Golden Ocean Group : GOGL - First Quarter 2013 Results

            Golden Ocean Group : GOGL - First Quarter 2013 Results

Highlights

· Golden Ocean generates first quarter 2013 EBITDA* of $20.6 million

· Golden Ocean reports profit of $6.8 million for the first quarter of 2013

· The Company took delivery of Golden Brilliant from Pipavav in January
2013

· The Company has cancelled one newbuilding contract in the first quarter

· The Company has entered into two supramax newbuilding contracts from JMU

· The Company has bought a 2009 built Cape in a JV with a cargo owner

· The Company has agreed to purchase two ice class panamax resales built at
Pipavav

*EBITDA is equal to operating profit plus depreciations (including impairment
related to vessels) and amortisation.

First Quarter 2013 Results

Golden Ocean Group Limited (the "Company" or "Golden Ocean") reports profit of
$9.3 million and Golden Ocean Group Limited (the "Company" or "Golden Ocean")
reports profit of $6.8 million and earnings per share of $0.015 for the first
quarter of 2013. This compares with profit and earnings per share of $9.3
million and $0.02 respectively for the fourth quarter of 2012. Total operating
revenues for the first quarter were $54.4 million, total operating expenses
were $44.8 million and other gains/losses net were positive with $1.8 million.
Net financial items were negative with $4.7 million.

The profit for the period of $6.8 million is a decrease of $2.5 million
compared to last quarter. The operating revenues decreased by $1.5 million,
and the operating expenses increased by $3.5 million. Total other gains/
(losses) net increased by $2.3 million. This leads to a decrease in operating
income of $2.7 million. The decline in operating income was expected as some
charter parties expired at the end of 2012 and the earnings in the spot market
have been lower than the vessels earned on their previous contracts. The spot
market for Capesize vessels was also lower in the first quarter of 2013 than
the fourth quarter of 2012, giving lower earnings for the two Capesize vessels
trading in the spot market. Lastly, the prepayment of hire received during
2012 also gave a small reduction in revenue for the involved vessels.

Cash and cash equivalents decreased by $21.2 million during the quarter. The
Company generated cash from operating activities of $6.3 million during the
quarter and the change in restricted cash was positive with $2.1 million. The
Company paid $5.3 million in installments and other predelivery costs in the
quarter. Financing activities were negative with $24.6 million in the quarter.
Ordinary and extraordinary repayments of long term debt amounted to $20.6
million.

The full report is available in the link below.

May 28, 2013
The Board of Directors
Golden Ocean Group Limited
Hamilton, Bermuda

Questions should be directed to:
Herman Billung: CEO Golden Ocean Management AS
+47 22 01 73 41

Birgitte Ringstad Vartdal: CFO Golden Ocean Management AS
+47 22 01 73 53



This information is subject of the disclosure requirements pursuant to section
5-12 of the Norwegian Securities Trading Act.
Q1 2013 Results

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Source: Golden Ocean Group via Thomson Reuters ONE
HUG#1705038
 
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