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            october 22, 2019

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Indiaexportnews.com

Acquisition and sale of ice strengthened Panamax bulkers

  19.03.2007    

Golden Ocean Group Limited has acquired four plus two optional newbuilding contracts at Pipavav Shipyard in India.
The vessels of 75,000 dwt, which will be strengthened for ice trading, will be delivered during 2009 and the agreed purchase price is about $35.5 million per unit. 
The Company has agreed to sell two ice strengthened Panamaxes previously ordered in China to be delivered during 2008. The vessels will be sold at $45 million per unit. The sale of the two vessels will give a positive result of approximately $17 million, expected to be recorded during the second and the third quarter of 2008 upon delivery from the shipyard to the new owners. 
The above transactions show that the Company seeks to lower the cost of future newbuildings by actively pursuing trading opportunities in the sale and purchase market. 
The net addition of two Panmaxes with options for further two underpins Golden Ocean's growth strategy and the commitment to build shareholder value over time through expansion of the fleet.



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