Dry CargoEurope

Quintana fleet acquisition ‘timely’ claims Golden Ocean boss

The boss of Norwegian dry bulk group Golden Ocean has said the company’s move earlier this year to snap up the 14-strong fleet of Greece’s Quintana has proven timely with both freight rates and asset values on an upward curve in the ensuing months.

Speaking while issuing her company’s second quarter results, Birgitte Ringstad Vartdal, the CEO of Golden Ocean Management, said of the Quintana purchase: “[W]e view the acquisition as timely based on the developments both in freight rates and asset values.”

In mid-March, Golden Ocean, controlled by Norway’s richest man, John Fredriksen, pounced for Quintana in an all-share deal that priced the Greek fleet at $364m. The fleet comprised four kamsarmaxes, one panamax, three-post panamaxes and six capesizes. Since then Golden Ocean management has made it known it is on the prowl for further bulker acquisitions.

Data provided by online pricing portal VesselsValue shows the 14 ships today are worth $373.17m, a modest $9.17m increase in the five months since they were acquired by Golden Ocean.

For the second quarter Golden Ocean registered a net loss of $12m, an improvement over its $17.9m in the same period in 2016.

“Our large fleet of young, modern vessels with the majority trading in the spot market gives us strong leverage to further improvements in the dry bulk market and positions the company to create significant value for our shareholders,” Vartdal said today.

Sam Chambers

Starting out with the Informa Group in 2000 in Hong Kong, Sam Chambers became editor of Maritime Asia magazine as well as East Asia Editor for the world’s oldest newspaper, Lloyd’s List. In 2005 he pursued a freelance career and wrote for a variety of titles including taking on the role of Asia Editor at Seatrade magazine and China correspondent for Supply Chain Asia. His work has also appeared in The Economist, The New York Times, The Sunday Times and The International Herald Tribune.
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