Golden Ocean Group Limited (NASDAQ:GOGL) Q4 2023 Earnings Conference Call February 28, 2024 9:00 AM ET
Company Participants
Lars-Christian Svensen - Chief Executive Officer
Peder Simonsen - Chief Financial Officer
Conference Call Participants
Emily Harkins - Jefferies LLC
Operator
Good day, and thank you for standing by. Welcome to the Q4 2023 Golden Ocean Group Limited Earnings Conference Call and Webcast. At this time, all participants are in a listen-only mode. After the speakers' presentation, there will be a question-and-answer session. [Operator Instructions] Please be advised that today's conference is being recorded.
I would now like to hand the conference over to your first speaker today, Lars-Christian Svensen, CEO. Please go ahead.
Lars-Christian Svensen
Good day, and welcome to the Golden Ocean Q4 2023 release. My name is Lars-Christian Svensen, and I'm the CEO of Golden Ocean. Today, our CFO, Peder Simonsen, and I will guide you through our Q4 numbers, recent activities and our forward outlook.
Here are the highlights for the fourth quarter of 2023. Our adjusted EBITDA in the fourth quarter ended up at $123.2 million compared to $78.9 million in the third quarter. We delivered an adjusted net income of $64.6 million and adjusted earnings per share of $0.32 compared with an adjusted net income of $22 million and earnings per share of $0.11 for the third quarter.
Our TCE rates for Capesize and Panamax vessels were $25,176 per day and $16,738 per day, respectively. That took us to combined fleet-wide net TCE of about $22,000 per day. For Q1, we have secured a net TCE of $25,000 per day for 74% of the Capesize days and $15,400 per day for the 84% of the Panamax days. For Q2, we have a net TCE of $25,000 per day for 25% of the Capesize days, and $14,200 per day for 19% of the Panamax days.
During the quarter, we have agreed to sell one Panamax for a net consideration of $15.8 million and received a financial commitments for an aggregate amount of $625 million at highly attractive terms. We continue to prioritize dividends, and we are pleased to declare a dividend of $0.30 per share for the fourth quarter of 2023.
I will now pass the word over to Peder.
Peder Simonsen
Thank you, Lars-Christian. If you move to our profit and loss on Slide 5. We recorded a fleet-wide TCE rate of $22,000 in Q4, up from $17,000 in Q3. Our full-year fleet-wide TCE rate for 2023 ended up $17,900. We had two ships dry docked in Q4, the same as Q3, contributing to about 109 days off-hire in Q4 versus 115 days in Q3.