o | REGISTRATION STATEMENT PURSUANT TO SECTION 12(b) OR (g) OF THE SECURITIES EXCHANGE ACT OF 1934 |
OR | |
x | ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 |
For the fiscal year ended December 31, 2024 | |
OR | |
o | TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 |
OR | |
o | SHELL COMPANY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 |
Date of event requiring this shell company report _______________________________ |
For the transition period from ____ to ____. | |
Commission file number | 000-29106 |
Golden Ocean Group Limited |
(Exact name of Registrant as specified in its charter) |
(Translation of Registrant's name into English) |
Bermuda |
(Jurisdiction of incorporation or organization) |
Par-la-Ville Place, 14 Par-la-Ville Road, Hamilton, Bermuda, HM 08 |
(Address of principal executive offices) |
James Ayers, Telephone: (1) 441 2956935, Facsimile: (1) 441 295 3494, Par-la-Ville Place, 14 Par-la-Ville Road, Hamilton, HM 08, Bermuda |
(Name, Telephone, E-mail and/or Facsimile number and Address of Company Contact Person) |
Title of each class | Trading Symbol | Name of each exchange on which registered |
Common Shares, Par Value $0.05 Per Share | GOGL | NASDAQ Global Select Market |
None |
(Title of Class) |
None |
(Title of Class) |
Yes x | No o |
Yes o | No x |
Yes x | No o |
Yes x | No o |
Large accelerated filer x | Accelerated filer o |
Non-accelerated filer o | Emerging growth company ☐ |
U.S. GAAP x | International Financial Reporting Standards as issued by the International Accounting Standards Board o | Other o |
Item 17 o | Item 18 o |
Yes ☐ | No ☒ |
Vessel | Built | DWT | Flag | Type of Employment | ||||
Newcastlemax - Owned | ||||||||
Golden Scape | 2016 | 211,122 | HK | Index linked time charter | ||||
Golden Swift | 2016 | 211,135 | HK | Index linked time charter | ||||
Golden Walcott | 2017 | 207,999 | MI | Time charter | ||||
Golden Coral | 2019 | 208,400 | MI | Spot market | ||||
Golden Champion | 2019 | 208,391 | MI | Spot market | ||||
Golden Confidence | 2019 | 208,399 | MI | Spot market | ||||
Golden Competence | 2019 | 208,397 | MI | Spot market | ||||
Golden Comfort | 2020 | 208,385 | MI | Spot market | ||||
Golden Courage | 2020 | 208,395 | MI | Spot market | ||||
Golden Skies | 2020 | 210,896 | MI | Index linked time charter | ||||
Golden Spirit | 2020 | 210,866 | MI | Index linked time charter | ||||
Golden Saint | 2020 | 211,138 | MI | Spot market | ||||
Golden Earl | 2020 | 207,999 | MI | Time charter | ||||
Golden Duke | 2020 | 207,999 | MI | Time charter | ||||
Golden Emerald | 2020 | 207,999 | MI | Time charter | ||||
Golden Spray | 2021 | 210,667 | MI | Index linked time charter | ||||
Golden Aquamarine | 2021 | 207,999 | MI | Time charter | ||||
Golden Sapphire | 2021 | 207,999 | MI | Time charter | ||||
3,764,185 | ||||||||
Capesize - Owned | ||||||||
Golden Myrtalia | 2011 | 177,979 | MI | Index linked time charter | ||||
Golden Anastasia | 2014 | 179,189 | MI | Spot market | ||||
Golden Houston | 2014 | 181,214 | MI | Spot market | ||||
Golden Kaki | 2014 | 180,600 | MI | Spot market | ||||
KSL Salvador | 2014 | 180,958 | HK | Index linked time charter | ||||
KSL San Francisco | 2014 | 181,066 | HK | Index linked time charter | ||||
KSL Santiago | 2014 | 181,020 | HK | Spot market | ||||
KSL Santos | 2014 | 181,055 | HK | Index linked time charter | ||||
