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, 2023 | |
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 Gayle | 2011 | 206,565 | MI | Spot market | ||||
Golden Scape | 2016 | 211,112 | HK | Index linked time charter | ||||
Golden Swift | 2016 | 211,112 | HK | Index linked time charter | ||||
Golden Walcott | 2017 | 208,000 | MI | Time charter | ||||
Golden Coral | 2019 | 208,132 | MI | Spot market | ||||
Golden Champion | 2019 | 208,391 | MI | Spot market | ||||
Golden Comfort | 2020 | 208,000 | MI | Spot market | ||||
Golden Courage | 2020 | 208,395 | MI | Spot market | ||||
Golden Confidence | 2020 | 207,988 | MI | Spot market | ||||
Golden Competence | 2020 | 208,000 | MI | Spot market | ||||
Golden Skies | 2020 | 210,897 | 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 | 208,000 | MI | Time charter | ||||
Golden Duke | 2020 | 208,000 | MI | Time charter | ||||
Golden Emerald | 2020 | 208,000 | MI | Time charter | ||||
Golden Spray | 2021 | 208,000 | MI | Index linked time charter | ||||
Golden Aquamarine | 2021 | 208,000 | MI | Time charter | ||||
Golden Sapphire | 2021 | 208,000 | MI | Time charter | ||||
3,966,596 | ||||||||
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 | 181,214 | MI | Index linked time charter |
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 | 181,000 | HK | Index linked time charter | ||||
Golden Amreen | 2015 | 179,337 | MI | Spot market | ||||
Golden Aso | 2015 | 182,472 | HK | Spot market | ||||
Golden Finsbury | 2015 | 182,418 | HK | Spot market | ||||
Golden Kathrine | 2015 | 182,486 | HK | Index linked time charter | ||||
KSL Sakura | 2015 | 181,062 | HK | Index linked time charter | ||||
KSL Seoul | 2015 | 181,010 | HK | Index linked time charter | ||||
KSL Seville | 2015 | 181,062 | HK | Spot market | ||||
KSL Stockholm | 2015 | 181,055 | 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 | 180,209 | HK | Index linked time charter | ||||
Golden Fulham | 2016 | 182,610 | HK | Index linked time charter | ||||
Golden Monterrey | 2016 | 180,491 | MI | Index linked time charter | ||||
Golden Nimbus | 2017 | 180,504 | MI | Index linked time charter | ||||
Golden Savannah | 2017 | 181,044 | HK | Index linked time charter | ||||
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 | Index linked time charter | ||||
Golden Cumulus | 2018 | 180,499 | MI | Index linked time charter | ||||
Golden Incus | 2018 | 180,511 | MI | Index linked time charter | ||||
5,967,880 | ||||||||
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 | 169,500 | MI | Spot market | ||||
Belgravia | 2009 | 169,500 | MI | Spot market | ||||
Golden Magnum | 2009 | 179,788 | HK | Spot market | ||||
Golden Beijing | 2010 | 176,000 | HK | Spot market | ||||
Golden Future | 2010 | 176,000 | HK | Spot market | ||||
Golden Zhejiang | 2010 | 175,834 | HK | Spot market | ||||
Golden Zhoushan | 2011 | 175,834 | HK | Spot market | ||||
1,222,456 | ||||||||
Panamax - Owned | ||||||||
Golden Arion | 2011 | 82,188 | MI | Time charter | ||||
Golden Ioanari | 2011 | 81,526 | MI | Spot market | ||||
