Golden Ocean Group Limited (NASDAQ:GOGL) Q1 2024 Earnings Conference Call May 22, 2024 9:00 AM ET
Company Participants
Lars-Christian Svensen - CEO
Peder Simonsen - CFO
Conference Call Participants
Sherif Elmaghrabi - BTIG
Omar Nokta - Jefferies
Operator
Good day, and thank you for standing by. Welcome to the First Quarter 2024 Golden Ocean Group Limited Earnings Conference Call. 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 speaker today, Lars-Christian. Please go ahead.
Lars-Christian Svensen
Good day, and welcome to the Golden Ocean Q1 2024 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 Q1 numbers, forward outlook and activities within the Golden Ocean Group. Here are the highlights for the first quarter of 2024. Our adjusted EBITDA in the first quarter of 2024 ended up at $114.3 million compared to $123.2 million in the fourth quarter of 2023. We delivered a net income of $65.4 million and earnings per share of $0.33 compared to a net income of $57.5 million and earnings per share of $0.29 for the fourth quarter of 2023.
Our TCE rates for Capesize and Panamax vessels were about $27,200 per day and about $15,000 per day, respectively. In conclusion the combined fleet-wide net TCE of about $22,600 per day for the quarter. For Q2, we have secured a net TCE of $27,200 per day for 75% of the Capesize days and about $14,500 per day for 82% of the Panamax days. For Q3 we have locked in a net TCE of $25,200 per day for 24% of the Capesize days, and about $20,500 per day for 41% of the Panamax days.
With a strong result in Q1 where we were able to capitalize on our commercial strategy in full, we are pleased to prepare a dividend of $0.30 per share for this first quarter of 2024. Peder will now guide you through our numbers in detail. Over to you Peder.
Peder Simonsen
Thank you Lars-Christian. If you move to Slide 5 and look at our P&L for the quarter, we achieved strong commercial performance in an unusually healthy freight market for the season. Our Capes came in at the 27,200 and Panamaxes achieved 15,000 in TCE rates for the quarter which resulted in a total fleet wide TCE rate of 22,600, up from 23,000 in Q4 2023. We drydocked two ships in Q1 which is the same as in Q4, contributing to approximately 97 days offhire versus 109 days offhire in Q4. We have three ships scheduled for drydock in Q2 2024 of which two vessels have been completed as of this report. This resulted in net revenues of 196.7 and changed quarter-on-quarter as stronger TCE performance was offset by fewer vessel days.