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Share Name | Share Symbol | Market | Type |
---|---|---|---|
Golden Ocean Group Limited | NASDAQ:GOGL | NASDAQ | Common Stock |
Price Change | % Change | Share Price | Bid Price | Offer Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
---|---|---|---|---|---|---|---|---|---|---|
0.24 | 1.70% | 14.37 | 14.34 | 14.39 | 2,977 | 12:04:11 |
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our future operating or financial results;
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•
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our continued borrowing availability under our debt agreements and compliance with the covenants contained therein;
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•
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changes in credit risk with respect to our counterparties on contracts;
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the failure of contract counterparties to meet their obligations;
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the impact of the discontinuance of LIBOR after 2021 on interest rates of our debt that reference LIBOR;
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our ability to procure or have access to financing, our liquidity and the adequacy of cash flows for our operations;
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fluctuations in the contributions of the Company’s joint ventures to its profits and losses;
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our ability to successfully employ our dry bulk vessels;
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changes in our operating expenses, including bunker prices, fuel prices, dry docking, crewing and insurance costs;
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•
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the adequacy of our insurance to cover our losses;
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•
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the Company’s ability to replace its operating leases on favorable terms, or at all;
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•
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our ability to fund future capital expenditures and investments in the construction, acquisition and refurbishment of our vessels (including the amount and nature thereof and the timing of completion of vessels under construction, the delivery and commencement of operation dates, expected downtime and lost revenue);
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•
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planned, pending or recent acquisitions, business strategy and expected capital spending or operating expenses, including drydocking, surveys, upgrades and insurance costs;
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risks associated with any future vessel construction;
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our expectations regarding the availability of vessel acquisitions and our ability to complete acquisition transactions planned;
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the Company’s ability to renew its time charters when they expire or to enter into new time charters;
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•
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competition within the Company’s industry and the Company’s ability to compete effectively for charters with companies with greater resources;
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the loss of a large customer or significant business relationship;
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•
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the potential for technological innovation to reduce the value of the Company’s vessels and charter income derived therefrom;
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the impact of an interruption in or failure of the Company’s information technology and communications system upon the Company’s ability to operate;
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•
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vessel breakdowns and instances of off-hire;
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•
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potential conflicts of interest involving members of our board of directors and senior management;
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•
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the Company’s ability to attract, retain and motivate key employees;
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work stoppages or other labor disruptions by the Company’s employees or the employees of other companies in related industries;
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•
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potential liability from pending or future litigation;
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•
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the impact of government inquiries and investigations;
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•
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the arrest of the Company’s vessels by maritime claimants;
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•
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government requisition of the Company’s vessels during a period of war or emergency;
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•
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potential exposure or loss from investment in derivative instruments;
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•
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the highly cyclical nature of the industry that we operate in;
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•
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general dry bulk shipping market trends, including fluctuations in charter hire rates and vessel values;
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•
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changes in supply and demand in the dry bulk shipping industry, including the market for our vessels and the number of newbuildings under construction;
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•
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the strength of world economies;
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stability of Europe and the Euro;
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•
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fluctuations in interest rates and foreign exchange rates;
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•
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governmental claims against the Company;
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•
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the Company’s compliance with complex laws, regulations, including environmental laws and regulations and the U.S. Foreign Corrupt Practices Act of 1977;
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•
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changes in seaborne and other transportation;
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•
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changes in governmental rules and regulations or actions taken by regulatory authorities;
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•
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the impact of public health threats and outbreaks of other highly communicable diseases;
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•
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general domestic and international political and geopolitical conditions;
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•
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the impact of adverse weather and natural disasters;
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•
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any further changes in U.S. trade policy that could trigger retaliatory actions by affected countries;
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•
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potential disruption of shipping routes due to accidents or political events;
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•
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acts of piracy on ocean-going vessels, terrorist attacks and international hostilities and instability; and
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•
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other factors discussed in "Item 3.D. Risk Factors" in our Annual Report on Form 20-F for the year ended December 31, 2018 filed with the Commission on March 22, 2019.
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GOLDEN OCEAN GROUP LIMITED
(registrant)
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Date:
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September 18, 2019
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By:
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/s/ Per Heiberg
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Name: Per Heiberg
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Title: Principal Financial Officer
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•
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Newcastlemax, which are vessels with carrying capacities of between 200,000 dwt and 210,000 dwt;
|
•
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Capesize, which are vessels with carrying capacities of between 100,000 dwt and 200,000 dwt;
|
•
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Panamax, which are vessels with carrying capacities of between 65,000 and 100,000 dwt; and
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•
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Ultramax, which are vessels with carrying capacities of between 55,000 and 65,000 dwt.
|
|
Six Months Ended June 30,
|
|
|
Change
|
|||
(in thousands of $)
|
2019
|
|
2018
|
|
|
$
|
|
Time charter revenues
|
128,139
|
|
159,645
|
|
|
(31,506
|
)
|
Voyage charter revenues
|
112,867
|
|
130,021
|
|
|
(17,154
|
)
|
Other revenues
|
786
|
|
1,165
|
|
|
(379
|
)
|
Total operating revenues
|
241,792
|
|
290,831
|
|
|
(49,039
|
)
|
•
|
an increase of $1.8 million attributable to chartered-in vessels that traded on time charters during the six months ended June 30, 2019, and
|
•
|
an increase of $0.8 million attributable to the five Capesize newbuildings delivered to us during the six months ended June 30, 2018, primarily due to an increase in activity for these vessels on time charters during the six months ended June 30, 2019 compared with the six months ended June 30, 2018.
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•
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a decrease of $9.1 million attributable to lower rates on chartered-in vessels trading on voyage charters during the six months ended June 30, 2019,
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•
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a decrease of $5.1 million attributable to the five Capesize newbuildings delivered to us during the six months ended June 30, 2018, primarily due to a decrease in voyage charter activity for these vessels during the six months ended June 30, 2019 compared with the six months ended June 30, 2018, and
|
•
|
a decrease of $3.0 million as a result of lower voyage charter rates for vessels that were in our fleet through the duration of both periods.
