December 5, 2021

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A billion dollars in profits in the golden ocean |  finansavisin

A billion dollars in profits in the golden ocean | finansavisin


Golden Ocean Group, a Fredriksen-listed dry cargo carrier, had a record third-quarter result paying $0.85 per share. share in the profits.

That means a direct return of 10 percent based on the stock’s closing price on the Oslo Stock Exchange on Tuesday.

Net profit for the three-month period was $195.3 million, equivalent to 1.74 billion Norwegian kroner, or $0.97 per share. a job. This is five times more than the same period last year.

When the dividend paid earlier this year is added, the dividend after the third quarter means that a total of $321 million will be sent to Golden Ocean owners this year.

The Golden Ocean Group’s share has risen 74.5 percent to NOK 71.95 since the beginning of the year. At most, at the beginning of September, it was trading at 105.80 kr.

Better in the fourth quarter

Ulrik Uhrenfeldt Andersen, Director of Fredriksen Dry Freight, says he is very pleased with the strong result.

And while the spot market for large bulk carriers has weakened compared to record highs this fall—at most prices reaching $85,000 a day—it’s still a very good business moving coal, coke, ore and grain.

average income per . PR ship. Today is higher so far in the fourth quarter than in the July-September three-month period.

Capesize ships operated by Golden Ocean sailed with a daily average of $38,142 in the third quarter. So far, about 82 percent of production capacity in the fourth quarter has secured shipping to about $41,900 per day.

For the Panamax portion of the fleet, the corresponding figures are 24,733 and $27,300 each. Ships daily. The latter applies to 82 percent of the available sailing days for this segment of the fleet from October to December.

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Waiting for the jumps after the Olympics

Portions of the fleet are also well-priced insured cargoes in the first quarter, traditionally the weakest for dry-shippers. As of today, 30 percent of capacity is leased in January-March for approximately $33,200 per day, while 36 percent of the Panamax fleet is leased at $24,150 per day. PR ship. day.

The dry freight market weakened in line with lower steel production in China ahead of the Winter Olympics in February.

However, Uhrenfeldt Andersen predicts that steel production in and iron ore imports into China will pick up again when the Winter Olympics are over.

Regarding the record shutdown of capital jobs in October, he says these were primarily driven by demand for coal.

Neither we nor anyone else expected that these were the levels that should be maintained. Today, the capital market corrected and is now at $33,000 per day. He says it’s $20,000 more than our rate of necessity to run that part of the fleet in cash.

(dollar mill) 3.kv. / 21 3. palm / 20
operating revenue 387,6 185,6
Playback result 190 48,3
Precision. before taxes 195,4 39,1
consequences 195.3 39,1

Golden Ocean Group Ltd.

  • The dry cargo shipping company was founded in 1996 and merged with another Frederiksen company, Knightsbridge, in 2015.
  • The company is registered in Bermuda but operates out of Oslo.
  • It has a total fleet of 99 ships, with the capesize class being the main focus with 56 ships including 10 newcastlemax carriers, 40 camsarmax/panamax ships and 3 ultramax ships.
  • It is controlled by John Fredriksen through the investment firm Hemen Holding.
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