Golden Ocean Group Ltd, the world’s largest listed owner of large size dry-bulk vessels, has declared unaudited net income of $28.7 million and earnings per share of 14 cents for the third quarter of 2023.

The group’s business involves transportation of dry-bulk cargo including ores, coal, grains and fertilisers through its fleet of owned and chartered vessels, bareboat vessels and commercial management vessels, chartered-out on fixed-rate time charters and index-linked time-charter contracts.

The Bermudian-registered, Norwegian-based, Nasdaq-listed company reported time charter equivalent rates for Capesize and Panamax/Supramax vessels of $18,173 per day and $15,389 per day, respectively, and $17,076 per day for the entire fleet in the third quarter of 2023.

The company has entered into back-to-back agreements to buy and sell a Supramax vessel and recognise a gain of some $6 million upon delivery of the vessel to its new owners.

It has also completed that sale of one Panamax vessel, recognising a gain from sale of $0.8 million and net cash proceeds of $7.2 million.

The company said in a presentation that it was positioned to capture market strength and generate significant cashflow with a modern, fuel-efficient fleet. The focus is on larger vessels to capture market upside and volatility.

It said it was well positioned for the expected tightening of environmental regulations. To reduce emissions of greenhouse gases from international shipping, the International Maritime Organisation and the European Union are driving towards mandatory measures for their member states to respect. Other jurisdictions are also looking into similar or alternative schemes but are less advanced.

Lars-Christian Svensen, interim chief executive officer, said: “Golden Ocean continues to deliver solid results against stable but subdued market sentiment.

“The actions taken over the last several years to grow and optimise the company’s fleet through vessel acquisitions and sales has reinforced our market-leading position and further increased the competitiveness of our fleet.

“This has been accomplished without compromising our low cash break-even levels, which helps to ensure that the company remains profitable during periods of market weakness while maintaining significant operating leverage.

“Looking forward, the market is well-balanced in the near term, supported by evolving trades that are expected to contribute to tonne-mile demand growth.

“The supply side picture remains very favourable, particularly in the Capesize segment, which supports a positive longer-term market view.”

Golden Ocean has repurchased 125,000 shares at an aggregate purchase price of $0.9 million, or $7.20 per share in the third quarter of 2023 and extended its share buyback programme for one additional year.

Estimated TCE rates, inclusive of charter coverage calculated on a load-to-discharge basis, are approximately: $23,045 per day for 79 per cent of Capesize available days and $17,275 per day for 83 per cent of Panamax available days for the fourth quarter of 2023; $21,700 per day for 12 per cent of Capesize days and $15,600 per day for 23 per cent of Panamax days for the first quarter of 2024.