Golden Jake | 2011 | 82,188 | MI | Spot market | ||||
Golden Daisy | 2012 | 81,507 | MI | Time charter |
Golden Ginger | 2012 | 81,487 | MI | Spot market | ||||
Golden Keen | 2012 | 81,586 | MI | Spot market | ||||
Golden Rose | 2012 | 81,585 | MI | Time charter | ||||
Golden Brilliant | 2013 | 74,500 | HK | Spot market | ||||
Golden Diamond | 2013 | 74,062 | HK | Index linked time charter | ||||
Golden Pearl | 2013 | 74,186 | HK | Spot market | ||||
Golden Sue | 2013 | 84,943 | MI | Time charter | ||||
Golden Deb | 2014 | 84,943 | MI | Time charter | ||||
Golden Ruby | 2014 | 74,052 | HK | Index linked time charter | ||||
Golden Kennedy | 2015 | 83,789 | MI | Time charter | ||||
Golden Amber | 2017 | 74,500 | MI | Index linked time charter | ||||
Golden Opal | 2017 | 74,231 | MI | Index linked time charter | ||||
Golden Fortune | 2020 | 81,600 | MI | Spot market | ||||
Golden Fellow | 2020 | 81,135 | MI | Spot market | ||||
Golden Frost | 2020 | 80,559 | MI | Spot market | ||||
Golden Forward | 2021 | 81,130 | MI | Spot market | ||||
Golden Friend | 2021 | 81,206 | MI | Spot market | ||||
Golden Freeze | 2021 | 81,000 | MI | Spot market | ||||
Golden Fast | 2021 | 81,000 | MI | Spot market | ||||
Golden Furious | 2021 | 81,000 | MI | Spot market | ||||
Golden Star | 2023 | 84,988 | MI | Spot market | ||||
Golden Soul | 2023 | 84,986 | MI | Spot market | ||||
Golden Lion | 2023 | 84,967 | MI | Spot market | ||||
Golden Hope | 2023 | 84,986 | MI | Spot market | ||||
Golden Grace | 2023 | 84,504 | MI | Spot market | ||||
Golden John | 2023 | 84,508 | MI | Spot market | ||||
Golden Erling | 2023 | 84,504 | MI | Spot market | ||||
2,513,346 |
Fiscal year ended December 31, | |||||
2023 | 2022 | 2021 | |||
(in thousands of $, except shares, per share data and ratios) | |||||
Statement of Operations Data: | |||||
Total operating revenues | 885,767 | 1,113,456 | 1,203,181 | ||
Total operating expenses | 706,343 | 712,141 | 697,353 | ||
Net operating income | 188,612 | 435,087 | 513,608 | ||
Net income | 112,268 | 461,847 | 527,218 | ||
Earnings per share: basic ($) | $0.56 | $2.30 | $2.74 | ||
Earnings per share: diluted ($) | $0.56 | $2.29 | $2.73 | ||
Dividends per share ($) | $0.50 | $2.35 | $1.60 | ||
Balance Sheet Data (at end of year): | |||||
Cash and cash equivalents | 116,382 | 134,784 | 197,032 | ||
Short-term restricted cash | 2,254 | 3,289 | 12,985 | ||
Vessels and equipment, net | 2,987,360 | 2,665,785 | 2,880,321 | ||
Finance leases, right of use assets, net | 68,643 | 83,589 | 98,535 | ||
Operating leases, right of use assets, net | 9,538 | 15,646 | 19,965 | ||
Total assets | 3,489,018 | 3,257,291 | 3,454,177 | ||
Current portion of long-term debt | 109,309 | 92,865 | 105,864 | ||
Current portion of obligations under finance lease | 19,601 | 18,387 | 21,755 | ||
Current portion of obligations under operating lease | 2,632 | 5,546 | 13,860 | ||
Long-term debt | 1,260,758 | 1,027,991 | 1,156,481 | ||
Non-current portion of obligations under finance lease | 67,987 | 87,588 | 105,975 | ||