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Six Months Ended June 30,
|
|
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Change
|
|||
(in thousands of $)
|
2019
|
|
2018
|
|
|
$
|
|
Other operating income (expenses), net
|
2,816
|
|
1,049
|
|
|
1,767
|
|
|
Six Months Ended June 30,
|
|
|
Change
|
|||
(in thousands of $)
|
2019
|
|
2018
|
|
|
$
|
|
Gain on sale of assets and amortization of deferred gains
|
—
|
|
129
|
|
|
(129
|
)
|
|
Six Months Ended June 30,
|
|
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Change
|
|||
(in thousands of $)
|
2019
|
|
2018
|
|
|
$
|
|
Voyage expenses and commissions
|
67,104
|
|
63,445
|
|
|
3,659
|
|
|
Six Months Ended June 30,
|
|
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Change
|
|||
(in thousands of $)
|
2019
|
|
2018
|
|
|
$
|
|
Ship operating expenses
|
90,818
|
|
76,429
|
|
|
14,389
|
|
•
|
an increase of $7.6 million as a result of the adoption of ASC 842 and the presentation of the non-lease component, or service element, from charter hire expenses to ship operating expenses for vessels chartered in on time charter during the six months ended June 30, 2019,
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•
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an increase of $4.7 million in dry docking expenses due to more ships being dry docked,
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•
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an increase of $1.2 million attributable to an increase in activity for the five Capesize newbuildings delivered to us during the first six months ended June 30, 2018, and
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•
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an increase of $0.9 million attributable to remaining vessels that were in our fleet through the duration of both periods.
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Six Months Ended June 30,
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Change
|
|||
(in thousands of $)
|
2019
|
|
2018
|
|
|
$
|
|
Charter hire expenses
|
31,616
|
|
46,698
|
|
|
(15,082
|
)
|
•
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a decrease of $7.5 million mainly attributable to lower rates on short-term chartered-in vessels during the six months ended June 30, 2019, and
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•
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a reduction of $7.6 million as a result of the adoption of ASC 842 and the presentation of the non-lease component, or service element, from charter hire expenses to ship operating expenses for vessels chartered in on time charter during the six months ended June 30, 2019.
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Six Months Ended June 30,
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|
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Change
|
|||
(in thousands of $)
|
2019
|
|
2018
|
|
|
$
|
|
Administrative expenses
|
6,805
|
|
7,357
|
|
|
(552
|
)
|
|
Six Months Ended June 30,
|
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Change
|
|||
(in thousands of $)
|
2019
|
|
2018
|
|
|
$
|
|
Impairment loss on vessels
|
—
|
|
1,080
|
|
|
(1,080
|
)
|
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Six Months Ended June 30,
|
|
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Change
|
|||
(in thousands of $)
|
2019
|
|
2018
|
|
|
$
|
|
Depreciation
|
46,853
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|
45,470
|
|
|
1,383
|
|
•
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an increase of $0.7 million attributable to vessels that were in our fleet as of June 30, 2018, and
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•
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an increase of $0.7 million attributable to the five Capesize newbuildings delivered to us during the six months ended June 30, 2018.
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Six Months Ended June 30,
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|
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Change
|
|||
(in thousands of $)
|
2019
|
|
2018
|
|
|
$
|
|
Interest income
|
2,775
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|
3,156
|
|
|
(381
|
)
|
|
Six Months Ended June 30,
|
|
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Change
|
|||
(in thousands of $)
|
2019
|
|
2018
|
|
|
$
|
|
Interest on fixed rate debt
|
430
|
|
2,807
|
|
|
(2,377
|
)
|
Interest on floating rate debt
|
29,732
|
|
26,061
|
|
|
3,671
|
|
Interest on related party debt
|
—
|
|
1,338
|
|
|
(1,338
|
)
|
Finance lease interest expense
|
200
|
|
400
|
|
|
(200
|
)
|
Commitment fees
|
195
|
|
170
|
|
|
25
|
|
Amortization of deferred charges
|
941
|
|
728
|
|
|
213
|
|
Amortization of fair value adjustments as a result of the Merger
|
813
|
|
5,003
|
|
|
(4,190
|
)
|
|
32,311
|
|
36,507
|
|
|
(4,196
|
)
|
•
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a decrease of $4.2 million in amortization of fair value adjustment of our Convertible Bond and a decrease of $2.4 million of fixed rate interest debt following the full repayment of the Convertible Bond at maturity in January 2019,
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•
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a decrease of $1.3 million of interest on related party debt following the prepayment of the related party seller credit loans of $65.5 million as part of the refinancing of these loans during the six months ended June 30, 2018, and
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•
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a decrease of $0.2 million in finance lease interest expense following a reduction of our outstanding finance lease obligations.
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•
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an increase of $3.7 million on our floating rate debt primarily due to (i) an increase in total floating rate debt with the $120.0 million loan facility partially used to finance the repayment of the related party seller credit loans of $65.5 million during the six months ended June 30, 2018, (ii) an increase in LIBOR rates, with the average 3 month LIBOR rates increasing from 2.13% to 2.60% in the first half of 2018 compared with the first half of 2019, respectively, although the increase in LIBOR rates was somewhat off-set by lower average margin in the first half of 2019, and
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•
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an increase of $0.2 million of amortization of deferred charges as a result of increased debt issuance costs from the amendment of the $420 million loan facility and the new $93.75 million and $131.79 million loan facilities entered into during the first six months of 2019.
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Six Months Ended June 30,
|
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Change
|
|||
(in thousands of $)
|
2019
|
|
2018
|
|
|
$
|
|
Equity results of associated companies
|
178
|
|
325
|
|
|
(147
|
)
|
|
Six Months Ended June 30,
|
|
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Change
|
|||
(in thousands of $)
|
2019
|
|
2018
|
|
|
$
|
|
Gain (loss) on derivatives
|
(10,217
|
)
|
7,931
|
|
|
(18,148
|
)
|
|
Six Months Ended June 30,
|
|
|
Change
|
|||
(in thousands of $)
|
2019
|
|
2018
|
|
|
$
|
|
Other financial items
|
(2,313
|
)
|
(747
|
)
|
|
(1,566
|
)
|
•
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a $1.4 million mark-to-market loss of our investments in equity securities recognized at fair value, and
|
•
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a $0.2 million increase in foreign exchange losses.
