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.
Maritime Reporter August 2015 Digital Edition
FREE Maritime Reporter Subscription
Latest Maritime News    rss feeds

People & Company News

Alaska Marine Lines Reduces Fuel Surcharge

Alaska Marine Lines, a marine transportation company providing barge service to and from Alaska and Hawaii, informs it has filed with the U.S. Surface Transportation

SSI to Showcase Marine Information Model

SSI's CAD/CAM ShipConstructor software utilizes a Marine Information Model (MIM) to store a wealth of data that can be leveraged for maintenance, repair and lifecycle support.

Bollinger VP Fanguy Snags SNAME Award

Louisiana-based shipbuilder Bollinger Shipyards, LLC announced its vice president for quality management system, Dennis Fanguy, will receive the 2015 William M.

Legal

Greek Coastguard Rescues 2,500 over Three Days

Greece's coastguard has rescued about 2,500 migrants and refugees off the country's eastern islands over the past three days, authorities said on Monday, as the

CMA CGM-led Consortium Win Box Terminal Bid

The consortium formed by CMA CGM, Bolloré and CHEC won the bid process initiated by the Cameroonian government Following the bidding procedure initiated by the Cameroonian government,

BIMCO Outlines LIS Week Schedule

BIMCO’s breakfast brief, titled “The Future Of Maritime Security” is aimed at CEOs and Directors who will have an opportunity to hear more on the latest threats

 
 
Maritime Security Maritime Standards Naval Architecture Navigation Offshore Oil Pipelines Port Authority Salvage Shipbuilding / Vessel Construction Sonar
rss | archive | history | articles | privacy | contributors | top maritime news | about us | copyright | maritime magazines
maritime security news | shipbuilding news | maritime industry | shipping news | maritime reporting | workboats news | ship design | maritime business

Time taken: 0.1454 sec (7 req/sec)