Golden Ocean Group Limited (NASDAQ:GOGL) Q2 2023 Earnings Conference Call August 29, 2023 9:00 AM ET
Company Participants
Lars-Christian Svensen - Interim CEO
Peder Simonsen - Chief Financial Officer
Conference Call Participants
Omar Nokta - Jefferies
Operator
Good day, and thank you for standing by. Welcome to the Second Quarter 2023 Golden Ocean Group Limited Earnings Conference Call. [Operator Instructions] Please be advised today's conference is being recorded.
I would now like to hand the conference over to your speaker today, Lars-Christian Svensen. Please go ahead, sir.
Lars-Christian Svensen
Hello and good afternoon from Oslo. My name is Lars-Christian Svensen, and I'm the interim CEO of Golden Ocean. Today, CFO, Peder Simonsen and I will guide you through our Q2 numbers and share our views on the market going forward.
We start with the highlights for Q2. Our adjusted EBITDA in the second quarter came in at $80.4 million compared to $54.7 million in the first quarter of 2023. The net profit amounted to $34.9 million and earnings per share of $0.17. This compared to a net loss of $8.8 million and loss per share of $0.04 in the first quarter.
Our TCE rates for Capesize and Panamax vessels were $19,100 per day and $15,600 per day, respectively. This amounts to a fleet-wide average net TCE of $17,660 per day. For the third quarter, we have secured a net TCE of $18,300 per day for 79% of the Capesize days and $13,510 for 98% of the Panamax days. For the fourth quarter, we have secured a net TCE of $21,500 per day for 34% of the Capesize days and $16,500 per day for 26% of the Panamax days.
We also welcomed new additions to the fleet with six of our 10, 85,000 deadweight Kamsarmax newbuildings being delivered and six modern Newcastlemax vessels which have commenced on contract with a Brazilian iron ore miner. We entered into two credit facilities of an aggregate amount of $120 million, part financing the six new buildings at a highly competitive terms. And last but not least, we announced a dividend of $0.10 per share for the second quarter of 2023.
I will now pass the word over to Peder.
Peder Simonsen
Thank you, Lars-Christian. If we move to Slide 5 and our P&L, we can start looking at our revenues. As Lars-Christian mentioned, we achieved a TCE rate of $19,100 for our Capes and $15,600 for our Panamax and Ultramax fleet.