Bermudian-based Golden Ocean Group Ltd, the world’s largest listed owner of large-size dry bulk vessels, has reported second-quarter net income of $62.5 million.

That compares with net income of $65.4 million for the first quarter of 2024.

Adjusted earnings before interest, taxes, depreciation and amortisation for the quarter was $120.3 million, which compares with $114.3 million for the first quarter of the year.

Adjusted net income was $63.4 million, which compares with $58.4 million in the prior quarter.

Golden Ocean reported time charter equivalent rates for Capesize and Panamax vessels of $28,005 per day and $15,721 per day, respectively, and $23,535 per day for the entire fleet in the second quarter.

The company announced a cash dividend of $0.30 per share for the second quarter, which is payable on or about September 20 to shareholders of record on September 11.

Peder Simonsen, interim chief executive and chief financial officer, said: “Despite a volatile macro and geopolitical backdrop, the dry bulk shipping market remains healthy, and Golden Ocean continues to deliver above-market performance.

“This is attributable to the quality of our modern, fuel-efficient fleet as well as our strong commercial capabilities. While we continue to opportunistically secure charter coverage, we retain significant exposure to a market we believe will strengthen as the year progresses.”

He added: “Demand fundamentals in large vessel segments are particularly constructive, with Chinese demand for bauxite and new iron ore export projects under development in the Atlantic Basin are expected to be long-term drivers.

“The supply side is also favourable as fleet growth is moderating and environmental regulations are expected to constrain effective fleet capacity. Golden Ocean is well positioned to continue to generate strong cashflows, based on our fleet premium and our industry-leading cash break even levels.

“Accordingly, the company expects to continue to deliver strong returns for our shareholders.”

Avance Gas Q2 profit $60.6m

Avance Gas Holding Ltd, the Bermudian-based company engaged in the transportation of liquefied petroleum gas, has reported a second-quarter net profit of $60.6 million, taking its half-year net profit to $207 million, the company’s highest half-year results.

The average time charter equivalent rate on a discharge-to-discharge basis was $50,100/day, compared with $60,900/day in the first quarter of 2024.

During the second quarter, the company distributed $2.15 per share in cash, totalling $165 million. This distribution consisted of $0.99 in return of capital and $1.16 in dividends for the first quarter of 2024.

The board has declared a dividend of $1.35 per share or $103 million for the second quarter.

Øystein Kalleklev, chief executive, said: “2024 has been a transformative year for Avance Gas with several key events.

“In the first half of the year, we sold four VLGCs [very large gas carriers] with a combined profit of $121 million, which, together with strong trading results, contributed to our highest ever half-year results of $207 million.

“Due to the strong results, we paid out $165 million, or $2.15 per share, for the first quarter alone. That amount matched the dividend paid out for the entire 2023.”

Borr to meet on delisting

Borr Drilling Ltd, the oilfield services company based in Bermuda, is to hold a special general meeting of shareholders on October 1 to approve the delisting of the company’s common shares from the Oslo Stock Exchange and to authorise the board of directors to take steps to implement the delisting including filing an application to the Oslo Stock Exchange on behalf of the company.

The board of directors has fixed 5pm Bermuda time on September 10 as the record date for determination of the shareholders entitled to attend and vote at the special general meeting or any adjournment thereof.