KSL Sapporo | 2014 | 180,960 | HK | Index linked time charter | ||||
KSL Seattle | 2014 | 181,015 | HK | Index linked time charter | ||||
KSL Singapore | 2014 | 181,062 | HK | Index linked time charter | ||||
KSL Sydney | 2014 | 181,009 | HK | Index linked time charter | ||||
Golden Amreen | 2015 | 179,337 | MI | Spot market | ||||
Golden Aso | 2015 | 182,472 | HK | Spot market | ||||
Golden Finsbury | 2015 | 182,481 | HK | Spot market | ||||
Golden Kathrine | 2015 | 182,486 | HK | Index linked time charter | ||||
KSL Sakura | 2015 | 181,062 | HK | Spot market | ||||
KSL Seoul | 2015 | 181,010 | HK | Spot market | ||||
KSL Seville | 2015 | 181,003 | HK | Spot market | ||||
KSL Stockholm | 2015 | 181,043 | HK | Index linked time charter | ||||
Golden Barnet | 2016 | 180,355 | HK | Index linked time charter | ||||
Golden Behike | 2016 | 180,491 | MI | Index linked time charter | ||||
Golden Bexley | 2016 | 180,229 | HK | Index linked time charter | ||||
Golden Fulham | 2016 | 182,610 | HK | Index linked time charter | ||||
Golden Monterrey | 2016 | 180,513 | MI | Index linked time charter | ||||
Golden Nimbus | 2017 | 180,503 | MI | Index linked time charter | ||||
Golden Savannah | 2017 | 181,044 | HK | Spot market | ||||
Golden Surabaya | 2017 | 181,046 | HK | Index linked time charter | ||||
Golden Arcus | 2018 | 180,478 | MI | Index linked time charter | ||||
Golden Calvus | 2018 | 180,521 | MI | Index linked time charter | ||||
Golden Cirrus | 2018 | 180,487 | MI | Spot market | ||||
Golden Cumulus | 2018 | 180,499 | MI | Index linked time charter | ||||
Golden Incus | 2018 | 180,512 | MI | Index linked time charter | ||||
5,967,309 | ||||||||
Capesize - Operating Lease - Related Party, SFL | ||||||||
KSL China | 2013 | 179,109 | MI | Index linked time charter | ||||
179,109 | ||||||||
Capesize - Finance Lease - Related Party, SFL | ||||||||
Battersea | 2009 | 169,391 | MI | Spot market | ||||
Belgravia | 2009 | 169,931 | MI | Spot market | ||||
Golden Magnum | 2009 | 179,788 | HK | Spot market | ||||
Golden Beijing | 2010 | 175,820 | HK | Spot market | ||||
Golden Future | 2010 | 175,861 | HK | Spot market | ||||
Golden Zhejiang | 2010 | 175,837 | HK | Spot market | ||||
Golden Zhoushan | 2011 | 175,853 | HK | Spot market | ||||
1,222,481 |
Kamsarmax - Owned | ||||||||
Golden Arion | 2011 | 82,188 | MI | Spot market | ||||
Golden Ioanari | 2011 | 81,827 | MI | Spot market | ||||
Golden Jake | 2011 | 82,188 | MI | Spot market | ||||
Golden Daisy | 2012 | 81,507 | MI | Spot market | ||||
Golden Ginger | 2012 | 81,487 | MI | Spot market | ||||
Golden Keen | 2012 | 81,586 | MI | Spot market | ||||
Golden Rose | 2012 | 81,585 | MI | Spot market | ||||
Golden Sue | 2013 | 84,943 | MI | Time charter | ||||
Golden Deb | 2013 | 84,970 | MI | Time charter | ||||
Golden Kennedy | 2015 | 84,978 | MI | Spot market | ||||
Golden Fortune | 2020 | 81,210 | MI | Spot market | ||||
Golden Fellow | 2020 | 81,135 | MI | Spot market | ||||
Golden Frost | 2020 | 80,558 | MI | Spot market | ||||
Golden Forward | 2021 | 81,130 | MI | Spot market | ||||
Golden Friend | 2021 | 81,206 | MI | Spot market | ||||
Golden Freeze | 2021 | 80,578 | MI | Spot market | ||||
Golden Fast | 2021 | 80,573 | MI | Spot market | ||||
Golden Furious | 2021 | 80,595 | MI | Spot market | ||||
Golden Star | 2023 | 84,988 | MI | Spot market | ||||
Golden Soul | 2023 | 84,988 | MI | Spot market | ||||
