Golden Ocean Registers 1.5% Sequential Revenue Decline In Q4

Golden Ocean Group Ltd GOGL reported a fourth-quarter FY21 revenue increase of 126% year-over-year to $381.81 million. Revenues declined 1.5% from 3Q21.
EPS improved to $1.01 from $0.18 in 4Q20.
The company recorded a net operating income of $204.39 million versus $27.99 million a year ago; and a margin of 53.5%, compared to 16.6% a year ago.
Adjusted EBITDA increased to $243.54 million from $59.33 million a year ago, and margin expanded to 63.8%, from 35.2% a year ago.
Additionally, Golden Ocean declared a cash dividend of $0.90 per share, payable on or about March 10, 2022, to shareholders of record on March 3, 2022.
TCE rates for Capesize and Panamax/Ultramax vessels were $39,304 per day and $29,635 per day, respectively, and $35,256 per day for the whole fleet in Q4.
Golden Ocean generated cash from operating activities of $560.39 million in FY21, compared to $140.64 million in FY20.
As of December 31, 2021, the company held cash and equivalents of $210 million, including restricted cash balances of $13 million.
Charter hire expenses were $11.2 million in Q4 compared to $31.2 million in Q3.
1Q22 Outlook: Golden Ocean's estimated TCE rates for the quarter are $26,100 per day for 75% of available days for Capesize vessels and $21,100 per day for 72% of available days for Panamax vessels.
For Q2, the company has secured 22% of total days at an average rate of $31,400 per day for Capesize vessels and 14% of total days for Panamax vessels at an average rate of $22,700 per day.
Price Action: GOGL shares are trading lower by 0.52% at $11.48 during the premarket session on Wednesday.

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