Golden Ocean Clocks 15% Revenue Growth In Q2

Golden Ocean Group Ltd GOGL reported a second-quarter FY22 revenue increase of 14.9% year-over-year to $316.66 million. EPS improved to $0.81 from $0.52 in 2Q21.
The company recorded a net operating income of $155.77 million versus $97.37 million a year ago; and a margin of 49.2%, compared to 35.3% a year ago.
Golden Ocean generated cash from operating activities year-to-date of $279.1 million, compared to $140.76 million a year ago.
Adjusted EBITDA increased to $191.6 million from $149.4 million a year ago, and the margin expanded to 60.5% from 54.2% a year ago.
It reported TCE rates for Capesize and Panamax/Ultramax vessels of $30,661 per day and $27,581 per day, respectively. Reported TCE rate for the total fleet of $29,431 per day
Dividend: Golden Ocean declared a cash dividend of $0.60 per share, payable on or about September 14, 2022, to shareholders of record on September 7, 2022.
The company had cash and equivalents of $168.3 million as of June 30, 2022. Cash provided by operating activities amounted to $155.5 million for the quarter.
The book value of long-term debt was $1.197 billion, including the current portion of long-term debt of $96.1 million.
Outlook: For 3Q22, Golden Ocean's estimated TCE rates are $27,900 per day for 80% of Capesize available days and $27,100 per day for 96% of Panamax available days.
"Despite recent weakness in freight rates caused by easing port congestion and the contraction in China's economy due, in part, to its "zero COVID" policy, our market outlook remains optimistic," commented CEO Ulrik Andersen.
Price Action: GOGL shares are trading higher by 3.67% at $10.88 on the last check Thursday.

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