Ladies and gentlemen, thank you for standing by and welcome to the Q4 2018 Golden Ocean Group Limited Earnings Conference Call. [Operator Instructions]
I would now like to hand the conference over to first speaker today, Ola Lorentzon. Thank you. Please go ahead.
Thank you. Good afternoon, and welcome to the Fourth Quarter 2019 Earnings Call for Golden Ocean Group. My name is Ola Lorentzon and I'm, Chairman and Interim Chief Executive Officer of the Company. Together with me, I have Per Heiberg, our CFO and Thomas Semino, our Chief Commercial Officer. Much like in past calls, Per will take you through the Company updates and financials, then Thomas will provide his perspective on the current market environment and then I will briefly conclude the meeting.
Before proceeding, I should note that the Company's search for a permanent Chief Executive Officer is ongoing and we are actively searching for the most appropriate candidate for the role.
With that, I turn the call over to you Per.
Thank you, Ola. Golden Ocean reports net profit of $41 million and profit per share of $0.29 for the fourth quarter of 2019. This is up from $36.7 million and a profit per share of $0.26 in the previous quarter. The profit for 2019 in total ended at $37.2 million compared to $84.5 million in 2018. Adjusted EBITDA was $73.9 million, down from $81.1 million in the previous quarter. In December, we completed the refinancing of 15 vessels at attractive term ahead of the maturity of the prior loan facility, and we completed the amendment of seven charter agreements with SFL to fund investment in scrubbers on these vessels. SFL will fund the investment and charter rates for this will be increased. The Company announces a cash dividend of $0.05 for the quarter.
Moving on to the P&L. Net P&L for the quarter was $41 million, an increase of $4.3 million from the previous quarter and taking the profit for the full year to $37.2 million. The strong market in third quarter eased-off during the fourth quarter, but within a natural lagging of earnings and some reversal of U.S. GAAP adjustments from previous quarter of time charter equivalent or TCE revenue, net of charter higher paid, increased by $4.3 million compared to the previous quarter.
Ship operating expenses including dry dock and estimated opex on short-term lease in vessels was $56.6 million for the quarter. Of this amount, $9 million relates to dry docking compared to $1.6 million in third quarter. $6.2 million relates to estimated opex on leased vessels, which is at the same level as previous quarter. Effectively the running opex on our own fleet increased by $3.3 million compared to the previous quarter, mainly due to additional cost in conjunction with increased dry dock activity. The G&A increased slightly in the fourth quarter compared to third quarter with full year G&A was slightly less than previous year.
Net financial expenses were down by $1 million compared to the prior quarter due to
Interim Chief Executive Officer
Chief Financial Officer
Chief Commercial Officer
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