Golden times for Golden Ocean Group
Despite profits falling below forecasts, John Fredricksen-backed Golden Ocean Group has logged its most profitable quarter to date.
Bulker owner, Golden Ocean Group has reinstated its quarterly dividend with a payment of $0.25 per share after posting record quarterly earnings. The dividend is five times what it paid out to shareholders in the final quarter of 2019.
Strong bulker markets in the first three months of 2021 helped the company net $23.6m, which is equivalent to $0.14 per share, which is a marked improvement on its $160.8m loss in early 2020.
CEO Ulrik Andersen said: “As pleased as we are to have generated the best first-quarter result in the history of the company, we are more excited for what lies ahead.
“The combination of counter-seasonal strength and the volatility in rates is indicative of a tightening market balance, and we have grown increasingly optimistic about the potential for a prolonged period of higher rates.”
