Golden Ocean reports Q4 EPS 32c, consensus 27c

Reports Q4 revenue $254.21M, consensus $193.12M. Lars-Christian Svensen, CEO, commented: “The Company’s large, modern fleet has been predominantly exposed to the spot market, resulting in strong performance in the fourth quarter of 2023 and thus far in 2024. The market for large size dry bulk vessels continues to outperform the broader freight market due to increasing tonne-mile demand for various key commodities, including iron ore, coal, and bauxite. We have entered 2024 with strong demand in Asia and a broad-based global economic recovery underway, creating an overall healthy demand picture. Fleet growth, particularly in the Capesize segment, remains at historically low levels, and the global fleet is trading at historically high efficiency levels. The Company maintains a positive outlook, and with no unfunded capex or near-term debt maturities, we are well positioned to continue to return value to our shareholders through dividends. Golden Ocean has now paid a dividend for 11 consecutive quarters, demonstrating the Company’s potential as well as the resilience of its performance in weaker market conditions.”