"The solid financial platform gives Golden Ocean the ability to tilt the fleet in the spot market when we see a trend we believe in..."
— Lars-Christian Svensen
03Detailed Report
GOGL
Golden Ocean Group Limited
Period
Q1 2024
CurrencyUSD
Report TypeQuarterly Earnings
GeneratedJun 28, 2026
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Executive Summary
In Q1 2024, Golden Ocean Group Limited delivered a robust financial performance characterized by a net income of $65.4 million and an EPS of $0.33, representing a significant increase from the previous quarter. Management attributed this strong outcome to a strategic focus on commercial opportunities within a favorable freight market, although adjusted EBITDA saw a slight decline to $114.3 million from $123.2 million in Q4 2023. The company successfully capitalized on its fleet's operational efficiency, leading to a fleet-wide average TCE rate of $22,600 per day, underpinned by strong demand for Capesize and Panamax vessels. Given the sustained strength in the global shipping demand, particularly in the dry bulk sector, the company is well-positioned for continued success moving into the next quarters.
Key Performance Indicators
Revenue
Increasing
246.74M
QoQ: -2.94% | YoY: 25.55%
Gross Profit
Increasing
91.70M
37.17% margin
QoQ: 1.61% | YoY: 309.81%
Operating Income
Increasing
84.27M
QoQ: -1.25% | YoY: 243.96%
Net Income
Increasing
65.39M
QoQ: 13.78% | YoY: 841.18%
EPS
Increasing
0.33
QoQ: 13.79% | YoY: 850.00%
Revenue Trend
Margin Analysis
Financial Highlights
Revenue and Profitability:
- Revenue: $246.7 million (YoY: +25.55%, QoQ: -2.94%)
- Gross Profit: $91.7 million (YoY: +309.81%, QoQ: +1.61%)
- Operating Income: $84.3 million (YoY: +243.96%, QoQ: -1.25%)
- Net Income: $65.4 million (YoY: +841.18%, QoQ: +13.78%)
- EPS: $0.33 (YoY: +850.00%, QoQ: +13.79%)
Cash Flow:
- Net cash from operating activities: $115.8 million
- Free cash flow: $87.9 million
- Cash at period end: $147.4 million
Key Ratios:
- Profit Margin: 26.5%
- Current Ratio: 1.255
- Debt-to-Equity Ratio: 0.756
- Return on Equity (ROE): 3.39%
Income Statement
Metric
Value
YoY Change
QoQ Change
Revenue
246.74M
25.55%
-2.94%
Gross Profit
91.70M
309.81%
1.61%
Operating Income
84.27M
243.96%
-1.25%
Net Income
65.39M
841.18%
13.78%
EPS
0.33
850.00%
13.79%
Key Financial Ratios
Gross Profit Margin
Fair
37.20%
Gross profit margin is moderate, room for improvement in cost management
Operating Profit Margin
Excellent
34.20%
Operating margin is exceptional, indicating strong pricing power and operational efficiency
Net Profit Margin
Excellent
26.50%
Net profit margin is exceptional, indicating strong pricing power and operational efficiency
Return on Assets
Weak
1.87%
Return on assets suggests inefficient capital allocation
Return on Equity
Weak
3.39%
Return on equity suggests inefficient capital allocation
Current Ratio
Adequate
1.26
Current ratio meets minimum requirements but limited cushion