GOGL Q4 2024 initial results

Industry Discussions Shipping News
1

Early in Europe - Golden Ocean (GOGL) results trickling in

  • Operating rev of $211M
  • Adjusted EBITDA $69.9M
  • Net Income of $39M
  • TCE (daily) Cape caregory $24,656 Panamax category $14,771
  • Exercised option on 8 Cape vessels leased from SFL (Q1 2025 event)

The Q4 2024 Cape category avg rate seem above-average. That could be due to the company having a fair number of Newcastlemax vessels that helped boost the category average. Panamax rate decent, likely slightly profitable. GOGL also participated in a share buy-back, but not really at a major discount. Good back-stop marker.
[Edit: There was also a dividend comment. Though lowered, 15c/sh still represents a decent payout. ]

5 Likes
2

I did not realize until today (02/26) that Star Bulk Carriers (SBLK) had reported their Q4 2024 results already. SBLK reported last week.
SBLK has a lot of vessels in its fleet, including vessels in the Ultramax/Supramax category. That might explain the SBLK fleetwide TCE of $16,129 daily. GOGL managed TCE > $20,000 daily.

That said, SBLK do provide a breakdown of charter rates by category for Q1 2025 (Slide 14). SBLK’s Cape TCE is higher than GOGL, while the Panamax is almost even.