Brief: Golden Ocean Group Q2 Adjusted EBITDA Falls To $21.5 Million

Golden Ocean

15/08/2019 07:24

Aug 15 (Reuters) - Golden Ocean Group Ltd  GOGL.O :
    * REG-GOGL – SECOND QUARTER 2019 RESULTS
    * Q2 LOSS PER SHARE $0.23
    * Q2 EARNINGS PER SHARE ESTIMATE $-0.15 -- REFINITIV IBES
DATA
    * ADJUSTED EBITDA OF $21.5 MILLION FOR Q2 OF 2019, COMPARED
WITH
$36.0 MILLION FOR Q1 OF 2019
    * NET LOSS OF $33.1 MILLION AND LOSS PER SHARE OF $0.23 FOR
Q2 OF
2019
    * FOLLOWING A WEAK FIRST HALF OF YEAR, Q3 HAS STARTED OFF ON
A
VERY STRONG NOTE
    * INCREASED IRON ORE VOLUMES AND SUPPLY IMBALANCES, COMBINED
WITH
FEWER VESSELS IN MARKET DUE TO SCRUBBER INSTALLATIONS HAVE LED
TO A DRAMATIC TURNAROUND IN MARKET, WHICH WE EXPECT WILL IMPROVE
OUR Q3 RESULTS
    * ANNOUNCES CASH DIVIDEND OF $0.10 PER SHARE FOR Q2 OF 2019
    * UPCOMING IMO2020 REGULATIONS ARE WIDELY EXPECTED TO
POSITIVELY
IMPACT MARKET AND CREATE A FURTHER COMPETITIVE ADVANTAGE FOR
OWNERS WITH MODERN, FUEL-EFFICIENT FLEETS
    * WEAK Q2 RESULTS WERE NEGATIVELY IMPACTED BY LOSSES ON OUR
PORTFOLIO OF DERIVATIVES OF $13.3 MILLION
    * FALLING U.S. FORWARD INTEREST RATES AFFECTED OUR INTEREST
RATE
HEDGES AND IMPROVEMENT IN FREIGHT RATES LATE IN QUARTER
PARTIALLY REVERSED UNREALIZED GAINS ON OUR FFA HEDGES IN
PREVIOUS QUARTERS
    * Q2 2018 FIGURES AS OF AUG 17, 2018: ADJUSTED EBITDA $54.0
MILLION; EPS $0.06; NET INCOME $9.0 MILLION
    * WE ARE CONFIDENT THAT THE INVESTMENTS WE ARE UNDERTAKING
WILL
PROVIDE ADDITIONAL CASH FLOW BENEFITS HEADING INTO 2020.

Source text for Eikon:  ID:nGNE5Z2Phq 
Further company coverage:  GOGL.O 

 (Gdynia Newsroom)
 ((gdynia.newsroom@thomsonreuters.com; +48 58 772 0920;))