GOGL – Agreement to construct three Kamsarmax vessels and sale of two Ultramax vessels
July 08 2022 - 4:30PM
08.07.2022
Golden Ocean Group Limited (Nasdaq and OSE:
GOGL) (“Golden Ocean” or the “Company”), one of the world’s largest
listed dry bulk shipowners, today announces that it has entered
into agreements for the construction of three high-specification
85,000 dwt ECO-type dual-fuel Kamsarmax vessels, which will be
equipped with the latest and most efficient propulsion system.
Additionally, the Company announces the sale of two Ultramax
vessels, Golden Cecilie and Golden Cathrine.
The newbuilding vessels will have the same
specifications and will be constructed with the same leading
Chinese shipyard group as the seven newbuilding vessels the Company
previously contracted, providing additional benefits in terms of
building supervision and the efficiency gained by operating vessels
with similar specifications. The vessels will be delivered to the
Company in the third quarter of 2024 and the first quarter of
2025.
The aggregate sale price of the Ultramax vessels
is $63 million, and the Company expects to record a gain of
approximately $22 million from sale and receive net cash proceeds
of approximately $41 million in late Q3/early Q4 2022. The sales
proceeds will fund the expected equity portion payable for the
three Kamsarmax newbuilding orders placed.
Ulrik Andersen, CEO of Golden Ocean Management
AS commented:
“Golden Ocean is committed to maintaining one of
the largest and most modern fleets in the industry. In the process,
the Company will continue to improve the fuel efficiency of its
fleet, ensuring best-in-class performance at a reduced carbon
footprint. Importantly, all of our newbuildings are dual-fuel
ready, which provides us the flexibility to evaluate propulsion
options as the visibility of future emissions-related regulations
and technology improves. Golden Ocean will be offsetting a portion
of the cost to construct the new vessels with the net proceeds from
the sale of the two Ultramax vessels sold at attractive prices,
enabling the Company to continue to execute its strategy without
impacting its dividend capacity.“
July 8, 2022
The Board of DirectorsGolden Ocean Group Ltd.Hamilton,
Bermuda
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.
Forward-looking statements:
This release and any materials distributed in
connection with this release may contain certain forward-looking
statements. By their nature, forward-looking statements involve
risk and uncertainty because they reflect the Company’s current
expectations and assumptions as to future events and circumstances
that may not prove accurate. A number of material factors could
cause actual results and developments to differ materially from
those expressed or implied by these forward-looking statements.
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