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•
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In August 2019, and based on the improved market conditions following the second quarter, the Board declared a cash dividend to our shareholders of $0.10 per share, totaling approximately $14.4 million, which was paid in September 2019.
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•
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In August 2019, we repurchased an additional 25,000 of our shares for approximately $0.1 million.
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•
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In August 2019, we and Frontline Ltd, or Frontline, announced that we had entered into a non-binding term sheet agreement with Trafigura Group to establish a leading global supplier of marine fuels (the “JV”). The Company and Frontline will acquire 10 percent and 15 percent interests in the JV, respectively, and Trafigura Group will contribute its existing physical bunkering activities to the JV. Subject to agreement on final terms, the JV is expected to commence operations in the third quarter of 2019 and will act as the exclusive purchaser of marine fuels for Trafigura Group, the Company and Frontline, as well as certain entities affiliated with Hemen Holding Ltd, the Company and Frontline’s largest shareholder. In connection with this agreement, we will make available a shareholder loan of $1.0 million to the joint venture company.
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In September 2019, we announced that we had agreed to make a further investment in Singapore Marine Pte Ltd., or Singapore Marine, in connection with its acquisition of the majority of assets and operations of Swiss Marine. We have increased our equity investment in Singapore Marine by $9.5 million and increased availability by $0.7 million, to $10.7 million, under our existing shareholder loan to Singapore Marine with a five-year term. At the date of this report, Singapore Marine has drawn down the full $10.7 million under the shareholder loan.
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Six Months Ended June 30,
|
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(in thousands of $)
|
|
2019
|
|
2018
|
|
Net cash provided by (used in) operating activities
|
|
28,490
|
|
62,197
|
|
Net cash provided by (used in) investing activities
|
|
(18,755
|
)
|
(152,096
|
)
|
Net cash provided by (used in) financing activities
|
|
(219,082
|
)
|
39,576
|
|
Net change in cash, cash equivalents and restricted cash
|
|
(209,347
|
)
|
(50,323
|
)
|
Cash, cash equivalents and restricted cash at beginning of period
|
|
372,604
|
|
371,984
|
|
Cash, cash equivalents and restricted cash at end of period
|
|
163,257
|
|
321,661
|
|
•
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payments of $10.0 million in relation to our investment in Singapore Marine, and
|
•
|
payments of approximately $8.9 million related to installation of scrubbers and ballast water systems on certain of our vessels.
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•
|
payments of an aggregate of $147.6 million in final installments, including predelivery costs, on delivery of five Capesize newbuildings,
|
•
|
payment of $4.5 million in connection with the acquisition of one Capesize vessel, and
|
•
|
payment of $1.2 million in other fixed assets.
|
•
|
proceeds of $0.5 million from our seller credit receivable, and
|
•
|
proceeds of $0.2 million from sale of marketable securities and $0.5 million from other investing activities.
|
•
|
repayments of $423.5 million, which included the full repayment at maturity on January 30, 2019 of the net outstanding amount of $168.2 million under our convertible bond, prepayments of an aggregate of $222.1 million under our three non-recourse loan facilities, $102.7 million credit facility, $73.4 million credit facility and $80.2 million credit facility, which financed the 14 vessels acquired from Quintana Shipping Ltd. in 2017, and repayments of $33.2 million in ordinary installments,
|
•
|
distributions of $10.8 million in cash dividends to our shareholders, and
|
•
|
repayments of $2.7 million in finance lease obligations, $2.6 million in share repurchases and $5.2 million in debt issuance costs.
|
•
|
$225.5 million in proceeds from drawdowns from our $93.75 million and $131.79 million term loan facilities to finance the repayment of our non-recourse debt as described above, and
|
•
|
net proceeds of $0.2 million from the exercise of options previously granted under our 2016 share option plan to purchase 50,000 shares.
|
•
|
$253.0 million in proceeds from drawdowns of $150.0 million from our $425 million term loan facility in connection with the delivery of five Capesize newbuildings and $103.0 million in drawdowns from our new $120 million term loan facility, and
|
•
|
net proceeds of $0.2 million from the exercise of options previously granted under our 2016 share option plan to purchase 50,000 shares.
|
•
|
repayments of $181.1 million, representing repayments of $58.3 million at maturity under our $34.0 million and $82.5 million loan facilities, prepayment of the full outstanding amounts under our related party seller credit loans of $65.5 million, repayments of $11.6 million under the cash sweep mechanism of the non-recourse loans financing the vessels acquired from Quintana in 2017, repayments of $30.4 million in ordinary installments and $15.3 million in payments from repurchases of our convertible bond,
|
•
|
distributions of $28.9 million in cash dividends to our shareholders, and
|
•
|
repayments of $2.5 million in finance lease obligations and $1.2 million in debt issuance costs.
