to Ocean welcome XXXX and afternoon, the QX Golden Release. Good
am Peder CEO Simonsen, name the and Ocean. My Golden I Interim for and CFO
forward guide QX will through outlook. and I Today, you numbers the
income earnings adjusted we In of delivered second following On second at net million ended quarter of the XXXX, $XXX.X to to EBITDA the income per in and share have a million the the in million first compared of compares main the for highlights. XXXX, of up We quarter per quarter. a our earnings $XX.X $XXX.X net $XX.X and $X.XX share This $X.XX. of of quarter. first million
Our share of per adjusted adjusted share and up was in and earnings million QX. earnings of $X.XX net per from profit $XX.X $X.XX, $XX.X million
rates quarter. day, fleet-wide respectively, day Panamax about vessels Our Capesize about and the and per were $XX,XXX and $XX,XXX TCE $XX,XXX for for about of net TCE per
our have selling on We strategy Panamax price. to older at by one continued an attractive execute fleet renewal vessel
For of for about per Panamax QX, stays. for days Capesize XX% $XX,XXX net about day and days TCE a of our day of XX% per our have secured we $XX,XXX
QX, share have $X.XX XX% are $XX,XXX XX% of XXXX. about TCE a second in per day we pleased Panamax days. and dividend $XX,XXX our of to the a per strong for we net in per a quarter QX, of For result days locked Capesize for declare our of about for day of with And
vessel ships dry in approximately in had ships QX. has compared ships a total XXX from completed achieved XX in as $XX,XXX QX scheduled QX, today. a fleet-wide We dock to little TCE X XXXX, days dock for QX, numbers. are X $XX,XXX versus of of of in look QX deeper in We in X which QX Let's rate up dry-docked the contributing into dry to QX. offhire days in X
quarter-on-quarter million versus million, OpEx, was by as stronger million net expenses. offset On largely operating TCE of in unchanged fewer $XX.X revenues vessel in results This $XX.X $XXX.X our recorded days. performance we
expenses running more while quarter-by-quarter, dry OpEx results. the Our unchanged docked were impacted largely ships
$X.X million versus in investments digitalization million quarter. the had in decarbonization we previous below addition, In and $X
million, charter in lower million from QX. hire reclassified $X was $X.X OpEx just below Our than
at administrative we million, down charged from down of $XXX $X.X ] $XXX up per net [ daily day Looking explained at nonrecurring The cost ended personnel-related we our at in in QX. and And G&A expenses decrease companies, QX. general expenses, day QX. in $X.X by from in ] million came is our per affiliated [
recorded our offset million the vessel profit million QX, portfolio in charterhire $X.X at for was in fewer by QX On debt lower due to the in we lower expense, versus average Net financial trading quarter. expenses $X.X in came payments. million $XX.X million split days $XX.X versus as
which other $X.X compared derivatives a versus recorded million QX. a in $XX On to gain recorded and derivatives, gain On of This income, a financial gain $X.X of and was bunker $X.X derivatives and $X.X offset addition FX mark-to-market of small included million, by million a loss of FFA our in of on cash gains swap million million million we of a we to rate loss realized in gain $X.X interest $XXX,XXX. of QX. $X.X gains of million,
SwissMarine, loss of investments in in million QX, TFG For UFC. $X.X and in relating we to compared $X.X a results investments to loss in recorded associates, million
for of $XX.X $X.XX up and and declared a net million ended the or dividend profit an of net Our adjusted quarter. million $XX.X $X.XX profit $X.XX or
flow. Moving to the cash
from newbuildings. we associated flow companies. and to relating relates Our $X.X Kamsarmax which to used cash dividends came million, from flow includes investments, $XX.X cash installments at in in our million in $XX.X mainly operations costs million, recorded which On received
Total $XXX.X in comprised in repayments from of decrease we the quarters, our refinancings mainly Cash at flow million cash scheduled restricted repayments, of million million, net and in lease debt sheet, million.
On used end, and previous in $XX.X the $XX balance a financing, cash in under dividend million and $XX proceeds $XX.X credit million to of payment had relating announced revolving which we in recorded million $X.X of cash $XX.X QX equivalents net $XX including million results. of quarter cash. facilities
we undrawn had in quarter $XXX at million end. In available facilities credit addition,
million a grown vessel the Ocean been years, same the the average while over fleet-wide XX%.
If XX%, at X lease percentage. Golden was age XX.X% competition, the fleet $X.X fleet under liabilities of The a larger types, have, we billion with equity last [ has segments. our in the total look the totaled loan-to-value credit equity by Newcastlemax quarter quarter-on-quarter. and of have quarter $XX $X.X focused around ] at end. assets Capesize finance within average down reducing at end, and resulted growth around a billion Debt the ratio to book approximately facilities approximately The And of by we particularly
and years York what we cap segment will bulk as the to significant dry believe of Following the with With most come. consolidations to the peers, dual Oslo in listing in $X.X our meaningful a Capesize company offer peers to trading U.S.-listed around among exposure. we high liquidity, our favorable compared caps only graph market New still market are illustrates, and we our the billion, that be exposure have
costs, over flexibility. breakeven extended and giving past XX% the conservative Although full of an low with we low [ competitive credit LTV years, have we margins. around a profiles leverage cash and enables with the have operational level, have which current a industry maintained Together ], repayment OpEx industry we significant G&A growth highly
historical modern outperform over significantly of market ] with our average fuel-efficient proven rates. has the premium to rates, above quarter fleet addition, [ $X,XXX time, In
while levels market, continuing spot The to and combination the gives [ to Ocean model. of Golden same earnings the managing premium portfolio At time, tilt industry robust into ] the created highly low-cost resilient a chartering fleet business and it its ability the sensibly.
global in the its trajectory market quarter, of look X% a continued positive If for half at Capesize growth first have we with the XXXX. year-on-year trade of a the past the
growth strength, into of the its in in down QX for bauxite iron a exported growth half X% volumes held the volumes from somewhat QX, resulting high they as record seasonally weaker first up entered but Brazilian were year. The season. slowed the Africa West ore wet
However, maintaining a strong baseline export.
trading a tonne-mile Colombian recording adding we strong a For export the in staggering routes. XX% coal, of the more ratio, noted of continued the half growth year, first to standard year-on-year
focus to volumes, received strong import Iron QX. segments. of to vessels. source on supporting production as And growth China a tonne-mile.
