GOGL - Fourth Quarter and preliminary Year End 2013 Results

Highlights

·           Golden Ocean generates fourth quarter 2013 EBITDA* of $32.0 million
·           Golden Ocean reports profit of $18.1 million for the fourth quarter of 2013
·           Golden Ocean announces dividends of $ 0.025 per share for the fourth quarter of 2013
·           The Company received upfront charter payment of $14.1 million in December related to three vessels
·           The Company issued a $200 million Convertible Bond in January 2014
·           The Company acquired three 2012-built Kamsarmaxes in February 2014

*EBITDA is equal to operating profit plus depreciations (including impairment related to vessels) and amortisation.

Fourth Quarter and preliminary Year End 2013 Results

Golden Ocean Group Limited (the "Company" or "Golden Ocean") reports profit of $18.1 million and earnings per share of $0.04 for the fourth quarter of 2013. This compares with profit and earnings per share of $16.1 million and $0.04 respectively for the third quarter of 2013. Total operating revenues for the fourth quarter were $71.0 million; total operating expenses were $54.6 million and other gains/(losses) net were positive with $5.6 million. Net financial items were negative with $3.7 million.

The Company reports a profit of $84.5 million and earnings per share of $0.19 for the full year 2013. Total operating revenues were $308.9 million, total operating expenses were $225.1 million and other gains/(losses) net were positive with $11.4 million. Net financial items for the year ended December 31, 2013 were negative with $10.6 million.

The profit for the period of $18.1 million is an increase of $2.0 million compared to last quarter. The operating revenues decreased by $7.8 million, and the operating expenses decreased by $7.6 million. This is mainly explained by lower activity on short term trading in the quarter. Total other gains/(losses) net increased by $0.1 million. Net operating income is $21.9 million, which is $0.1 million lower than previous quarter. Net financial items of $3.7 million are $2.3 million higher than in third quarter. This is mainly related to changes in fair value of the Company's interest rate hedges.

Cash and cash equivalents increased by $19.7 million during the quarter. The Company generated cash from operating activities of $32.0 million during the quarter and reduced restricted cash with $1.3 million. The Company paid $20.2 million related to the purchase of Golden Diamond, other predelivery costs and capitalized dry-dock expenses on Golden Ice. In October the Company invested $10.0 million in Greenship Bulk Trust. The Company received $17.6 million from Joint Ventures for the sale of Golden Azalea and financing of Golden Opus and thereby took the investment in Joint Ventures down during the quarter. Financing activities were negative with $2.4 million in the quarter.
The full report is available in the link below.

February 25, 2014
The Board of Directors
Golden Ocean Group Limited
Hamilton, Bermuda

Questions should be directed to: 
Herman Billung: CEO Golden Ocean Management AS
+47 22 01 73 41

Per Heiberg: Acting CFO Golden Ocean Management AS
+47 22 01 73 45