▪ |
Net income of $65.4 million and earnings per share of $0.33 (basic) for the first quarter of 2024, compared with net income of $57.5 million and earnings per share of
$0.29 (basic) for the fourth quarter of 2023.
|
▪ |
Adjusted EBITDA1 of $114.3 million for the first quarter of 2024, compared with $123.2 million for the fourth quarter of 2023.
|
▪ |
Adjusted net income1 of $58.4 million for the first quarter of 2024, compared to $64.6 million for the fourth quarter of 2023.
|
▪ |
Reported TCE2 rates for Capesize and Panamax vessels of $27,222 per day and $14,978 per day, respectively, and $22,628 per day for the entire fleet in the
first quarter of 2024.
|
▪ |
Completed a sale of one Panamax vessel for net consideration of $15.7 million.
|
▪ |
Subsequent to quarter end, signed and closed the $180 million credit facility, at record low credit margin and attractive terms.
|
▪ |
Estimated TCE rates, inclusive of charter coverage calculated on a load-to-discharge basis, are approximately:
|
• |
$27,200 per day for 75% of Capesize available days and $14,500 per day for 82% of Panamax available days for the second quarter of 2024.
|
• |
$25,200 per day for 24% of Capesize available days and $20,500 per day for 41% of Panamax available days for the third quarter of 2024.
|
▪ |
Announced a cash dividend of $0.30 per share for the first quarter of 2024, which is payable on or about June 17, 2024, to shareholders of record on June
7, 2024. Shareholders holding the Company’s shares through Euronext VPS may receive this cash dividend later, on or about June 19, 2024.
|
a. |
83 vessels owned by the Company (52 Capesize and 31 Panamax vessels);
|
b. |
Eight Capesize vessels chartered in on long-term leases with profit-sharing arrangements; and
|
c. |
Three 85,000 dwt Kamsarmax vessels on order.
|
Unaudited Interim Condensed Consolidated Statements of Operations
|
|
Unaudited Interim Condensed Consolidated Balance Sheets
|
|
Unaudited Interim Condensed Consolidated Cash Flow Statements
|
|
Unaudited Interim Condensed Consolidated Statements of Changes in Equity
|
|
Selected Notes to the Unaudited Interim Condensed Consolidated Financial Statements
|
(in thousands of $, except per share data)
|
Three months
ended
March 31,
2024
|
Three months
ended
December 31,
2023
|
Three months
ended
March 31,
2023
|
|||||||||
Operating revenues
|
||||||||||||
Time charter revenues
|
163,250
|
155,919
|
75,341
|
|||||||||
Voyage charter revenues
|
82,533
|
95,789
|
120,085
|
|||||||||
Other revenues
|
952
|
2,497
|
1,091
|
|||||||||
Total operating revenues
|
246,735
|
254,205
|
196,517
|
|||||||||
Gain from disposal of vessels
|
1,133
|
5,774
|
2,583
|
|||||||||
Operating expenses
|
||||||||||||
Voyage expenses and commissions
|
50,036
|
57,454
|
64,231
|
|||||||||
Ship operating expenses
|
62,611
|
63,416
|
61,630
|
|||||||||
Charter hire expenses
|
7,308
|
6,894
|
16,782
|
|||||||||
Administrative expenses
|
7,430
|
4,909
|
4,162
|
|||||||||
Impairment loss on vessels
|
—
|
—
|
11,780
|
|||||||||
Depreciation
|
35,076
|
36,189
|
31,497
|
|||||||||
Total operating expenses
|
162,461
|
168,862
|
190,082
|
|||||||||
Net operating income
|