Golden Lion | 2023 | 84,967 | MI | Spot market | ||||
Golden Hope | 2023 | 84,986 | MI | Spot market | ||||
Golden Grace | 2023 | 84,505 | MI | Spot market | ||||
Golden John | 2023 | 84,508 | MI | Spot market | ||||
Golden Erling | 2024 | 84,520 | MI | Spot market | ||||
Golden Wave | 2024 | 84,984 | MI | Spot market | ||||
Golden Tide | 2024 | 84,996 | MI | Spot market | ||||
Golden Faith | 2024 | 84,987 | MI | Spot market | ||||
2,322,673 | ||||||||
Panamax - Owned | ||||||||
Golden Brilliant | 2013 | 74,500 | HK | Index linked time charter | ||||
Golden Pearl | 2013 | 74,300 | MI | Spot market | ||||
Golden Amber | 2017 | 74,754 | MI | Spot market | ||||
Golden Opal | 2017 | 74,232 | MI | Spot market | ||||
297,786 |
Fiscal year ended December 31, | |||||
2024 | 2023 | 2022 | |||
(in thousands of $, except shares, per share data and ratios) | |||||
Statement of Operations Data: | |||||
Total operating revenues | 968,420 | 885,767 | 1,113,456 | ||
Total operating expenses | 675,506 | 706,343 | 712,141 | ||
Net operating income | 314,341 | 188,612 | 435,087 | ||
Net income | 223,214 | 112,268 | 461,847 | ||
Earnings per share: basic ($) | $1.12 | $0.56 | $2.30 | ||
Earnings per share: diluted ($) | $1.12 | $0.56 | $2.29 | ||
Dividends per share ($) | $1.05 | $0.50 | $2.35 | ||
Balance Sheet Data (at end of year): | |||||
Cash and cash equivalents | 129,106 | 116,382 | 134,784 | ||
Short-term restricted cash | 2,623 | 2,254 | 3,289 | ||
Vessels and equipment, net | 2,959,129 | 2,987,360 | 2,665,785 | ||
Finance leases, right of use assets, net | 53,656 | 68,643 | 83,589 | ||
Operating leases, right of use assets, net | 6,848 | 9,538 | 15,646 | ||
Total assets | 3,379,295 | 3,489,018 | 3,257,291 | ||
Current portion of long-term debt | 113,848 | 109,309 | 92,865 | ||
Current portion of obligations under finance lease | 18,829 | 19,601 | 18,387 | ||
Current portion of obligations under operating lease | 2,414 | 2,632 | 5,546 | ||
Long-term debt | 1,188,679 | 1,260,758 | 1,027,991 | ||
Non-current portion of obligations under finance lease | 49,158 | 67,987 | 87,588 | ||
Non-current portion of obligations under operating lease | 6,918 | 9,621 | 13,051 | ||
Share capital | 10,061 | 10,061 | 10,061 | ||
Total equity | 1,899,977 | 1,921,891 | 1,917,033 | ||
Common shares outstanding | 199,628,293 | 200,485,621 | |||
Other Financial Data: | |||||
Equity to assets ratio (percentage) (1) | 56.2% | 55.1% | 58.9% | ||
Debt to equity ratio (2) | 0.7 | 0.8 | 0.6 | ||
Price earnings ratio (3) | 8.0 | 17.4 | 3.8 | ||
Time charter equivalent income (4) | 769,906 | 633,913 | 833,230 | ||
Time charter equivalent rate (5) | 22,680 | 17,905 | 24,262 |
(in thousands of $) | 2024 | 2023 | 2022 | |||
Total operating revenues | 968,420 | 885,767 | 1,113,456 | |||
Add: Amortization of charter party-out contracts | (1,699) | (1,419) | — | |||
Add: Other operating income / (expenses) | — | — | (413) | |||
Less: Other revenues | 3,925 | 4,274 | 1,263 | |||
Net time and voyage charter revenues | 962,796 | 880,074 | 1,111,780 | |||
Less: Voyage expenses & commission | 192,890 | 246,161 | 278,550 | |||
Time charter equivalent income | 769,906 | 633,913 | 833,230 |
(in thousands of $, except for TCE Rate and days) | 2024 | 2023 | 2022 | |||
Time charter equivalent income | 769,906 | 633,913 | 833,230 | |||
Fleet available days | 34,853 | 35,990 | 35,217 | |||
Fleet offhire days | (907) | (585) | (874) | |||
