to Ocean welcome XXXX and afternoon, the QX Golden Release. Good
I is Ocean. Interim Peder name am Simonsen, Golden My of and the CFO CEO and
I outlook. and QX present Today, forward will our numbers
have In quarter the main of we third highlights. the XXXX, following
$XX.X $X.XX quarter net $X.X Our up and million in per million million in second and at million income a delivered of ended quarter. adjusted earnings $XXX.X the We share to and net per $XXX.X a of in second the EBITDA the of compared third to compared income earnings share of $X.XX quarter.
net $XX.X $X.XX and profit earnings Our QX. adjusted adjusted million $X.XX, of share was in earnings of per share per $XX.X an from up million,
per of Our fleet-wide vessels. were TCE per $XX,XXX quarter. around day rates $XX,XXX for $XX,XXX net day And about TCE about day for for per the Panamax and Capesizes
on continue to Panamax vessel renewal We we Further, and execute attractive cash industry breakeven older rates. low by older at new an have our [indiscernible] max financings supporting to selling prices. one our fleet continued secure attractive strategy
XX,XXX we about net Panamax per for of have a for days day about TCE secured day XX% of of $XX,XXX stays. QX, and XX% For Capesize per
per about we per are dates pleased in net QX, a $XX,XXX for we result, of declare third with of share strong for a the XXXX. For Panamax XX% to per dividend XX% and TCE locked for day of day quarter $XX,XXX $X.XX of have Capesize about of days. a And
into a little deeper Let's numbers. the look
X to XXX in days dry-docked in versus from days fire fleet-wide ships As to mentioned, ships We of QX. QX in achieved had TCE XX,XXX rate compared contributing of X QX. about QX, in up total a XXX we QX slightly
and XXXX, in period to a today, which have frequent dock of ships dock XXXX. into X QX in XX are ships QX entering as dry we have of vessels dock scheduled X dry expected to dry completed are drydockings, We with
million $X.X due of days. recorded increased $XXX.X vessel We higher million, to mainly than revenues net QX,
$XX.X in million unchanged we in the recorded Looking and operating dock million We $X.X decarbonization our largely Running at had had QX. expenses. ship while investments. in in We versus one dry in more quarter reflected digitalization expenses OpEx results. the were $XX.X million quarter-by-quarter
OpEx hire just QX. up slightly QX. up administrative On was charter reclassified million, Our $X $X.X expenses, from million, million, general ended below $X.X our at from we and from
came unchanged per net companies, Our G&A of we from in daily cost at $XXX charge to QX. day, affiliated
well for expenses million QX, million portfolio trading charter as with were sharing expense SFL higher relating our to the $X.X $X.X versus as in vessel of reflecting Our profit days hire number Corp. lease
came Net largely unchanged $XX.X financial expenses million, in quarter-on-quarter. at
million recorded $XX $X.X income, interest $X of rate derivatives swap other of a Our million we to million realized recorded $XX of same cash compared a the derivatives, offset loss on was million a derivatives, a million which gain financial and relating to loss a in derivatives. of $XX by we On QX. mark-to-market gain loss on
bunker loss as a on FFA well $XXX,XXX derivatives. and As FX
dividend quarter. in loss a adjusted in profit we UFC. in to of net and million Marine, the $XXX,XXX Swiss our and loss of for TFG investments in profit results recorded $XX.X million relating QX compared share $X.XX For a associates, and $X.XX $X.XX $XX.X to or or $XXX,XXX investments per declared a Net of
of $XX.X $XXX.X QX. million flow, million, cash up cash in from flow we our On recorded operations from