85,407
|
91,117
|
9,018
|
|||||||||
Other income (expenses)
|
||||||||||||
Interest income
|
1,956
|
1,293
|
1,515
|
|||||||||
Interest expense
|
(29,177
|
)
|
(28,663
|
)
|
(22,013
|
)
|
||||||
Gain/(loss) on derivatives
|
12,010
|
(8,237
|
)
|
(2,083
|
)
|
|||||||
Equity results of associated companies
|
(4,558
|
)
|
2,731
|
4,941
|
||||||||
Other financial items
|
(201
|
)
|
(319
|
)
|
(170
|
)
|
||||||
Net other (expenses) income
|
(19,970
|
)
|
(33,195
|
)
|
(17,810
|
)
|
||||||
Net income before income taxes
|
65,437
|
57,922
|
(8,792
|
)
|
||||||||
Income tax expense
|
50
|
451
|
30
|
|||||||||
Net income (loss)
|
65,387
|
57,471
|
(8,822
|
)
|
||||||||
Per share information:
|
||||||||||||
Earnings (loss) per share: basic
|
$
|
0.33
|
$
|
0.29
|
$
|
(0.04
|
)
|
|||||
Earnings (loss) per share: diluted
|
$
|
0.33
|
$
|
0.29
|
$
|
(0.04
|
)
|
(in thousands of $)
|
As of
March 31,
2024
|
As of
December 31,
2023
|
||||||
ASSETS
|
||||||||
Current assets
|
||||||||
Cash and cash equivalents
|
144,661
|
116,382
|
||||||
Restricted cash
|
2,746
|
2,254
|
||||||
Other current assets
|
167,136
|
160,281
|
||||||
Total current assets
|
314,543
|
278,917
|
||||||
Vessels and equipment, net
|
2,993,587
|
2,987,360
|
||||||
Vessels held for sale
|
—
|
14,486
|
||||||
Newbuildings
|
44,613
|
54,777
|
||||||
Finance leases, right of use assets, net
|
64,917
|
68,643
|
||||||
Operating leases, right of use assets, net
|
8,953
|
9,538
|
||||||
Other long term assets
|
75,252
|
75,297
|
||||||
Total assets
|
3,501,865
|
3,489,018
|
||||||
LIABILITIES AND EQUITY
|
||||||||
Current liabilities
|
||||||||
Current portion of long-term debt
|
114,243
|
109,309
|
||||||
Current portion of finance lease obligations
|
19,844
|
19,601
|
||||||
Current portion of operating lease obligations
|
2,650
|
2,632
|
||||||
Other current liabilities
|
113,925
|
94,649
|
||||||
Total current liabilities
|
250,662
|
226,191
|
||||||
Long-term debt
|
1,249,591
|
1,260,758
|
||||||
Non-current portion of finance lease obligations
|
62,837
|
67,987
|
||||||
Non-current portion of operating lease obligations
|
8,907
|
9,621
|
||||||
Other long-term liabilities
|
1,956
|
2,570
|
||||||
Total liabilities
|
1,573,953
|
1,567,127
|
||||||
Equity
|
1,927,912
|
1,921,891
|
||||||
Total liabilities and equity
|
3,501,865
|
3,489,018
|
(in thousands of $)
|
Three months
ended
March 31,
2024
|
Three months
ended
December 31,
2023
|
Three months
ended
March 31,
2023
|
|||||||||
Net income (loss)
|
65,387
|
57,471
|
(8,822
|
)
|
||||||||
Adjustments to reconcile net income to net cash provided by operating
activities
|
||||||||||||
Gain from disposal of vessels
|
(1,133
|
)
|
(5,774
|
)
|
(2,583
|
)
|
||||||
Depreciation
|
35,076
|
36,189
|
31,497
|
|||||||||
Impairment loss on vessels
|
—
|
—
|
11,780
|
|||||||||
Amortization of time charter party out contracts
|
(422
|
)
|
(427
|
)
|
—
|
|||||||
Dividends from associated companies
|
578
|
1,688
|
15,268
|
|||||||||
Equity results from associated companies
|
4,558
|
(2,731
|
)
|
(4,941
|
)
|
|||||||
Mark to market value on derivatives
|
(5,617
|
)
|
13,712
|
5,773
|
||||||||
Other, net
|
1,961
|
421
|
1,904
|