Fleet onhire days | 33,946 | 35,405 | 34,343 | |||
Time charter equivalent rate | 22,680 | 17,905 | 24,262 |
2024 | 2023 | 2022 | |||||
Newcastlemax | |||||||
At start of period | 19 | 13 | 13 | ||||
Acquisitions and newbuilding deliveries | — | 6 | d | — | |||
Disposals | (1) | a | — | — | |||
At end of period | 18 | 19 | 13 | ||||
Capesize | |||||||
At start of period | 41 | 43 | 43 | ||||
Acquisitions and newbuilding deliveries | — | — | — | ||||
Disposals | — | (2) | e | — | |||
At end of period | 41 | 41 | 43 | ||||
Kamsarmax | |||||||
At start of period | 24 | 18 | 21 | ||||
Acquisitions and newbuilding deliveries | 4 | b | 6 | f | — | ||
Disposals | — | — | (3) | ||||
At end of period | 28 | 24 | 18 | ||||
Panamax | |||||||
At start of period | 7 | 9 | 12 | ||||
Acquisitions and newbuilding deliveries | — | — | — | ||||
Disposals | (3) | c | (2) | g | (1) | i | |
Redelivery | — | — | (2) | j | |||
At end of period | 4 | 7 | 9 | ||||
Ultramax | |||||||
At start of period | — | 1 | 3 | ||||
Acquisitions and newbuilding deliveries | — | — | — | ||||
Disposals | — | (1) | h | (2) | k | ||
At end of period | — | — | 1 | ||||
Total | |||||||
At start of period | 91 | 84 | 92 | ||||
Acquisitions and newbuilding deliveries | 4 | 12 | — | ||||
Disposals | (4) | (5) | (6) | ||||
Redelivery | — | — | (2) | ||||
At end of period | 91 | 91 | 84 |
As of December 31, | ||||||||||||
2024 | 2023 | 2022 | ||||||||||
Number of vessels | Percentage of fleet | Number of vessels | Percentage of fleet | Number of vessels | Percentage of fleet | |||||||
Newcastlemax | ||||||||||||
Spot | 7 | 38.9% | 9 | 47.4% | 8 | 61.5% | ||||||
Time charter | 6 | 33.3% | 6 | 31.6% | — | —% | ||||||
Index linked time charter | 5 | 27.8% | 4 | 21.0% | 5 | 38.5% | ||||||
18 | 100.0% | 19 | 100.0% | 13 | 100.0% | |||||||
Capesize | ||||||||||||
Spot | 19 | 46.3% | 18 | 43.9% | 17 | 39.5% | ||||||
Time charter | — | —% | — | —% | — | —% | ||||||
Index linked time charter | 22 | 53.7% | 23 | 56.1% | 26 | 60.5% | ||||||
41 | 100.0% | 41 | 100.0% | 43 | 100.0% | |||||||
Kamsarmax | ||||||||||||
Spot | 26 | 92.9% | 18 | 75.0% | 15 | 83.3% | ||||||
Time charter | 2 | 7.1% | 6 | 25.0% | 3 | 16.7% | ||||||
Index linked time charter | — | —% | — | —% | — | —% | ||||||
28 | 100.0% | 24 | 100.0% | 18 | 100.0% | |||||||
Panamax | ||||||||||||
Spot | 4 | 100.0% | 2 | 28.6% | 1 | 11.1% | ||||||
Time charter | — | —% | 1 | 14.3% | 2 | 22.2% | ||||||
Index linked time charter | — | —% | 4 | 57.1% | 6 | 66.7% | ||||||
4 | 100.0% | 7 | 100.0% | 9 | 100.0% | |||||||
Ultramax | ||||||||||||
Spot | — | —% | — | —% | 1 | 100.0% | ||||||
Time charter | — | —% | — | —% | — | —% | ||||||
Index linked time charter | — | —% | — | —% | — | —% | ||||||
— | —% | — | —% | 1 | 100.0% | |||||||
Total | ||||||||||||
Spot | 56 | 61.5% | 47 | 51.6% | 42 | 50.0% | ||||||
Time charter | 8 | 8.8% | 13 | 14.3% | 5 | 6.0% | ||||||
Index linked time charter | 27 | 29.7% | 31 | 34.1% | 37 | 44.0% | ||||||
91 | 100.0% | 91 | 100.0% | 84 | 100.0% |
Vessel Type | Vessel Name | Dwt | Expiry (min period) |
Newcastlemax | Golden Aquamarine | 207,999 | December 2025 |
Newcastlemax | Golden Walcott | 207,999 | December 2025 |
Newcastlemax | Golden Earl | 207,999 | October 2025 |
Newcastlemax | Golden Duke | 207,999 | September 2025 |
Newcastlemax | Golden Emerald | 207,999 | September 2025 |
Newcastlemax | Golden Sapphire | 207,999 | October 2025 |
