- Golden Ocean Group Ltd GOGL reported a second-quarter FY21 revenue increase of 137.2% year-over-year to $275.7 million, beating the consensus of $207.05 million.
- Revenues increased 63% from 1Q21, positively impacted by a decrease in the number of drydocking.
- EPS improved to $0.52 from $(0.29) in 2Q20, beating the consensus of $0.46.
- The company recorded a Net operating income of $97.37 million versus $(20.15) million a year ago.
- Golden Ocean generated cash from operating activities year-to-date of $140.76 million, compared to $11.21 million last year.
- Adjusted EBITDA increased to $130.46 million from $4.2 million a year ago, and margin expanded by 4,371 bps to 47.3%.
- TCE rates for Capesize and Panamax/Ultramax vessels were $29,372 per day and $18,987 per day, respectively.
- TCE rate for the fleet was $24,920 per day in Q2, compared with $15,886 per day in 1Q21.
- Charter hire expenses increased to $33.2 million in Q2 from $13.9 million in 1Q21.
- The company’s cash, cash equivalents, and restricted cash stood at $174.8 million as of June 30, 2021.
- Additionally, Golden Ocean declared a Q2 cash dividend of $0.50 per share, payable September 20, 2021, for shareholders of record date September 10, 2021.
- Q3 Outlook: Estimated TCE rates are ~$33,500 per day contracted for 71% of the available days for Capesize vessels and ~$22,900 per day contracted for 92% of the available days for Panamax vessels.
- The company expects the spot TCEs for Q3 to be lower than the TCEs currently contracted.
- Price Action: GOGL shares are trading higher by 0.47% at $10.78 during the premarket session on Thursday.
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