in results in which $XX.X dividend newbuilding. delivery comprising debt and Panamax in at mainly costs vessel, drawdown payments the to X used the million, cash Kamsarmax of by $X.X relating Kamsarmax offset our million, the in investments offset in million of older flow Panamax to sales $XX.X Cash of $XX.X financing sale million by and scheduled to million million, was in $X.X mainly of $XX was lease vessel. from proceeds QX used installments flow repayments one $XX.X prepayment Our newbuildings with million million $XX in due one and relating relating in in connection to came
in million, net our balance and restricted cash increase On recorded cash million $XX.X we of $X.X equivalents of including sheet, cash cash. million. Total in $XXX.X
addition, at quarter-on-quarter. million totaled in have by undrawn billion finance in In QX, lease $XX $X.X we end. available $XXX and million down Debt facilities credit quarter liabilities approximately
ratio was of loan-to-value Book fleet-wide debt the billion and end Average $X.X total per quarter of of approximately assets XX.X%. XX%. equity company's facilities under to equity the
composition. Ocean renew announced continues to sales with in fleet vessel at Looking the fleet Golden Ocean's the quarter. Golden its as evidenced
we opportunistic, Capesize focus capacity. the which segment, of earnings tons are thereby XX% and over [ we custom position our deadweight new Golden and in on Although represents ] Max Ocean's
are largest the listed in Cape We segment. the owner
discuss presentation, both in will foreseeable that and dynamics supply in favors this demand Capesize I we As the future. further believe the segment
market CapEx significant are exposure same As the the company and trading invest at the you space, and illustrated in time, are to in if the listed only graph, cap liquidity. dry we meaningful offering bulk
exports, we challenging Brazilian driven and slightly seasonally XX% sentiment. volumes saw down quarter-on-quarter geopolitical strong production the by volumes and at largest although ore continued Australia continue half a trading healthy turmoil iron Vale QX, levels a In despite as Brazilian quarter-on-quarter. miner first from guidance cargo up from strong were strong
previous they of up are issues. a Australia are to to were from month quarter upper decreased Southeast peak and the Indonesia Haul mainly approaching half grown for which and struggled ton-mile bauxite contributor Colombian Asia. as XX infrastructure to baseline XX% have have of in onshore strong as the range X% volumes, African million volumes of first with quarter-on-quarter, volumes in with from West million QX. XX they now tonnes the end season The are per exports healthy have
backdrop. volatile, miners first large full in historically for portion but volumes, been line the despite macro Iron and both production, with have bauxite healthy Australian the targets. at strong of healthy Guinea positively stayed China of prices exports. to guide a Vale iron and levels the production half, growth import their volumes XX% of XX% on continued representing the reiterating As ore Brazilian negative In the year ore
the Current Asia, prices favorably per Healthy of miners $XXX rate profitable signal a demand indicating approximately is compares ore continued breakeven in that remains major of ore of healthy. the for tonne delivered $XX above iron the exports. per very tonne iron price to
[indiscernible] tons export volumes million to triple annually. in QX in the Following significantly. Guinea, [ ] XXX Simandou its and mining significant expected production X.X of an ton-mile Capesizes over ore years which to investments replace boosting for volumes, up distance If will it that demand infrastructure the ramp Australian assuming from will expected have high-grade is and the sailing iron will capacity exports mine XXXX, Asia,
Simandou, In has new Brazil several projects expansion to ] [ addition underway.
