Golden Ocean Group Limited (NASDAQ/OSE: GOGL) (the "Company" or "Golden Ocean"), the world's largest listed owner of large size dry bulk vessels, today announced its unaudited results for the quarter ended March 31, 2024. Highlights 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 EBITDA of $114.3 million for the first quarter of 2024, compared with $123.2 million for the fourth quarter of 2023. Adjusted net income of $58.4 million for the first quarter of 2024, compared to $64.6 million for the fourth quarter of 2023. Reported TCE 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. Lars-Christian Svensen, Chief Executive Officer, commented: "Golden Ocean was well positioned as the new year got underway with significant spot exposure to capture counter-seasonal strength in freight rates during the first quarter of 2024. The freight market and strong year-over-year demand growth offer clear indications that the market is beginning to tighten. Looking forward, the demand outlook is broadly optimistic, firmly supported by limited fleet supply growth, particularly in the Capesize segment. The Company has over the last three years returned over $1 billion, or $5.1 per share in dividends to its shareholders, largely due to the modern fleet and industry low cash break even rates. Given its fleet profile and significant exposure to the trades offering the greatest upside, the Company has the potential to generate significant returns to its shareholders in the coming years." The Board of DirectorsGolden Ocean Group LimitedHamilton, BermudaMay 22, 2024 Questions should be directed to: Lars-Christian Svensen: Chief Executive Officer, Golden Ocean Management AS+47 22 01 73 40 Peder Simonsen: Chief Financial Officer, Golden Ocean Management AS+47 22 01 73 40 The full report is available in the link below. Forward-Looking Statements Matters discussed in this earnings report may constitute forward-looking statements. The Private Securities Litigation Reform Act of 1995, or the PSLRA, provides safe harbor protections for forward-looking statements in order to encourage companies to provide prospective information about their business. Forward-looking statements include statements concerning plans, objectives, goals, strategies, future events or performance, and underlying assumptions and other statements, which are other than statements of historical facts. The Company is taking advantage ...