|||||||||
Change in operating assets and liabilities
|
15,422
|
(3,678
|
)
|
26,643
|
||||||||
Net cash provided by operating activities
|
115,810
|
96,871
|
76,519
|
|||||||||
Investing activities
|
||||||||||||
Additions to vessels and right of use assets
|
(871
|
)
|
(333
|
)
|
(123,864
|
)
|
||||||
Additions to newbuildings
|
(27,023
|
)
|
(6,133
|
)
|
(15,711
|
)
|
||||||
Repayments of loans receivable from related parties
|
—
|
—
|
925
|
|||||||||
Proceeds from sale of vessels
|
15,709
|
21,168
|
15,313
|
|||||||||
Other investing activities, net
|
—
|
—
|
2
|
|||||||||
Net cash provided by (used in) investing activities
|
(12,185
|
)
|
14,702
|
(123,335
|
)
|
|||||||
Financing activities
|
||||||||||||
Repayment of long-term debt
|
(335,656
|
)
|
(52,327
|
)
|
(247,545
|
)
|
||||||
Proceeds from long-term debt
|
330,220
|
—
|
330,000
|
|||||||||
Net proceeds from share distributions
|
522
|
—
|
—
|
|||||||||
Debt fees paid
|
(3,802
|
)
|
—
|
(3,592
|
)
|
|||||||
Dividends paid
|
(59,888
|
)
|
(19,963
|
)
|
(40,085
|
)
|
||||||
Share repurchases
|
—
|
—
|
(509
|
)
|
||||||||
Repayment of finance leases
|
(6,250
|
)
|
(20,387
|
)
|
(6,286
|
)
|
||||||
Net cash provided by (used in) financing activities
|
(74,854
|
)
|
(92,677
|
)
|
31,983
|
|||||||
Net change
|
28,771
|
18,896
|
(14,833
|
)
|
||||||||
Cash, cash equivalents and restricted cash at start of period
|
118,636
|
99,740
|
138,073
|
|||||||||
Cash, cash equivalents and restricted cash at end of period
|
147,407
|
118,636
|
123,240
|
(in thousands of $, except for share data)
|
Three months
ended
March 31,
2024
|
Three months
ended
March 31,
2023
|
||||||
Number of shares outstanding
|
||||||||
Balance at beginning of period
|
199,628,293
|
200,485,621
|
||||||
Repurchase of shares
|
—
|
(62,085
|
)
|
|||||
Distribution of treasury shares
|
400,000
|
—
|
||||||
Balance at end of period
|
200,028,293
|
200,423,536
|
||||||
Share capital
|
||||||||
Balance at beginning of period
|
10,061
|
10,061
|
||||||
Shares issued
|
—
|
—
|
||||||
Balance at end of period
|
10,061
|
10,061
|
||||||
Treasury shares
|
||||||||
Balance at beginning of period
|
(11,527
|
)
|
(5,014
|
)
|
||||
Repurchase of shares
|
—
|
(509
|
)
|
|||||
Share distribution
|
2,950
|
—
|
||||||
Balance at end of period
|
(8,577
|
)
|
(5,523
|
)
|
||||
Additional paid in capital
|
||||||||
Balance at beginning of period
|
1,124
|
851
|
||||||
Stock option expense
|
—
|
127
|
||||||
Balance at end of period
|
1,124
|
978
|
||||||
Contributed capital surplus
|
||||||||
Balance at beginning of period
|
1,582,257
|
1,582,257
|
||||||
Balance at end of period
|
1,582,257
|
1,582,257
|
||||||
Accumulated earnings
|
||||||||
Balance at beginning of period
|
339,976
|
328,878
|
||||||
Distributions to shareholders
|
(59,888
|
)
|
(40,085
|
)
|
||||
Distribution of treasury shares
|
(2,428
|
)
|
—
|
|||||
Net income (loss)
|
65,387
|
(8,822
|
)
|
|||||
Balance at end of period
|
343,047
|
279,971
|
||||||
Total equity
|
1,927,912
|
1,867,744
|
(in thousands of $)
|
Three months
ended
March 31,
2024
|
Three months
ended
December 31,
2023
|
Three months ended
March 31,
2023
|
|||||||||
Net income (loss)
|
