Golden Ocean Group Limited

Thank you for standing by. Welcome to the first quarter 2025 Golden Ocean Group earnings conference call and webcast. At this time, all participants are in listen-only mode. After the speaker's presentation, there will be the question and answer session. To ask a question during the session, you need to press star 1 1 on your telephone keypad. You will then hear an automatic message advising your hand is raised. To withdraw a question, please press star 1 1 again. Please be advised that today's conference is being recorded. I would now like to hand the conference over to our speaker today, Peter Simonsen, CEO. Please go ahead.

Good afternoon, and welcome to the Golden Ocean Q1 2025 release. My name is Peter Simonsen, and I'm the CEO and CFO of Golden Ocean. I will today present the Q1 2025 for numbers and forward outlook. In the first quarter of 2025, we have the following main highlights. Our adjusted EBTA in the first quarter ended up at 12.7 million compared to 69.9 million in the fourth quarter. We recorded a net loss of 44.1 million and a loss per share of 22 cents compared to a net income of 39 million and earnings per share of 20 cents in the fourth quarter. Our TCE rates were about $16,800 per day for cape sizes and about $10,400 per day for Panamax vessels, and a fleet-wide net TCE of about $14,400 per day for the quarter. We continue our intensive dry docking program, recording dry docking costs of $38.3 million for 380 dry docking days in Q1, compared to $34.3 million in Q4 relating to 320 dry docking days. Following the share purchase by CNB Tech of close to 50% of the shares in Golden Ocean, a contemplated share-for-share merger between Golden Ocean and CNB Tech was announced after quarter end. In line with our fleet renewal strategy, we have entered into agreements for the sale of two older Camps Max vessels at attractive prices. For Q2, we have fixed a net TCE of about $19,000 per day for 69% of Cape size days and about $11,100 per day for 81% of our Panamax days. For Q3, we have fixed a net TCE of about $20,900 per day for 16% of Cape size days and about 12,900 per day for 38% of Panamax days. Finally, we declare a dividend of 5 cents per share for the first quarter of 2025.

Let's look a little bit closer into the numbers.