Golden Ocean Q3 2023


  • Operating revenue of $221.7M
  • Net income of $28.7M
  • TCE average for entire fleet $17076 daily (much higher than qtr-to-date during Q2 report)
  • Dividend of 10c/sh

GOGL also repurchased some shares, took delivery of two additional newbuilds and arranged financing for the new vessels. In Oct 2024, exercised option on Supramax vessel and subsequently sold the vessel fir a tidy profit. Cape TCE avg of $18,173 daily is probably a combination of good mgmt and fleet mix (# of Newcastlemax + age of vessels)`


More details on the Supramax sale–

Also mentioned is the sale of another vessel - Golden Bull.
Given GOGL is taking delivery of newer Kamsarmax vessels, it makes some sense to trim older Panamax tonnage (though one could argue that a 2012-build isn’t that old). Don’t think I have seen Golden Bull on ship broker reports yet.