Non-current portion of obligations under operating lease | 9,621 | 13,051 | 14,907 | ||
Share capital | 10,061 | 10,061 | 10,061 | ||
Total equity | 1,921,891 | 1,917,033 | 1,928,741 | ||
Common shares outstanding | 200,485,621 | 200,435,621 | |||
Other Financial Data: | |||||
Equity to assets ratio (percentage) (1) | 55.1% | 58.9% | 55.8% | ||
Debt to equity ratio (2) | 0.8 | 0.6 | 0.7 | ||
Price earnings ratio (3) | 17.4 | 3.8 | 3.4 | ||
Time charter equivalent income (4) | 633,913 | 833,230 | 948,757 | ||
Time charter equivalent rate (5) | 17,905 | 24,262 | 27,582 |
(in thousands of $) | 2023 | 2022 | 2021 | |||
Total operating revenues | 885,767 | 1,113,456 | 1,203,181 | |||
Add: Amortization of charter party-out contracts | (1,419) | — | 1,859 | |||
Add: Other operating income / (expenses) | — | (413) | (2,008) | |||
Less: Other revenues | 4,274 | 1,263 | 1,410 | |||
Net time and voyage charter revenues | 880,074 | 1,111,780 | 1,201,622 | |||
Less: Voyage expenses & commission | 246,161 | 278,550 | 252,865 | |||
Time charter equivalent income | 633,913 | 833,230 | 948,757 |
(in thousands of $, except for TCE Rate and days) | 2023 | 2022 | 2021 | |||
Time charter equivalent income | 633,913 | 833,230 | 948,757 | |||
Fleet available days | 35,990 | 35,217 | 35,114 | |||
Fleet offhire days | (585) | (874) | (716) | |||
Fleet onhire days | 35,405 | 34,343 | 34,398 | |||
Time charter equivalent rate | 17,905 | 24,262 | 27,582 |
2023 | 2022 | 2021 | |||||
Newcastlemax | |||||||
At start of period | 13 | 13 | 3 | ||||
Acquisitions and newbuilding deliveries | 6 | a | — | 10 | i | ||
At end of period | 19 | 13 | 13 | ||||
Capesize | |||||||
At start of period | 43 | 43 | 43 | ||||
Acquisitions and newbuilding deliveries | — | — | — | ||||
Disposals | (2) | b | — | — | |||
At end of period | 41 | 43 | 43 | ||||
Panamax | |||||||
At start of period | 27 | 33 | 29 | ||||
Acquisitions and newbuilding deliveries | 6 | c | — | 8 | j | ||
Disposals | (2) | d | (4) | f | (4) | k | |
Redelivery | — | (2) | g | — | |||
At end of period | 31 | 27 | 33 | ||||
Ultramax | |||||||
At start of period | 1 | 3 | 3 | ||||
Acquisitions and newbuilding deliveries | — | — | — | ||||
Disposals | (1) | e | (2) | h | — | ||
At end of period | — | 1 | 3 | ||||
Total | |||||||
At start of period | 84 | 92 | 78 | ||||
Acquisitions and newbuilding deliveries | 12 | — | 18 | ||||
Disposals | (5) | (6) | (4) | ||||
Redelivery | — | (2) | — | ||||
91 | 84 | 92 |
As of December 31, | ||||||||||||
2023 | 2022 | 2021 | ||||||||||
Number of vessels | Percentage of fleet | Number of vessels | Percentage of fleet | Number of vessels | Percentage of fleet | |||||||
Newcastlemax | ||||||||||||
Spot | 9 | 47.4% | 8 | 61.5% | 8 | 61.5% | ||||||
Time charter | 6 | 31.6% | — | — | — | — | ||||||
Index linked time charter | 4 | 21.0% | 5 | 38.5% | 5 | 38.5% | ||||||
19 | 100.0% | 13 | 100.0% | 13 | 100.0% | |||||||
Capesize | ||||||||||||
Spot | 18 | 43.9% | 17 | 39.5% | 22 | 51.2% | ||||||
Time charter | — | — | — | — | — | — | ||||||