year, projections, achieving imports. clear throughout more we ore out The annual stabilizing in production to come increased adding first during October, seen XXXX XX committed November Whereas on around and stimulus packages, announcing the capacity news export Chinese that October, additional we, negative growth weak stabilized significant to of saw million levels further [indiscernible] will Iron balanced XXXX the government Capesize is as during including the a steel its targets. Chinese importantly, half XXXX Chinese to property XXXX but has iron government inventories during of but tonnes we've ore signal growth stream flow relating has sector,
higher inventories, is continued in demand supporting XXXX for import economic has elevated further to healthy ore, outlook will and that of China In iron hold Exchange Metals X.X% levels. the has of high-grade China ore IMF long-term are that and order Further, published the XXXX, indication traders in grade. inventory Despite parts inventories commodities. upping China grow [ required the or Brazilian the which in by X.X% respectively, to iron deposits its latest the lower supports a Dalian to trade ] expected by of
will high-grade interests its of ] imports even the scheme, add industry. by steel the and to coal high-grade R&R to Finance process To including use will Chinese that reduce reduce commodities. emissions industry make into the China it's higher-grade per will emissions more increased ore steel The new [ tonne of has Simandou, mine in beneficial. high-grade the partially funded steel in stated aiming which in emissions sourcing produced. Guinea, trading iron
official steel and PMI steel in started during to have improved remained statistics and margins but China in has production The indicators improve. has strengthen QX on reported October muted as
a optimistic significant tone during production change from demand recovering, started has narrative is the presented large weak also rates. and crude what mills a steel from more but seen by was in have muted QX. steel We Outside interest high China,
constitutes XX% of once steel this as significant However, the a it comes presents reman upside global underway. demand,
with XXXX. as China in next protect a months into continue Despite the in Chinese in growth of inflation years their continued steel and QX QX year-on-year world X from from of couple interest exports rates. to and the is expect first to The steel mills higher has of margins, weak recovering the steel XX% share. X% increase market X% Analysts
stimulus and for highly in in while of of market production. sector Chinese estate positive the and stabilize XX% demand, the representing property manufacturing steel exports represents economy infrastructure targeting are steel general. around The real investments, aggregate, on approximately Construction XX% is the to
is controlled [indiscernible] Africa Guinean on other Chinese China. feeding well interests to industry in West degree major ton used Exports is bauxite, the large has by production in coming is exporter Guinea mile for bauxite EV of the indicating booming of as come. support ore years new aluminum to a is the in in the the the which become as a stream, As high of sectors case iron projects
Indonesia, since supporting represents XXXX, The to and grow average, in Guinean growth The from and to distance volumes annually replaces half vessel which XX% XXXX bauxite from in is in demand. segments. trade a bauxite to by approximately expected XX% an switch to sailing demand further Capesize grown by smaller significant X% addition Capesizes
Capesizes. the bauxite for of mile covering capacity by all, XXXX. with constraints. size supported custom a The deliveries favorable most, exports order remains container LNG due XX% Capesize to represent being scheduled This with ships, Capesize ton and contributing if will vessels Max for New not the dog XX% book of and required. to for compete growth, capacity tankers to demand in currently shipyard As Capesize
for available schedules. long-dated more representing are leading capacity, Capes by to on the profit With outcompeted other prices they segments the delivery the and profitable higher lowest margins shipyards, quarter generally
prices a at We levels, that and we the have remain posed past yard newbuilding key long fundamental order only capacity, high lead seen marginal additions illustrating times the historically book to support. remain low the by and restrictions quarter,
seen and dock above cycle. than years is capacity to Capesize a profile, half of fleet tightening. dry reduce will the as regulations expected in normalized where vessels be over further Capesize to in docking Also, coming X required the environmental XX the are a of fleet The period of age in years XXXX aging is the fleet concentration from fleet over distribution
been has unusually inflation for meet weather the the smaller investments see during in of largely of normally reductions tonnage. delays necessary in to little bar operations which markets. We tightening dry the fall, raising leads operators the There port to requirements, and older bulk technical
fleet with QX following price XXXX. weaker continues freight Canal to volumes return seen demand Swiss efficiently It rebound marginal very balance The rates setting as only the has freight and market. dry supply and in congestion, underlying low Panama of highly seen the bulk in in healthy the exposure. much a physical operate The a period, illustrates of in
We support of accumulated off for and good Ocean. the surpassed reminder of robust our The in which to free a by period. continues dividends Golden model, profit representing potential billion margin, about $X.X net will flow cash cost the modern XX% fleet, and a business dividend has low round with paid base
geopolitical ongoing with volatility positive market continue the remain on expect we we fundamentally uncertainty, outlook. to Although
I to the back operator pass and welcome the questions. any word Thank now would