Kamsarmax | Golden Sue | 84,943 | May 2025 |
Kamsarmax | Golden Deb | 84,970 | October 2025 |
Vessel Type | Built | Aggregate dwt 2024 | 2024 ($ millions) | 2023 ($ millions) |
Newcastlemax | 2011 | — | — | 25.6 |
Newcastlemax | 2016 | 422,257 | 99.0 | 103.8* |
Newcastlemax | 2017 | 207,999 | 40.3 | 41.5 |
Newcastlemax | 2019 | 833,587 | 181.0 | 186.9 |
Newcastlemax | 2020 | 1,673,677 | 376.3 | 389.8 |
Newcastlemax | 2021 | 626,665 | 145.0 | 149.8 |
Total Newcastlemax | 3,764,185 | 841.6 | 897.4 | |
Capesize | 2011 | 177,979 | 20.3 | 21.3 |
Capesize | 2014 | 1,989,148 | 451.8* | 474.7* |
Capesize | 2015 | 1,450,894 | 344.6 | 362.2* |
Capesize | 2016 | 904,198 | 180.1 | 188.3 |
Capesize | 2017 | 542,593 | 132.9* | 139.0* |
Capesize | 2018 | 902,497 | 203.0 | 211.5 |
Total Capesize | 5,967,309 | 1,332.7 | 1,397.0 | |
Kamsarmax | 2011 | 246,203 | 40.1 | 42.4 |
Kamsarmax | 2012 | 326,165 | 59.1 | 62.0 |
Kamsarmax | 2013 | 169,913 | 36.2 | 38.0 |
Kamsarmax | 2015 | 84,978 | 18.6 | 19.5 |
Kamsarmax | 2020 | 242,903 | 73.8 | 76.7 |
Kamsarmax | 2021 | 404,082 | 132.9 | 138.0 |
Kamsarmax | 2023 | 508,942 | 207.9 | 215.5* |
Kamsarmax | 2024 | 339,487 | 151.3* | — |
Total Kamsarmax | 2,322,673 | 719.9 | 592.1 | |
Panamax | 2013 | 148,800 | 30.1 | 47.8 |
Panamax | 2014 | — | — | 16.8 |
Panamax | 2017 | 148,986 | 34.4 | 35.8 |
Total Panamax | 297,786 | 64.5 | 100.4 | |
Total fleet | 12,351,953 | 2,958.7 | 2,986.9 |
(in thousands of $) | 2024 | 2023 | Change | |||
Time charter revenues | 622,569 | 434,827 | 187,742 | |||
Voyage charter revenues | 341,926 | 446,666 | (104,740) | |||
Other revenues | 3,925 | 4,274 | (349) | |||
Total operating revenues | 968,420 | 885,767 | 82,653 |
(in thousands of $) | 2024 | 2023 | Change | |||
Gain on sale of assets | 21,427 | 9,188 | 12,239 |
(in thousands of $) | 2024 | 2023 | Change | |||
Voyage expenses and commission | 192,890 | 246,161 | (53,271) |
(in thousands of $) | 2024 | 2023 | Change | |||
Ship operating expenses | 293,971 | 251,950 | 42,021 |
(in thousands of $) | 2024 | 2023 | Change | |||
Charter hire expenses | 22,715 | 42,225 | (19,510) |
(in thousands of $) | 2024 | 2023 | Change | |||
Administrative expenses | 24,303 | 18,679 | 5,624 |
(in thousands of $) | 2024 | 2023 | Change | |||
Impairment loss on vessels | — | 11,780 | (11,780) |
(in thousands of $) | 2024 | 2023 | Change | |||
Depreciation | 141,627 | 135,548 | 6,079 |
(in thousands of $) | 2024 | 2023 | Change | |||
Interest income | 6,872 | 4,717 | 2,155 |
(in thousands of $) | 2024 | 2023 | Change | |||
Interest on floating rate debt | 96,643 | 94,702 | 1,941 | |||
Finance lease interest expense | 7,082 | 8,314 | (1,232) | |||
Commitment fees | 1,079 | 1,076 | 3 | |||
Interest capitalized on newbuildings | (2,183) | (5,194) | 3,011 | |||
Amortization of debt issuance cost | 5,594 | 4,766 | 828 | |||
Interest expense | 108,215 | 103,664 | 4,551 |
(in thousands of $) | 2024 | 2023 | Change | |||
Equity results of associated companies | (4,070) | 12,316 | (16,386) |
(in thousands of $) | 2024 | 2023 | Change | |||
Gain (loss) on derivatives | 15,212 | 11,371 | 3,841 |
(in thousands of $) | 2024 | 2023 | Change | |||
Gain (loss) on marketable equity securities | — | 287 | (287) |
(in thousands of $) | 2024 | 2023 | Change | |||
Other financial items | (378) | (830) | 452 |
Payment due by period | ||||||||||
Less than | More than | |||||||||