|
|
|
|
|
|
|
|
|
|
|
|
|
Six months ended June 30,
|
||||||
|
|
2019
|
|
|
2018
|
|
||
Operating revenues
|
|
|
|
|
||||
Time charter revenues
|
|
128,139
|
|
|
159,645
|
|
||
Voyage charter revenues
|
|
112,867
|
|
|
130,021
|
|
||
Other revenues
|
|
786
|
|
|
1,165
|
|
||
Total operating revenues
|
|
241,792
|
|
|
290,831
|
|
||
|
|
|
|
|
||||
Gain on sale of assets and amortization of deferred gains
|
|
—
|
|
|
129
|
|
||
Other operating income (expenses), net
|
|
2,816
|
|
|
1,049
|
|
||
|
|
|
|
|
||||
Operating expenses
|
|
|
|
|
|
|
||
Voyage expenses and commissions
|
|
67,104
|
|
|
63,445
|
|
||
Ship operating expenses
|
|
90,818
|
|
|
76,429
|
|
||
Charter hire expenses
|
|
31,616
|
|
|
46,698
|
|
||
Administrative expenses
|
|
6,805
|
|
|
7,357
|
|
||
Impairment loss on vessels
|
|
—
|
|
|
1,080
|
|
||
Depreciation
|
|
46,853
|
|
|
45,470
|
|
||
Total operating expenses
|
|
243,196
|
|
|
240,479
|
|
||
|
|
|
|
|
||||
Net operating income (loss)
|
|
1,412
|
|
|
51,530
|
|
||
|
|
|
|
|
||||
Other income (expenses)
|
|
|
|
|
|
|
||
Interest income
|
|
2,775
|
|
|
3,156
|
|
||
Interest expense
|
|
(32,311
|
)
|
|
(36,507
|
)
|
||
Equity results of associated companies
|
|
178
|
|
|
325
|
|
||
Gain (loss) on derivatives
|
|
(10,217
|
)
|
|
7,931
|
|
||
Other financial items
|
|
(2,313
|
)
|
|
(747
|
)
|
||
Net other income (expenses)
|
|
(41,888
|
)
|
|
(25,842
|
)
|
||
|
|
|
|
|
||||
Net income (loss) before tax
|
|
(40,476
|
)
|
|
25,688
|
|
||
Income tax expense
|
|
75
|
|
|
25
|
|
||
|
|
|
|
|
||||
Net income (loss)
|
|
(40,551
|
)
|
|
25,663
|
|
||
|
|
|
|
|
||||
Per share information:
|
|
|
|
|
|
|
||
Basic and diluted earnings (loss) per share
|
|
$
|
(0.28
|
)
|
|
$
|
0.18
|
|
Dividends per share
|
|
$
|
0.13
|
|
|
$
|
0.20
|
|
|
|
Six months ended June 30,
|
||||
|
|
2019
|
|
|
2018
|
|
Comprehensive income (loss), net
|
|
|
|
|
||
Net income (loss)
|
|
(40,551
|
)
|
|
25,663
|
|
Other comprehensive income (loss), net
|
|
|
|
|
||
Unrealized gain (loss)
|
|
—
|
|
|
—
|
|
Other comprehensive income (loss), net
|
|
—
|
|
|
—
|
|
|
|
|
|
|
||
Comprehensive income (loss), net
|
|
(40,551
|
)
|
|
25,663
|
|
|
|
June 30,
|
|
|
December 31,
|
|
|
|
2019
|
|
|
2018
|
|
ASSETS
|
|
|
|
|
||
Current assets
|
|
|
|
|
||
Cash and cash equivalents
|
|
97,937
|
|
|
305,352
|
|
Restricted cash
|
|
19,612
|
|
|
20,272
|
|
Marketable securities
|
|
10,009
|
|
|
12,033
|
|
Trade accounts receivable, net
|
|
30,439
|
|
|
27,650
|
|
Other current assets
|
|
29,471
|
|
|
26,667
|
|
Related party receivables
|
|
6,344
|
|
|
3,990
|
|
Derivative instruments receivable
|
|
2,780
|
|
|
9,449
|
|
Inventories
|
|
39,288
|
|
|
28,154
|
|
Prepaid expenses
|
|
8,061
|
|
|
6,127
|
|
Voyages in progress
|
|
5,170
|
|
|
2,808
|
|
Favorable charter party contracts
|
|
16,500
|
|
|
18,732
|
|
Total current assets
|
|
265,611
|
|
|
461,234
|
|
Restricted cash
|
|
45,708
|
|
|
46,981
|
|
Vessels and equipment, net
|
|
2,365,773
|
|
|
2,406,456
|
|
Finance leases, right of use assets, net
|
|
721
|
|
|
1,165
|
|
Operating leases, right of use assets, net
|
|
196,827
|
|
|
—
|
|
Favorable charter party contracts
|
|
9,164
|
|
|
16,221
|
|
Investments in associated companies
|
|
1,686
|
|
|
1,658
|
|
Other long term assets
|
|
18,097
|
|
|
17,639
|
|
Total assets
|
|
2,903,587
|
|
|
2,951,354
|
|
|
|
|
|
|
||
LIABILITIES AND EQUITY
|
|
|
|
|
|
|
Current liabilities
|
|
|
|
|
|
|
Current portion of long-term debt
|
|
233,668
|
|
|
471,764
|
|
Current portion of finance lease obligations
|
|
4,687
|
|
|
5,649
|
|
Current portion of operating lease obligations
|
|
22,585
|
|
|
—
|
|
Derivative instruments payable
|
|
10,293
|
|
|
1,294
|
|
Related party payables
|
|
696
|
|
|
—
|
|
Trade accounts payables
|
|
14,673
|
|
|
7,752
|
|
Accrued expenses
|
|
33,846
|
|
|
26,643
|
|
Other current liabilities
|
|
30,826
|
|
|
28,398
|
|
Total current liabilities
|
|
351,274
|
|
|
541,500
|
|
Long-term liabilities
|
|
|
|
|
|
|
Long-term debt
|
|
914,012
|
|
|
877,278
|
|
Non-current portion of finance lease obligations
|
|
—
|
|
|
1,786
|
|
