Golden Ocean (GOGL US) 2Q18 Result Update
Golden Ocean posted a positive net income of USD 9m for the fourth consecutive quarter, albeit at lower levels compared with the prior two quarters (USD 16.7m in the first quarter of 2018 and USD 27.1m in the fourth quarter of 2017). The main hindrances were a lower average Time Charter Equivalent (TCE) rate of USD 15,215pd earned in the second quarter of 2018, compared with USD 15,593pd in the first quarter of 2018, as well as a decrease in the number of vessels chartered in for short-term spot voyages. Despite a ‘slowdown’ in operating revenue performance between quarters, the adjusted EBITDA bodes well at USD 54m in the second quarter of 2018, compared with USD 53.3m in the first quarter of 2018.
Drewry, since 1970, has been providing research and advisory services on the global Maritime and Shipping industries and has established itself as a firm with long history of credibility and expertise on various aspects of the maritime industry. Leveraging this in-depth market knowledge and understanding, we have extended our offering to deliver a unique, independent investment research service on globally listed companies operating in the maritime industry. Under the brand Drewry Maritime Equity Research and in accordance with the FCA, DMER led by Rahul Kapoor and his team, offers fundamental analysis on listed companies. DMER analysts have access to one of the most up-to-date, comprehensive and reliable sources of market insight and research data available today. By combining these market-leading resources with seasoned sector expertise and commercial awareness, we are able to offer a highly differentiated and comprehensive investment research service to prospective investors in listed maritime companies. We look at globally listed companies within the following sectors: Port Operators, Container Shipping, Container Manufacturing & Leasing, LNG Shipping, Dry Bulk Shipping and Tanker Shipping. Combine in-depth sector expertise with financial analysis focusing on over 50 stocks globally.
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