Bermudian-based Golden Ocean Group Ltd, the world’s largest listed owner of large-size dry bulk vessels, has reported net income of $56.3 million for the third quarter of 2024.

That compares with net income of $62.5 million in the second quarter of the year.

Adjusted earnings before interest, tax, depreciation and amortisation were $124.4 million for the quarter, which compares with $120.3 million in the second quarter.

Adjusted net income was $66.7 million, which compares with $63.4 million in the prior quarter.

The company reported time charter equivalent rates for Capesize and Panamax vessels of $28,295 per day and $16,361 per day, respectively, and $23,726 per day for the entire fleet in the third quarter.

Peder Simonsen, interim chief executive officer and chief financial officer, said: “Golden Ocean delivered strong performance with achieved market rates significantly above the indexes for the third quarter. This is attributable to our modern, fuel-efficient fleet, strong commercial capabilities, and industry leading low-cash break-even.”

He added: “Looking ahead, the freight market is expected to benefit with tonne-mile growth, with the strong iron ore and bauxite exports out of Brazil and Guinea to Asia being the main driver. Combined with a healthy vessel supply outlook, we remain optimistic for the years to come.”