Non-current portion of operating lease obligations
|
|
165,084
|
|
|
—
|
|
Other long term liabilities
|
|
—
|
|
|
7,278
|
|
Total liabilities
|
|
1,430,370
|
|
|
1,427,842
|
|
Commitments and contingencies
|
|
|
|
|
|
|
Equity
|
|
|
|
|
|
|
Share capital (2019: 144,272,697 shares. 2018: 144,272,697 shares. All shares are issued and outstanding at par value $0.05)
|
|
7,215
|
|
|
7,215
|
|
Treasury shares
|
|
(4,239
|
)
|
|
(2,643
|
)
|
Additional paid in capital
|
|
473
|
|
|
233
|
|
Contributed capital surplus
|
|
1,775,678
|
|
|
1,786,451
|
|
Accumulated deficit
|
|
(305,910
|
)
|
|
(267,744
|
)
|
Total equity
|
|
1,473,217
|
|
|
1,523,512
|
|
Total liabilities and equity
|
|
2,903,587
|
|
|
2,951,354
|
|
|
|
Six months ended June 30,
|
||||
|
|
2019
|
|
|
2018
|
|
|
|
|
|
|
||
Net cash provided by (used in) operating activities
|
|
28,490
|
|
|
62,197
|
|
Investing activities
|
|
|
|
|
|
|
Investments in equity securities
|
|
(10,000
|
)
|
|
—
|
|
Payments related to upgrades, vessels and newbuildings
|
|
(8,844
|
)
|
|
(153,304
|
)
|
Distributions from associated companies
|
|
—
|
|
|
45
|
|
Proceeds from seller credit receivable
|
|
—
|
|
|
500
|
|
Proceeds from sale of marketable securities
|
|
—
|
|
|
224
|
|
Other investing activities, net
|
|
89
|
|
|
439
|
|
Net cash provided by (used in) investing activities
|
|
(18,755
|
)
|
|
(152,096
|
)
|
Financing activities
|
|
|
|
|
|
|
Proceeds from long-term debt
|
|
225,540
|
|
|
252,993
|
|
Repayment of long-term debt
|
|
(423,482
|
)
|
|
(181,029
|
)
|
Repayment of finance leases
|
|
(2,748
|
)
|
|
(2,548
|
)
|
Distributions to shareholders
|
|
(10,773
|
)
|
|
(28,850
|
)
|
Debt fees paid
|
|
(5,174
|
)
|
|
(1,200
|
)
|
Payments related to share repurchases
|
|
(2,630
|
)
|
|
—
|
|
Proceeds from share distributions
|
|
185
|
|
|
—
|
|
Net proceeds from share issuance
|
|
—
|
|
|
210
|
|
Net cash provided by (used in) financing activities
|
|
(219,082
|
)
|
|
39,576
|
|
Net change in cash, cash equivalents and restricted cash
|
|
(209,347
|
)
|
|
(50,323
|
)
|
Cash, cash equivalents and restricted cash at beginning of period
|
|
372,604
|
|
|
371,984
|
|
Cash, cash equivalents and restricted cash at end of period
|
|
163,257
|
|
|
321,661
|
|
|
|
Six months ended June 30,
|
||||
|
|
2019
|
|
|
2018
|
|
Number of shares outstanding
|
|
|
|
|
||
Balance at beginning of period
|
|
144,272,697
|
|
|
142,197,697
|
|
Shares issued
|
|
—
|
|
|
2,050,000
|
|
Balance at end of period
|
|
144,272,697
|
|
|
144,247,697
|
|
|
|
|
|
|
||
Share capital
|
|
|
|
|
|
|
Balance at beginning of period
|
|
7,215
|
|
|
7,111
|
|
Shares issued
|
|
—
|
|
|
103
|
|
Balance at end of period
|
|
7,215
|
|
|
7,214
|
|
|
|
|
|
|
||
Treasury shares
|
|
|
|
|
||
Balance at beginning of period
|
|
(2,643
|
)
|
|
—
|
|
Shares purchased
|
|
(1,881
|
)
|
|
—
|
|
Shares distributed
|
|
285
|
|
|
—
|
|
Balance at end of period
|
|
(4,239
|
)
|
|
—
|
|
|
|
|
|
|
||
Additional paid in capital
|
|
|
|
|
|
|
Balance at beginning of period
|
|
233
|
|
|
454,694
|
|
Shares issued
|
|
—
|
|
|
17,448
|
|
Stock option expense
|
|
240
|
|
|
288
|
|
Balance at end of period
|
|
473
|
|
|
472,430
|
|
|
|
|
|
|
||
Contributed capital surplus
|
|
|
|
|
|
|
Balance at beginning of period
|
|
1,786,451
|
|
|
1,378,824
|
|
Distributions to shareholders
|
|
(10,773
|
)
|
|
(28,850
|
)
|
Balance at end of period
|
|
1,775,678
|
|
|
1,349,974
|
|
|
|
|
|
|
||
Other comprehensive income (loss)
|
|
|
|
|
||
Balance at beginning of period
|
|
—
|
|
|
5,323
|
|
Adjustment on adoption of changes in ASC 825
|
|
—
|
|
|
(5,323
|
)
|
Balance at end of period
|
|
—
|
|
|
—
|
|
|
|
|
|
|
||
Accumulated deficit
|
|
|
|
|
|
|
Balance at beginning of period
|
|
(267,744
|
)
|
|
(351,903
|
)
|
Adjustment on adoption of ASC 606
|
|
—
|
|
|
(5,698
|
)
|
Adjustment on adoption of changes in ASC 825
|
|
—
|
|
|
5,323
|
|
Adjustment on adoption of ASC 842
|
|
2,485
|
|
|
—
|
|
Distributed treasury shares
|
|
(100
|
)
|
|
—
|
|
Net income (loss)
|
|
(40,551
|
)
|
|
25,663
|
|
Balance at end of period
|
|
(305,910
|
)
|
|
(326,615
|
)
|
Total equity
|
|
1,473,217
|
|
|