(in thousands of $) | Total | one year | 1-3 years | 3-5 years | 5 years | |||||
Floating rate debt 1 | 1,314,193 | 113,848 | 331,071 | 724,987 | 144,287 | |||||
Operating lease obligations 2, 7 | 9,332 | 2,414 | 5,014 | 1,904 | — | |||||
Finance lease obligations 3, 7 | 67,987 | 18,829 | 37,143 | 12,015 | — | |||||
Drydocking commitments 4 | 7,800 | 7,800 | — | — | — | |||||
Newbuilding commitments 5 | — | — | — | — | — | |||||
Interest on floating rate debt 6 | 324,467 | 88,259 | 139,004 | 75,997 | 21,207 | |||||
Interest on operating lease obligations 2 | 1,207 | 547 | 604 | 56 | — | |||||
Interest on finance lease obligations 3 | 8,117 | 3,721 | 4,091 | 305 | — | |||||
Total contractual cash obligations | 1,733,103 | 235,418 | 516,927 | 815,264 | 165,494 |
(in thousands of $) | 2024 | 2023 | 2022 |
Net cash provided by operating activities | 365,298 | 266,337 | 503,387 |
Net cash provided by (used in) investing activities | (8,201) | (381,771) | 72,816 |
Net cash provided by (used in) financing activities | (344,004) | 95,997 | (648,147) |
Net change in cash, cash equivalents and restricted cash | 13,093 | (19,437) | (71,944) |
Cash, cash equivalents and restricted cash at beginning of period | 118,636 | 138,073 | 210,017 |
Cash, cash equivalents and restricted cash at end of period | 131,729 | 118,636 | 138,073 |
Name | Age | Position | ||
Ola Lorentzon | 75 | Director, Chairman | ||
John Fredriksen | 80 | Director | ||
James O'Shaughnessy | 61 | Director and Audit Committee Chairman | ||
Ben Mills | 55 | Director | ||
Cato Stonex | 61 | Director | ||
Tonesan Amissah | 59 | Director | ||
Peder Simonsen | 50 | Interim Chief Executive Officer and Chief Financial Officer of Golden Ocean Management AS |
Director or Officer | Common Shares of $0.05 each | Percentage of Common Shares Outstanding |
Ola Lorentzon | 16,877 | (1) |
John Fredriksen | — | — |
Ben Mills | — | — |
James O'Shaughnessy | — | — |
Cato Stonex | — | — |
Peder Simonsen | — | — |
Owner | Number of shares owned | Percentage owned (1) |
CMB.TECH NV (2) | 81,363,730 | 40.8% |
Shares outstanding at December 31, 2022 | 200,485,621 | |
Number of common shares distributed in connection with the 2020 Share Option Grant | 250,000 | |
Number of common shares repurchased under the 2022 share buy-back program | (1,107,328) | |
Shares outstanding at December 31, 2023 | 199,628,293 | |
Number of common shares distributed in connection with the 2020 Share Option Grant | 400,000 | |
Number of common shares repurchased under the 2022 share buy-back program | (625,000) | |
Shares outstanding at December 31, 2024 | 199,403,293 | |
Shares outstanding at March 20, 2025 | 199,403,293 |
(in thousands of $) | 2024 | 2023 | ||
Interest rate swaps - asset positions | 27,261 | 27,930 | ||
Interest rate swaps - liability positions | — | — |
(in thousands of $) | Estimated interest expense | Estimated interest expense - increase of 100 basis points in floating rate | Sensitivity | |||
2025 | 78,810 | 91,699 | 12,889 | |||
2026 | 69,711 | 81,446 | 11,735 | |||
2027 | 56,929 | 66,939 | 10,010 | |||
2028 | 39,178 | 46,443 | 7,265 | |||
2029 | 16,159 | 19,333 | 3,174 | |||
Thereafter | 15,723 | 18,436 | 2,713 | |||
276,510 | 324,296 | 47,786 |
(in thousands of $) | 2024 | 2023 | |
Audit Fees (a) | 855 | 855 | |
Audit-Related Fees (b) | 5 | 5 | |
Tax Fees (c) | — | — | |
All Other Fees (d) | 2 | — | |
Total | 862 | 860 |