
Fleet onhire days Panamax and Ultramax vessels
|
4,166
|
3,701
|
3,578
|
10,851
|
10,635
| |||||||||||||||
Total Fleet onhire days
|
9,500
|
8,633
|
8,123
|
25,686
|
23,703
| |||||||||||||||
in $ per day
| ||||||||||||||||||||
TCE per day Capesize vessels
|
38,142
|
29,372
|
20,803
|
28,595
|
14,137
| |||||||||||||||
TCE per day Panamax and Ultramax vessels
|
24,733
|
18,987
|
14,234
|
20,035
|
10,823
| |||||||||||||||
Time charter equivalent rate
|
32,262
|
24,920
|
17,912
|
24,979
|
12,650
|
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Disclaimer
Golden Ocean Group Limited published this content on 24 November 2021 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 24 November 2021 21:09:03 UTC.