1,503,003
|
|
(in thousands of $)
|
|
2019
|
|
|
2018
|
|
Net income (loss)
|
|
(40,551
|
)
|
|
25,663
|
|
(in thousands)
|
|
2019
|
|
|
2018
|
|
Weighted average number of shares outstanding - basic
|
|
143,687
|
|
|
144,032
|
|
Dilutive effect of share options
|
|
—
|
|
|
315
|
|
Weighted average number of shares outstanding - diluted
|
|
143,687
|
|
|
144,347
|
|
(in thousands of $)
|
|
2019
|
|
|
2018
|
|
Time charter revenues
|
|
128,139
|
|
|
159,645
|
|
Voyage charter revenues
|
|
112,867
|
|
|
130,021
|
|
Other revenues
|
|
786
|
|
|
1,165
|
|
Total operating revenues
|
|
241,792
|
|
|
290,831
|
|
(in thousands of $)
|
|
2019
|
|
|
2018
|
|
Voyages in progress
|
|
5,170
|
|
|
2,808
|
|
Trade accounts receivable
|
|
30,439
|
|
|
27,650
|
|
Other current assets (capitalized fulfillment costs)
|
|
4,271
|
|
|
2,554
|
|
Total
|
|
39,880
|
|
|
33,012
|
|
(in thousands of $)
|
|
2019
|
|
|
2018
|
|
Cash and cash equivalents
|
|
97,937
|
|
|
249,970
|
|
Short term restricted cash
|
|
19,612
|
|
|
15,535
|
|
Long term restricted cash
|
|
45,708
|
|
|
56,156
|
|
Total cash, cash equivalents and restricted cash shown in the statement of cash flows
|
|
163,257
|
|
|
321,661
|
|
(in thousands of $)
|
|
|
|
Balance at December 31, 2018
|
|
12,033
|
|
Sales during the year
|
|
—
|
|
Unrealized gain (loss)
|
|
(2,024
|
)
|
Balance at June 30, 2019
|
|
10,009
|
|
(in thousands of $)
|
|
Cost
|
|
|
Accumulated Depreciation
|
|
|
Net Book Value
|
|
Balance at December 31, 2018
|
|
2,679,547
|
|
|
(273,091
|
)
|
|
2,406,456
|
|
Additions
|
|
5,726
|
|
|
—
|
|
|
5,726
|
|
Depreciation
|
|
—
|
|
|
(46,409
|
)
|
|
(46,409
|
)
|
Balance at June 30, 2019
|
|
2,685,273
|
|
|
(319,500
|
)
|
|
2,365,773
|
|
(in thousands of $)
|
|
SFL Leases
|
|
|
Golden Hawk Lease
|
|
|
Office Leases
|
|
|
Total
|
|
Balance at January 1, 2019 on adoption of ASC 842
|
|
198,405
|
|
|
3,844
|
|
|
3,079
|
|
|
205,328
|
|
Amortization
|
|
(7,792
|
)
|
|
(501
|
)
|
|
(208
|
)
|
|
(8,501
|
)
|
Balance at June 30, 2019
|
|
190,613
|
|
|
3,343
|
|
|
2,871
|
|
|
196,827
|
|
(in thousands of $)
|
|
SFL Leases
|
|
|
Golden Hawk Lease
|
|
|
Office Leases
|
|
|
Total
|
|
||
Balance at January 1, 2019 on adoption of ASC 842
|
|
185,816
|
|
|
9,567
|
|
|
3,079
|
|
|
198,462
|
|
||
Repayments
|
|
(9,472
|
)
|
—
|
|
(1,146
|
)
|
—
|
|
(208
|
)
|
|
(10,826
|
)
|
Foreign exchange translation
|
|
—
|
|
|
—
|
|
|
33
|
|
|
33
|
|
||
Balance at June 30, 2019
|
|
176,344
|
|
|
8,421
|
|
|
2,904
|
|
|
187,669
|
|
||
|
|
|
|
|
|
|
|
|
||||||
Current portion
|
|
19,571
|
|
|
2,412
|
|
|
602
|
|
|
22,585
|
|
||
Non-current portion
|
|
156,773
|
|
|
6,009
|
|
|
2,302
|
|
|
165,084
|
|
(in thousands of $)
|
|
|
|
2019
|
|
35,613
|
|
2020
|
|
35,709
|
|
2021
|
|
35,613
|
|
2022
|
|
32,590
|
|
2023
|
|
28,177
|
|
Thereafter
|
|
110,357
|
|
|
|
278,059
|
|
(in thousands of $)
|
|
|
|
2019 (remaining six months)
|
|
32,052
|
|
2020
|
|
37,410
|
|
2021
|
|
10,907
|
|
2022
|
|
—
|
|
2023
|
|
—
|
|
Thereafter
|
|
—
|
|
Total minimum lease receipts
|
|
80,369
|
|
(in thousands of $)
|
|
|
|
Balance at December 31, 2018
|
|
1,165
|
|
Depreciation
|
|
(444
|
)
|
Balance at June 30, 2019
|
|
721
|
|
(in thousands of $)
|
|
|
|
2019
|
|
5,944
|
|
2020
|
|
1,791
|
|
Thereafter
|
|
—
|
|
Minimum lease payments
|
|
7,735
|
|
Less: imputed interest
|
|
(300
|
)
|
Present value of obligations under finance leases
|
|
7,435
|
|
(in thousands of $)
|
|
|
|
2019 (remaining six months)
|
|
2,996
|
|
2020
|
|
1,791
|
|
Thereafter
|
|
—
|
|
Minimum lease payments
|
|
4,787
|
|
Less: imputed interest
|
|
(100
|
)
|
Present value of obligations under finance leases
|
|
4,687
|
|
(in thousands of $)
|
June 30, 2019
|
|
|
June 30, 2018
|
|
Depreciation of vessels under finance lease
|
444
|
|
|
444
|
|
Interest expense on obligations under finance lease
|
200
|
|
|
400
|
|
Total finance lease expense, net
|
644
|
|
|
844
|
|
(in thousands of $)
|
|
Purchase option exercise date
|
|
Purchase option amount
|
|
Golden Eclipse
|
|
April 2020
|
|
33,550
|
|
(% of ownership)
|
|
2019
|
|
|
2018
|
|
United Freight Carriers LLC ("UFC")
