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Golden Ocean Group announces sales of three panamax vessels

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Dry Bulk,

Golden Ocean Group Ltd, a leading owner of large size dry bulk vessels, has announced 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 US$52 million, and the company expects to record a gain from the sales of approximately US$9.6 million in 2Q22. Aggregate net cash proceeds of approximately US$30.7 million are expected to be received in 2Q22, 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 approximately US$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.”

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Dry bulk shipping market Panamax news