First take of Q2 2024 results
- Rev of $250.1M
- Net Income of $62.5M
- TCE daily: Cape $28K, Panamax $15.7K
- Dividend of 30c/sh
At first glance, I was very impressed with the Cape category than the Panamax category. That said, after a deeper thought, it isn’t a Cape size avg, but a Cape category avg (Capes, Newcastlemaxes too). Since GOGL have additional Newcastlemaxes, the avg should indeed be higher. So how do I see it?
Well, my avg expectation of Capes was around $21K - $22K (maybe $23K - $24K with Newcastlemaxes). So, definitely $28K is certainly a nice rate, and above avg. But certainly, with “grades” of “above-average”< I would say mid-grade “above average”. Panamax has the same issue in that the category has newer Karmsarmax vessels in the catgory. In that sense, larger vessels in the category should lift the category more.
The initial thoughts stand