|
|
50.00
|
%
|
|
50.00
|
%
|
Seateam Management Pte. Ltd ("Seateam")
|
|
22.19
|
%
|
|
22.19
|
%
|
Capesize Chartering Ltd ("CCL")
|
|
25.00
|
%
|
|
25.00
|
%
|
(in thousands of $)
|
|
CCL
|
|
|
UFC
|
|
|
Seateam
|
|
|
Total
|
|
At December 31, 2018
|
|
—
|
|
|
772
|
|
|
886
|
|
|
1,658
|
|
Dividend received from associated companies
|
|
—
|
|
|
(150
|
)
|
|
—
|
|
|
(150
|
)
|
Share of income (loss)
|
|
—
|
|
|
179
|
|
|
(1
|
)
|
|
178
|
|
At June 30, 2019
|
|
—
|
|
|
801
|
|
|
885
|
|
|
1,686
|
|
(in thousands of $)
|
|
Capitalized project costs
|
|
|
Prepaid charter hire expenses (straight-lining of lease expense)
|
|
|
Deferred tax asset
|
|
|
Investments in equity securities
|
|
|
Total
|
|
Balance at December 31, 2018
|
|
4,932
|
|
|
12,588
|
|
|
119
|
|
|
—
|
|
|
17,639
|
|
Reclassification to right-of-use assets
|
|
—
|
|
|
(12,588
|
)
|
|
—
|
|
|
—
|
|
|
(12,588
|
)
|
Additions
|
|
4,753
|
|
|
—
|
|
|
—
|
|
|
10,000
|
|
|
14,753
|
|
Deductions
|
|
(1,634
|
)
|
|
—
|
|
|
(73
|
)
|
|
—
|
|
|
(1,707
|
)
|
Balance at June 30, 2019
|
|
8,051
|
|
|
—
|
|
|
46
|
|
|
10,000
|
|
|
18,097
|
|
(in thousands of $)
|
|
2019
|
|
|
2018
|
|
$93.75 million term loan
|
|
93,750
|
|
|
—
|
|
$131.79 million term loan
|
|
131,790
|
|
|
—
|
|
$284.0 million term loan
|
|
161,836
|
|
|
168,320
|
|
$420.0 million term loan
|
|
321,477
|
|
|
331,795
|
|
$425.0 million term loan
|
|
334,829
|
|
|
347,154
|
|
$102.7 million term loan
|
|
—
|
|
|
94,225
|
|
$73.4 million term loan
|
|
—
|
|
|
60,199
|
|
$80.2 million term loan
|
|
—
|
|
|
67,669
|
|
$120.0 million term loan
|
|
111,865
|
|
|
115,932
|
|
U.S. dollar denominated floating rate debt
|
|
1,155,547
|
|
|
1,185,294
|
|
U.S. dollar denominated fixed rate debt
|
|
—
|
|
|
167,382
|
|
Deferred charges
|
|
(7,867
|
)
|
|
(3,634
|
)
|
Total debt
|
|
1,147,680
|
|
|
1,349,042
|
|
Less: current portion
|
|
(233,668
|
)
|
|
(471,764
|
)
|
|
|
914,012
|
|
|
877,278
|
|
(in thousands of $)
|
|
Floating rate debt
|
|
|
Fixed rate debt
|
|
|
Deferred charges
|
|
|
Total
|
|
Balance at December 31, 2018
|
|
1,185,294
|
|
|
167,382
|
|
|
(3,634
|
)
|
|
1,349,042
|
|
Loan draw downs
|
|
225,540
|
|
|
—
|
|
|
—
|
|
|
225,540
|
|
Loan repayments
|
|
(255,287
|
)
|
|
(168,195
|
)
|
|
—
|
|
|
(423,482
|
)
|
Amortization of purchase price adjustment
|
|
—
|
|
|
813
|
|
|
—
|
|
|
813
|
|
Capitalized financing fees and expenses
|
|
—
|
|
|
—
|
|
|
(5,174
|
)
|
|
(5,174
|
)
|
Amortization of capitalized fees and expenses
|
|
—
|
|
|
—
|
|
|
941
|
|
|
941
|
|
Balance at June 30, 2019
|
|
1,155,547
|
|
|
—
|
|
|
(7,867
|
)
|
|
1,147,680
|
|
(in thousands of $)
|
|
2019
|
|
|
2018
|
|
Interest rate swaps
|
|
438
|
|
|
5,424
|
|
Bunker derivatives
|
|
169
|
|
|
433
|
|
Forward freight agreements
|
|
2,173
|
|
|
3,592
|
|
Asset - Derivatives fair value
|
|
2,780
|
|
|
9,449
|
|
(in thousands of $)
|
|
2019
|
|
|
2018
|
|
Interest rate swaps
|
|
8,952
|
|
|
—
|
|
Currency swaps
|
|
873
|
|
|
536
|
|
Bunker derivatives
|
|
468
|
|
|
758
|
|
Liability - Derivatives fair value
|
|
10,293
|
|
|
1,294
|
|
(in thousands of $)
|
|
|
2019
|
|
|
2018
|
|
Interest rate swaps
|
Mark to market gain (loss)
|
|
(12,387
|
)
|
|
9,795
|
|
Foreign currency swaps
|
Mark to market gain (loss)
|
|
(337
|
)
|
|
(85
|
)
|
Forward freight agreements
|
Mark to market gain (loss)
|
|
2,500
|
|
|
(2,772
|
)
|
Bunker derivatives
|
Mark to market gain (loss)
|
|
7
|
|
|
993
|
|
|
|
|
(10,217
|
)
|
|
7,931
|
|
|
|
2019
|
|
|
2018
|
|
||
Number of dry bulk vessels managed
|
|
14
|
|
|
14
|
|
||
Daily commercial management fee per dry bulk vessel
|
|
75-125
|
|
|
75-125
|
|
||
Number of container vessels managed
|
|
14
|
|
|
7
|
|
||
Daily commercial management fee per container vessel
|
|
$
|
75
|
|
|
$
|
75
|
|
|
|
2019
|
|
|
2018
|
|
||
Number of dry bulk vessels managed
|
|
14
|
|
|
16
|
|
||
Daily commercial management fee per dry bulk vessel
|
|
$
|
125
|
|
|
$
|
125
|
|
(in thousands of $)
|
|
2019
|
|
|
2018
|
|
Golden Opus Inc
|
|
—
|
|
|
6
|
|
Frontline Management (Bermuda) Ltd
|
|
1,674
|
|
|
1,707
|
|
SFL Corporation Ltd.
