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Golden Ocean significantly lowers breakeven on 14 capesizes with refinancing

John Fredriksen’s Golden Ocean has entered into a new loan agreement to refinance a $425m credit facility secured by 14 capesize bulkers.

The new loan lowers the daily cash break even rate on the financed vessels by more than $1,000 per ship and once the refinancing is finalised the company will have no debt maturities until 2023.

Ulrik Andersen, CEO of Golden Ocean, said: “As the company looks to 2021, it has very limited capital expenditure requirements and significant spot market exposure, which should allow for the continued generation of healthy cash flow.”

Golden Ocean revealed the refinancing in its latest quarterly results where it reported a net income of $39.1m for the third quarter of this year.

Jason Jiang

Jason is one of the most prolific writers on the diverse China shipping & logistics industry and his access to the major maritime players with business in China has proved an invaluable source of exclusives. Having been working at Asia Shipping Media since inception, Jason is the chief correspondent of Splash and associate editor of Maritime CEO magazine. Previously he had written for a host of titles including Supply Chain Asia, Cargo Facts and Air Cargo Week.
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