GOGL – Sale of three Panamax vessels
March 08 2022 - 2:45AM
Golden Ocean Group Limited (Nasdaq and OSE: GOGL) (“Golden
Ocean” or the “Company”), the world’s leading owner of large size
dry bulk vessels, today announces the sale of three of its oldest
Panamax vessels, Golden Empress, Golden Enterprise and Golden
Endeavour, delivered in 2010 and 2011, as part of the Company’s
ongoing strategy to ensure that it operates a modern,
fuel-efficient fleet with a reduced emissions profile.
The combined sales price of the three vessels is
$52.0 million, and the Company expects to record a gain from the
sales of approximately $9.6 million in the second quarter of 2022.
Aggregate net cash proceeds of approximately $30.7 million are
expected to be received in the second quarter of 2022, when the
vessels are delivered to their buyers.
Over the past 15 months, Golden Ocean has sold
seven older Panamax vessels, generating aggregate net cash proceeds
of around $60 million, representing the majority of the expected
equity required to fund the delivery of seven Kamsarmax
newbuildings currently under construction.
Ulrik Andersen, CEO of Golden Ocean Management
AS commented:
“Golden Ocean continues to grow and modernise
its fleet to ensure the Company maintains the most competitive,
flexible and future-proof operating platform.
We are selling at a time when second-hand prices
are at 10-year highs. The sale of the three vessels secures our
dividend capacity while reducing our fleet's average age and carbon
footprint.
From mid-next year, we will start to take
delivery of seven Kamsarmax vessels currently under construction in
China. The net effect is a more fuel-efficient fleet with greater
carrying capacity and earnings potential.”
The Board of DirectorsGolden Ocean Group Ltd.Hamilton,
BermudaMarch 08, 2022
For further queries, please contact:
Ulrik Andersen: Chief Executive Officer, Golden Ocean Management
AS+47 22 01 73 53
This information is subject of the disclosure requirements
pursuant to section 5 -12 of the Norwegian Securities Trading Act
or the Continuing Obligations of Oslo Børs.
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