|
|
15,196
|
|
|
14,589
|
|
Seateam Management Pte Ltd
|
|
1,818
|
|
|
1,901
|
|
Seatankers Management Co Ltd
|
|
2,621
|
|
|
10,855
|
|
Capesize Chartering Ltd
|
|
12
|
|
|
24
|
|
(in thousands of $)
|
|
2019
|
|
|
2018
|
|
SFL Corporation Ltd.
|
|
443
|
|
|
360
|
|
Seatankers Management Co Ltd
|
|
317
|
|
|
359
|
|
Capesize Chartering Ltd
|
|
2,816
|
|
|
1,308
|
|
(in thousands of $)
|
|
2019
|
|
|
2018
|
|
Frontline Ltd.
|
|
2,356
|
|
|
3,192
|
|
SFL Corporation Ltd.
|
|
2,589
|
|
|
91
|
|
United Freight Carriers
|
|
—
|
|
|
163
|
|
Seatankers Management Co Ltd
|
|
660
|
|
|
538
|
|
Capesize Chartering Ltd
|
|
739
|
|
|
6
|
|
|
|
6,344
|
|
|
3,990
|
|
(in thousands of $)
|
|
2019
|
|
|
2018
|
|
Seatankers Management Co Ltd
|
|
673
|
|
|
—
|
|
United Freight Carriers
|
|
23
|
|
|
—
|
|
|
|
696
|
|
|
—
|
|
|
|
|
2019
|
|
|
2019
|
|
|
2018
|
|
|
2018
|
|
(in thousands of $)
|
|
|
Fair
Value
|
|
|
Carrying
Value
|
|
|
Fair
Value
|
|
|
Carrying
Value
|
|
Assets
|
|
|
|
|
|
|
|
|
|
||||
Cash and cash equivalents
|
|
|
97,937
|
|
|
97,937
|
|
|
305,352
|
|
|
305,352
|
|
Restricted cash
|
|
|
65,320
|
|
|
65,320
|
|
|
67,252
|
|
|
67,252
|
|
Marketable securities
|
|
|
10,009
|
|
|
10,009
|
|
|
12,033
|
|
|
12,033
|
|
Investments in equity securities
|
|
|
10,000
|
|
|
10,000
|
|
|
—
|
|
|
—
|
|
Derivative assets
|
|
|
2,780
|
|
|
2,780
|
|
|
9,449
|
|
|
9,449
|
|
Liabilities
|
|
|
|
|
|
|
|
|
|
||||
Long term debt - floating
|
|
|
1,155,547
|
|
|
1,155,547
|
|
|
1,185,294
|
|
|
1,185,294
|
|
Short term debt - convertible bond
|
|
|
—
|
|
|
—
|
|
|
167,359
|
|
|
167,382
|
|
Derivative liabilities
|
|
|
10,293
|
|
|
10,293
|
|
|
1,294
|
|
|
1,294
|
|
(in thousands of $)
|
|
|
2019 Fair
Value
|
|
|
Level 1
|
|
|
Level 2
|
|
|
Level 3
|
|
Assets
|
|
|
|
|
|
|
|
|
|
||||
Cash and cash equivalents
|
|
|
97,937
|
|
|
97,937
|
|
|
—
|
|
|
—
|
|
Restricted cash
|
|
|
65,320
|
|
|
65,320
|
|
|
—
|
|
|
—
|
|
Marketable securities
|
|
|
10,009
|
|
|
10,009
|
|
|
—
|
|
|
—
|
|
Investments in equity securities
|
|
|
10,000
|
|
|
—
|
|
|
—
|
|
|
10,000
|
|
Derivative assets
|
|
|
2,780
|
|
|
—
|
|
|
2,780
|
|
|
—
|
|
Liabilities
|
|
|
|
|
|
|
|
|
|
||||
Long term debt - floating
|
|
|
1,155,547
|
|
|
—
|
|
|
1,155,547
|
|
|
—
|
|
Derivative liabilities
|
|
|
10,293
|
|
|
—
|
|
|
10,293
|
|
|
—
|
|
(in thousands of $)
|
|
|
2018 Fair
Value
|
|
|
Level 1
|
|
|
Level 2
|
|
|
Level 3
|
|
Assets
|
|
|
|
|
|
|
|
|
|
||||
Cash and cash equivalents
|
|
|
305,352
|
|
|
305,352
|
|
|
—
|
|
|
—
|
|
Restricted cash
|
|
|
67,252
|
|
|
67,252
|
|
|
—
|
|
|
—
|
|
Marketable securities
|
|
|
12,033
|
|
|
12,033
|
|
|
—
|
|
|
—
|
|
Derivative assets
|
|
|
9,449
|
|
|
—
|
|
|
9,449
|
|
|
—
|
|
Liabilities
|
|
|
|
|
|
|
|
|
|
||||
Long term debt - floating
|
|
|
1,185,294
|
|
|
—
|
|
|
1,185,294
|
|
|
—
|
|
Short term debt - convertible bond
|
|
|
167,359
|
|
|
—
|
|
|
167,359
|
|
|
—
|
|
Derivative liabilities
|
|
|
1,294
|
|
|
—
|
|
|
1,294
|
|
|
—
|
|
•
|
The carrying value of cash and cash equivalents, which are highly liquid, approximate fair value.
|
•
|
Restricted cash -the balances relate entirely to restricted cash and the carrying values in the balance sheet approximate their fair value.
|
•
|
Floating rate debt - the carrying value in the balance sheet approximates the fair value since it bears a variable interest rate, which is reset on a quarterly basis.
|
•
|
Convertible bond - quoted market prices are not available, however the bonds are traded "over the counter" and the fair value of bonds is based on the market price on offer.
|
•
|
Marketable securities - are listed equity securities for which the fair value is based on quoted market prices.
|
•
|
Investments in equity securities - are equity investments in Singapore Marine measured at cost as the investment is considered not to have a readily determinable fair value. As of June 30, 2019, Singapore Marine was newly incorporated and its net assets consisted mainly of cash and therefore the fair value of the investment approximates our cost.
|
•
|
Derivatives - are based on the present value of the estimated future cash flows that we would receive or pay to terminate the agreements at the balance sheet date.
|
1 Year Golden Ocean Chart |
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