Golden Ocean Announces Vessel Sales

Wednesday, June 06, 2007
Golden Ocean Group Limited has agreed to get released from the bare boat agreements for the two 1990 built Panamax vessels M/V Golden Glory and M/V Golden Gem against purchasing the vessels for $11m per vessel. The company has agreed to sell the two vessels for net sale proceeds of $60m in total. Delivery to the buyers is expected to take place in September 2007. This transaction will give a positive addition to net income of approximately $23m, and is estimated to release approximately $38m in additional liquidity. In August 2006 the company paid $38m to take over the bareboat agreements for the five Panamax vessels under the deal with Clipper Bulk Shipping Ltd. The cash flow from this investment until date and the sales proceeds will fully repay the gross purchase price. The company does still keep the three remaining 1994 built vessels and will continue to pay $5,600 in bare boat hire per vessel until June 2011 when the company has an option to buy the vessels in accordance with the original agreement. Further the company has fixed out on time charter the Capesize vessel M/V Irfon. The vessel is committed for a period of 22 months to a first class counterpart at a gross rate of $66,500 per day, and will be delivered to the charter in December 2007. The vessel is chartered in at a rate of $27,250 per day and this charter will terminate at the end of the above charter out period. During the period of the time charter contract the Company anticipates to generate approximately $25 million in cash.
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