Index linked time charter | 23 | 56.1% | 26 | 60.5% | 21 | 48.8% | ||||||
41 | 100.0% | 43 | 100.0% | 43 | 100.0% | |||||||
Panamax | ||||||||||||
Spot | 20 | 64.5% | 16 | 59.3% | 24 | 72.7% | ||||||
Time charter | 7 | 22.6% | 5 | 18.5% | 5 | 15.2% | ||||||
Index linked time charter | 4 | 12.9% | 6 | 22.2% | 4 | 12.1% | ||||||
31 | 100.0% | 27 | 100.0% | 33 | 100.0% | |||||||
Ultramax | ||||||||||||
Spot | — | — | 1 | 100.0% | — | — | ||||||
Time charter | — | — | — | —% | 3 | 100.0% | ||||||
Index linked time charter | — | — | — | — | — | — | ||||||
— | — | 1 | 100.0% | 3 | 100.0% | |||||||
Total | ||||||||||||
Spot | 47 | 51.6% | 42 | 50.0% | 54 | 58.7% | ||||||
Time charter | 13 | 14.3% | 5 | 6.0% | 8 | 8.7% | ||||||
Index linked time charter | 31 | 34.1% | 37 | 44.0% | 30 | 32.6% | ||||||
91 | 100.0% | 84 | 100.0% | 92 | 100.0% |
Vessel Type | Vessel Name | Dwt | Expiry (min period) |
Newcastlemax | Golden Aquamarine | 208,000 | January 2026 |
Newcastlemax | Golden Walcott | 208,000 | December 2025 |
Newcastlemax | Golden Earl | 208,000 | October 2025 |
Newcastlemax | Golden Duke | 208,000 | September 2025 |
Newcastlemax | Golden Emerald | 208,000 | September 2025 |
Newcastlemax | Golden Sapphire | 208,000 | September 2025 |
Panamax | Golden Arion | 82,188 | December 2024 |
Panamax | Golden Rose | 81,585 | July 2024 |
Panamax | Golden Daisy | 81,507 | June 2024 |
Panamax | Golden Sue | 84,943 | May 2024 |
Panamax | Golden Kennedy | 83,789 | May 2024 |
Panamax | Golden Deb | 84,943 | April 2024 |
Panamax | Golden Jake | 82,188 | April 2024 |
Vessel Type | Built | Aggregate dwt | 2023 ($ millions) | 2022 ($ millions) |
Newcastlemax | 2011 | 206,565 | 25.6 | 26.8 |
Newcastlemax | 2016 | 422,224 | 103.8* | 108.6* |
Newcastlemax | 2017 | 208,000 | 41.5 | — |
Newcastlemax | 2019 | 833,587 | 186.9 | 193.6 |
Newcastlemax | 2020 | 1,673,186 | 389.8 | 249.4 |
Newcastlemax | 2021 | 626,667 | 149.8 | 51.5 |
Total Newcastlemax | 3,970,229 | 897.4 | 629.9 | |
Capesize | 2009 | 338,565 | — | 56.1* |
Capesize | 2011 | 177,979 | 21.3 | 22.3 |
Capesize | 2014 | 1,989,762 | 474.7* | 498.3* |
Capesize | 2015 | 1,450,965 | 362.2* | 379.9* |
Capesize | 2016 | 904,156 | 188.3 | 196.6* |
Capesize | 2017 | 542,594 | 139.0* | 144.4* |
Capesize | 2018 | 902,496 | 211.5 | 212.8* |
Total Capesize | 6,306,517 | 1,397.0 | 1,510.4 | |
Panamax | 2011 | 320,751 | 42.4 | 58.9 |
Panamax | 2012 | 400,911 | 62.0 | 80.1 |
Panamax | 2013 | 392,638 | 85.8 | 88.0 |
Panamax | 2014 | 74,052 | 16.8 | 17.6 |
Panamax | 2015 | 84,978 | 19.5 | 20.3 |
Panamax | 2017 | 148,985 | 35.8 | 37.2 |
Panamax | 2020 | 242,904 | 76.7 | 79.5 |
Panamax | 2021 | 404,082 | 138.0 | 143.1 |
Panamax | 2023 | 508,939 | 215.5* | — |
Total Panamax | 2,578,240 | 692.5 | 524.7 | |
Total fleet | 12,854,986 | 2,986.9 | 2,665.0 |
(in thousands of $) | 2023 | 2022 | Change | |||
Time charter revenues | 434,827 | 593,795 | (158,968) | |||
Voyage charter revenues | 446,666 | 518,398 | (71,732) | |||
Other revenues | 4,274 | 1,263 | 3,011 | |||