The positively most from ore major into in continued China, following and have continued has all high-grade across indicating of year-on-year to targets, iron healthy such half the XXXX their volumes on continued continued and India commodity Vale, the guide of X% led a increase long-distance with Capesize from first X% iron for main the respective favoring miners, these ore Brazil, flow ore Brazil,
We million tonnes are Vale volumes X strong seeing day otherwise export currently from per volumes exceeding Australia. and from
Asia, which has seasonal We matched iron ore inventories put and macro $XX keep increase to XXXX miners, by high poor with prices, tonne steel $XX this iron is the these the seen the news not margins, that imports on and exports delivered now cost in the making that production. per have are to Combined are mind for Chinese per pressure however, XXs.
We on levels economy in the are in tonne, highly ore been steel higher should, negative trading levels large mid- historically profitable. corresponding slowdown, or in as healthy have
the high domestic as and the emissions inventories would into sourcing are has signs [ commodities, the Correspondingly, of even such parts products energy beneficial. the increased inventories soybeans in that high-grade including coal, process this such across ] target on indicating production producers.
China scheme, strategic industry the most lower-grade buildup. targeting indicating iron ore steel China's is that China we industry is use counters which supported of built of high-grade trading emissions also as China in are its grade reducing of and of Analysts ore. lower increasing grade, steel politically a over which make both agricultural and by a is iron of more that see
has first to year, may inventories general remain the steel prices last flat output, Steel high steel if iron production And production of as a X.X% it indicators. has eventually by stayed with economic globally, ore of compared in XXXX fallen volumes. line lower in trading half Chinese impact potentially but result and
into steel production committing the and normally up. stronger now picks are half, normally We carries Chinese second in industrial the higher which where seasonally activity period
steel production. increasing have seen see the we and of steel exports where where that over a market, in used real We steel representing previously, used, the now manufacturing the are is the estate was of majority XX% significance, in investments, shift infrastructure in
year-on-year The is half 'XX at with ] XX% of faded steel a 'XX. for that exports first into during steel somewhat from high recovering crude of Outside China China, QX XXXX. a the [ production continuing pace started increase
However, couple analysts X% bauxite, from in time, addition high-grade ] long in inflation under increased and Guinea, to ore have, the X% years over in growth iron rates.
Chinese next development. invested the holds expect interest recovers of the mining a which largest to of a [ in world currently as significantly and deposit companies infrastructure
Australian that million volumes, shipping the If XX XXXX. mine of tonnes the the operational expect forecasted [ distance is In when ] of mine start in first to the ore end XXXX, will it volumes capacity. its triple its will sailing Asia, demand iron Simandou ] to tonne-mile can assuming replace boosting we Simandou [ fully the export
volumes Gabon, Capesize supports capacity further on in In addition, Brazil production which out high-grade there are tonne of of and mile. increased track
in a for Capesize As the bauxite significant highlighted has long-haul previous driver become market. exports presentations,
in we in represents XX% see all [ volumes by into main energy and and produce from and new we year. which entering season is electricity see growing for power been QX over capacity the the industry, sales.
Further, September, will Bauxite, QX. generation seasonal China, healthy increase around we expect QX for X/X Chinese the ] loans to produced car in and ] in further bauxite Coal aluminum, season in coal heavily power are expect development. an with used car ending to which the demand source the that in to subsidized has is government and used as [ in QX, monsoon the coal for We support exports further India and and seasonally each from under remain plant is India recently for increased high
remains with the the The Capesize favorable, most compelling segment. highly Supply. being order book
additions past key remain fundamental illustrating remain restrictions by support. long and to levels, posed Although we times order a yard lead prices some seen low this book newbuilding at the capacity, high historically that have core quarter, we
also Capesize important on fleet of Simandou are congestion continues will As fleet be regulations new Panama the absorb Guinea that lastly a Canal and additional book. volumes the the mentioned side, the is with over note alone will in order environmental in the is of Suez mine the supply to in above age from where the to Capesize Capesize XX low and previous half marginal and operate XXXX able in be aging that efficiently It to X% fleet Capesize only highly years exposure. period tightening.
And presentations,
Golden up we of data the market The do, summer year, but presentation round Brazil. pick We off of for illustrating to starting strong and freight macro volumes time we continue out and are normally negative the as curve. of freight still activity Despite with is Ocean. market inventories, balanced to this in see cash FFA pattern. out this supportive see the not of levels as we seasonal is rising normal line flow a low, the a potential
for and We free flow fleet, and dividend base cost model, will the a our lays round business Golden potential cash of in fundament Ocean. off modern the which reminder robust low with
in above paid XXXX, the period. since have, $X.X net billion aggregate We dividend, profit of XX% of out an for representing
and seaborne flow, to there are the are enter we as the into optimistic we operator to pass word seasonal welcome we strength.
I see the any risks, While continue now trading questions. back will and volume
