Agreement for construction of three Kamsarmax vessels

OSLO, NORWAY: Golden Ocean Group Limited, one of the world’s largest listed dry bulk shipowners, has entered into an agreement for the construction of three high-specification latest generation 85,000 dwt ECO-type Kamsarmax vessels, which will be constructed at a first-class Chinese yard.

The vessels will be equipped with the latest and most efficient propulsion system, contributing with significant improvements in fuel consumption and emissions performance.

The vessels are dual-fuel ready, giving the Company time to evaluate alternatives while the visibility of future regulations and optimal technology improves.

The vessels are scheduled to deliver from Q3-2023 to Q1-2024. Golden Ocean intends to finance the acquisition with operating cash flow and cash on hand and will establish long-term debt financing closer to delivery.

Ulrik Andersen, CEO of Golden Ocean Management AS commented: “With this transaction, we continue executing on our strategy of renewing the fleet and improving its operating performance. At the same time, it underlines our belief in the long-term dry bulk fundamentals.

We have secured an attractive price with a tail-heavy payment structure, which means Golden Ocean can absorb the transaction without impacting the Company’s dividend capacity, which continues to be a key priority. The vessels benefit from additional cargo intake, and the superior fuel economy will ensure low operating costs and a reduced carbon footprint.

www.goldenocean.bm

Leave a Reply

Your email address will not be published. Required fields are marked *