Golden Ocean Group Limited has agreed with Knightsbridge Tankers Limited to sell the capesize vessel "Golden Future" at a sales price of $72 million. The sales proceeds will be used to pay down debt on the asset and the balance, $25 million, to acquire a restricted number of common shares in Knightsbridge.
The Board of Golden Ocean is pleased with its continued commercial relationship with Knightsbridge and hopes to add value to their presence within the dry bulk segment.
The Investment in Knightsbridge is of long term nature. The Board sees the investment as a strategic holding which gives Golden Ocean the opportunity to, together with Knightsbridge, develop new dry bulk business based on mainly yield driven investment criteria. Such a position creates an additional flexibility for Golden Ocean and increases the possibilities to benefit from different prizing in the asset market, the public market and the yield sequrity market.
The prizing of the Knightsbridge stock including the direct yield and the prospects for a growing dividend further supports the investment.