GOGL - Golden Ocean GAAP EPS of -$0.04 misses by $0.02 revenue of $196.5M beats by $88.72M

2023-05-16 02:19:14 ET

• Golden Ocean press release ( NASDAQ: GOGL ): Q1 GAAP EPS of -$0.04 misses by $0.02 .
• Revenue of $196.5M (-25.9% Y/Y) beats by $88.72M .
• The Company achieved an average TCE rate for the fleet of $14,929 per day in the first quarter of 2023 compared to that of $20,421 per day in the fourth quarter of 2022.
• Adjusted EBITDA was $54.7 million for the first quarter of 2023, a decrease of $57.7 million from $112.4 million for the fourth quarter of 2022.
• Three vessels were in drydock during the first quarter of 2023 compared to two vessels in drydock during the fourth quarter of 2022, resulting in an increase in off-hire days from 120 days in the fourth quarter of 2022 to 146 days in the first quarter of 2023.
• Outlook: Estimated TCE rates, inclusive of charter coverage calculated on a load-to-discharge basis, are approximately:
• $20,010 per day for 74% of Capesize available days and $14,600 per day for 76% of Panamax available days for the second quarter of 2023.
• $22,300 per day for 26% of Capesize days and $19,600 per day for 38% of Panamax days for the third quarter of 2023.

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