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Golden Ocean orders kamsarmax quartet in China as it sells panamax pair

John Fredriksen-backed bulker owner Golden Ocean Group is pressing forward with its fleet renewal and expansion programme, having sold two older panamax vessels and reaching an agreement to construct four kamsarmax vessels in China.

The Oslo and Nasdaq-listed firm has sold the 2008-built Golden Opportunity and the 2011-built Golden Endurer for $37.2m. Golden Ocean expects to record a gain from sales of around $4.9m in Q3 2021 and $5m in Q4 2021 and receive net cash proceeds of $22.2m in Q4. The net cash proceeds will fund close to half of the estimated required equity for the kamsarmax vessels, while the balance will be funded through cash on hand and long-term debt financing.

The four kamsarmax bulkers are 85,000 dwt ECO-type and are being constructed at the Chinese shipyard where the company currently has three vessels under construction with the same design. Back in September, broking sources told Splash the orders had been placed at CSSC Shanhaiguan with a price of $34m each. The vessels will deliver in the third and fourth quarter of 2023.

Ulrik Andersen, CEO of Golden Ocean Management, commented: “These transactions not only expand our fleet size, but they also continue to improve the fuel efficiency of the fleet, ensuring best-in-class performance at a reduced carbon footprint. Importantly, the newbuild vessels are dual-fuel ready, which provides the company with the flexibility to evaluate alternatives as the visibility of future emissions-related regulations and technology improves.”

The latest transactions take Golden Ocean’s fleet to 99 ships. Andersen added that Golden Ocean will continue to assess opportunities to divest older tonnage at currently attractive levels, allowing it to continue to improve its fleet composition without impacting its dividend capacity.

Adis Ajdin

Adis is an experienced news reporter with a backgroud in finance, media and education. He has written across the spectrum of offshore energy and ocean industries for many years and is a member of International Federation of Journalists. Previously he had written for Navingo media group titles including Offshore Energy, Subsea World News and Marine Energy.
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