Total operating revenues | 885,767 | 1,113,456 | (227,689) |
(in thousands of $) | 2023 | 2022 | Change | |||
Gain on sale of assets | 9,188 | 34,185 | (24,997) |
(in thousands of $) | 2023 | 2022 | Change | |||
Voyage expenses and commission | 246,161 | 278,550 | (32,389) |
(in thousands of $) | 2023 | 2022 | Change | |||
Ship operating expenses | 251,950 | 225,971 | 25,979 |
(in thousands of $) | 2023 | 2022 | Change | |||
Charter hire expenses | 42,225 | 57,406 | (15,181) |
(in thousands of $) | 2023 | 2022 | Change | |||
Administrative expenses | 18,679 | 20,375 | (1,696) |
(in thousands of $) | 2023 | 2022 | Change | |||
Impairment loss on vessels | 11,780 | — | 11,780 |
(in thousands of $) | 2023 | 2022 | Change | |||
Depreciation | 135,548 | 129,839 | 5,709 |
(in thousands of $) | 2023 | 2022 | Change | |||
Interest income | 4,717 | 2,345 | 2,372 |
(in thousands of $) | 2023 | 2022 | Change | |||
Interest on floating rate debt | 94,702 | 45,792 | 48,910 | |||
Finance lease interest expense | 8,314 | 6,989 | 1,325 | |||
Commitment fees | 1,076 | 2,273 | (1,197) | |||
Interest capitalized on newbuildings | (5,194) | (2,424) | (2,770) | |||
Amortization of deferred charges | 4,766 | 3,618 | 1,148 | |||
Interest expense | 103,664 | 56,248 | 47,416 |
(in thousands of $) | 2023 | 2022 | Change | |||
Equity results of associated companies | 12,316 | 40,793 | (28,477) |
(in thousands of $) | 2023 | 2022 | Change | |||
Gain (loss) on derivatives | 11,371 | 39,968 | (28,597) |
(in thousands of $) | 2023 | 2022 | Change | |||
Gain (loss) on marketable equity securities | 287 | 503 | (216) |
(in thousands of $) | 2023 | 2022 | Change | |||
Other financial items | (830) | (222) | (608) |
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 | 1,380,673 | 109,309 | 649,114 | 534,751 | 87,499 | |||||
Operating lease obligations 1 | 12,253 | 2,569 | 5,194 | 4,490 | — | |||||
Finance lease obligations 2 | 87,588 | 19,601 | 36,834 | 31,153 | — | |||||
Ballast water treatment system commitments 3 | — | — | — | — | — | |||||
Scrubber commitments | — | — | — | — | — | |||||
Newbuilding commitments4 | 93,063 | 93,063 | — | — | — | |||||
Interest on floating rate debt 5 | 262,634 | 98,338 | 114,355 | 42,905 | 7,036 | |||||
Interest on operating lease obligations1 | 2,021 | 821 | 921 | 279 | — | |||||
Interest on finance lease obligations2 | 13,070 | 4,952 | 6,334 | 1,784 | — | |||||
Total contractual cash obligations | 1,851,302 | 328,653 | 812,752 | 615,362 | 94,535 |
(in thousands of $) | 2023 | 2022 | 2021 |
Net cash provided by operating activities | 266,337 | 503,387 | 560,398 |
Net cash provided by (used in) investing activities | (381,771) | 72,816 | (390,024) |
Net cash provided by (used in) financing activities | 95,997 | (648,147) | (135,459) |
Net change in cash, cash equivalents and restricted cash | (19,437) | (71,944) | 34,915 |
Cash, cash equivalents and restricted cash at beginning of period | 138,073 | 210,017 | 175,102 |
Cash, cash equivalents and restricted cash at end of period | 118,636 | 138,073 | 210,017 |