Golden Ocean Group Limited, a leading owner of large size dry bulk vessels, announced its unaudited results for the quarter ended March 31, 2022 on Thursday (May 19).
Highlights
Estimated TCE rates inclusive of charter coverage calculated on a load-to-discharge basis, are approximately:
Ulrik Andersen, Chief Executive Officer, commented:
“Golden Ocean delivered another strong quarter on the back of a firm Panamax market and a high degree of contract coverage for our Capesize fleet secured at attractive levels last year.
With the anticipated strengthening of the freight market in the second half of the year, we expect to generate significant cash flows. Given our strong balance sheet and low debt, our capital allocation strategy will continue to focus on returning capital to our shareholders.
Although the global recovery from the COVID-19 pandemic faces numerous new challenges, we maintain an optimistic outlook due to healthy forecasted demand growth and an extremely favorable fleet supply dynamic. Fleet growth is slowing significantly, and new environmental regulations will both reduce effective fleet supply and create a further competitive advantage for Golden Ocean due to our fleet’s scale, modernity and fuel efficiency.”
