Gold bars to be exempt from tariffs, White House clarifies
Investing.com -- Golden Ocean Group Limited (NASDAQ:GOGL), the world’s largest listed owner of large dry bulk vessels, reported a net loss of $44.1 million for the first quarter of 2025, missing analyst estimates and sending its stock down 3.6%.
The company posted a loss per share of $0.22, $0.05 worse than the analyst estimate of $0.17. This compares to net income of $39.0 million and earnings per share of $0.20 in the fourth quarter of 2024. Golden Ocean cited a weaker market environment, softer charter rates, and lower trading activity as factors impacting its performance. The company also noted an intensive drydocking schedule, with $38.4 million in drydocking expenses recorded in Q1.
Adjusted EBITDA for the quarter was $12.7 million, down significantly from $69.9 million in the previous quarter. The company reported Time Charter Equivalent (TCE) rates of $16,827 per day for Newcastlemax/Capesize vessels and $10,424 per day for Kamsarmax/Panamax vessels, with a fleet-wide average of $14,409 per day.
CEO Peder Simonsen commented on the results, stating, "Our first quarter results reflect a weaker market environment, with softer charter rates and lower trading activity impacting our performance, in addition to our current intensive drydocking schedule."
Despite the challenging quarter, Golden Ocean remains optimistic about the medium-term outlook for dry bulk shipping, particularly in the Capesize segment. The company cited limited fleet growth, shifting trade patterns, and infrastructure-led demand in key regions as supportive factors.
Golden Ocean announced a cash dividend of $0.05 per share for the first quarter, payable on June 17, 2025, to shareholders of record on June 5, 2025.
Looking ahead, the company provided estimated TCE rates for the second quarter of 2025, with $19,000 per day for 69% of Newcastlemax/Capesize available days and $11,100 per day for 81% of Kamsarmax/Panamax available days.
This article was generated with the support of AI and reviewed by an editor. For more information see our T&C.