65,387
|
57,471
|
(8,822
|
)
|
||||||||
Interest income
|
(1,956
|
)
|
(1,293
|
)
|
(1,515
|
)
|
||||||
Interest expense
|
29,177
|
28,663
|
22,013
|
|||||||||
Income tax expense
|
50
|
451
|
30
|
|||||||||
Depreciation
|
35,076
|
36,189
|
31,497
|
|||||||||
Amortization of time charter party out contracts
|
(422
|
)
|
(427
|
)
|
—
|
|||||||
Earnings before Interest Taxes Depreciation and Amortization
|
127,312
|
121,054
|
43,203
|
|||||||||
Impairment loss on vessels
|
—
|
—
|
11,780
|
|||||||||
Gain from disposal of vessels
|
(1,133
|
)
|
(5,774
|
)
|
(2,583
|
)
|
||||||
(Gain)/loss on derivatives
|
(12,010
|
)
|
8,237
|
2,083
|
||||||||
Other financial items
|
161
|
(333
|
)
|
232
|
||||||||
Adjusted Earnings before Interest
Taxes Depreciation and Amortization
|
114,330
|
123,184
|
54,715
|
(in thousands of $, except per share data)
|
Three months
ended
March 31,
2024
|
Three months
ended
December 31,
2023
|
Three months
ended
March 31,
2023
|
|||||||||
Net income (loss)
|
65,387
|
57,471
|
(8,822
|
)
|
||||||||
Add back: Impairment loss on vessels
|
—
|
—
|
11,780
|
|||||||||
Less: Gain from disposal of vessels
|
(1,133
|
)
|
(5,774
|
)
|
(2,583
|
)
|
||||||
Market to market value on derivatives
|
(5,617
|
)
|
13,712
|
5,773
|
||||||||
Amortization of time charter party out contracts
|
(422
|
)
|
(427
|
)
|
—
|
|||||||
Other financial items
|
161
|
(333
|
)
|
232
|
||||||||
Adjusted net income
|
58,376
|
64,649
|
6,380
|
|||||||||
Weighted average number of shares outstanding - basic
|
199,673
|
199,628
|
200,424
|
|||||||||
Weighted average number of shares outstanding - diluted
|
200,001
|
199,996
|
201,040
|
|||||||||
Adjusted earnings per share - basic
|
$
|
0.29
|
$
|
0.32
|
$
|
0.03
|
||||||
Adjusted earnings per share - diluted
|
$
|
0.29
|
$
|
0.32
|
$
|
0.03
|
(in thousands of $)
|
Three months
ended
March 31,
2024
|
Three months
ended
December 31,
2023
|
Three months
ended
March 31,
2023
|
Total operating revenues
|
246,735
|
254,205
|
196,517
|
Add: Amortization of time charter party out contracts
|
(422)
|
(427)
|
—
|
Less: Other revenues*
|
952
|
2,497
|
1,091
|
Net time and voyage charter revenues
|
245,361
|
251,281
|
195,426
|
Less: Voyage expenses & commission
|
50,036
|
57,454
|
64,231
|
Time charter equivalent income
|
195,325
|
193,827
|
131,195
|
(in thousands of $, except for TCE rate and days)
|
Three months
ended
March 31,
2024
|
Three months
ended
December 31,
2023
|
Three months ended
March 31,
2023
|
|||||||||
TCE Income Capesize vessels
|
146,810
|
137,488
|
67,635
|
|||||||||
TCE Income Panamax, Ultramax vessels*
|
48,515
|
56,339
|
63,560
|
|||||||||
Total Time charter equivalent income
|
195,325
|
193,827
|
131,195
|
|||||||||
in days
|
||||||||||||
Fleet onhire days Capesize vessels
|
5,393
|
5,461
|
4,966
|
|||||||||
Fleet onhire days Panamax, Ultramax vessels*
|
3,239
|
3,366
|
3,822
|
|||||||||
Total Fleet onhire days
|
8,632
|
8,827
|
8,788
|
|||||||||
in $ per day
|
||||||||||||
TCE per day Capesize vessels
|
27,222
|
25,176
|
13,620
|
|||||||||
TCE per day Panamax, Ultramax vessels*
|
14,978
|
16,738
|
16,630
|
|||||||||
Time charter equivalent rate
|
22,628
|
21,958
|
14,929
|