Ice-class Panamax Vessels Bargain Deal for Golden Ocean

Press Release
Tuesday, May 28, 2013

Golden Ocean Group agrees to buy two 'resale' ice class Panamax vessel built at India's Pipavav Defence & Offshore Engineering Company.

The company will  take delivery of the vessels ex yard, the first vessel at the start of June and the second vessel during second half of 2013. In connection with the purchase the seller has provided a 30% seller's credit towards Golden Ocean for each vessel. The seller's credit will be repaid over three years in equal installments every January, but the first installment is at earliest 6 months after delivery of the vessel.

The vessels will be named Golden Pearl and Golden Diamond. The vessels have not been part of the Company's construction program at the yard and are bought from third parties.

Golden Ocean has at the same time obtained regular bank financing of 65% of the contract price. Thus the initial cash payment for the Company in 2013 is limited to 5% of the purchase price for each of the vessels.

The price of the vessels reflects the current market price, bearing in mind the additional requirements for an ice class vessel. The Company will in total have 9 fairly identical ice class vessels once these are delivered and see this as an attractive niche. They say they have over time gained experience in how to utilize this type of vessels both commercially and technically. Since the first ice class vessel was delivered to Golden Ocean 5 years ago they add that they have been able to achieve a premium compared to the prevailing spot market during the winter season.

Maritime Today


The Maritime Industry's original and most viewed E-News Service

Maritime Reporter May 2016 Digital Edition
FREE Maritime Reporter Subscription
Latest Maritime News    rss feeds

Shipbuilding

STX Shipbuilding Likely to Enter Court-lead Restructuring

South Korean shipbuilder STX Offshore & Shipbuilding Co Ltd will likely need to enter court-supervised receivership due to financial difficulties, the firm's lead

Naviera Nabia Orders Newbuild from Gondan

Gondan Shipyard signed a new contract for the construction of a new vessel for Naviera Nabia, part of Acuña Group, from Bueu (Pontevedra-Spain). This new catamaran

ClassNK Updates Steel Ships Survey/Construction Guide

Classification society ClassNK has released printed versions of its 2016 Rules and Guidance for the Survey and Construction of Steel Ships.   ClassNK regularly

Bulk Carrier Trends

Baltic Index Down on Lower Demand for Larger Vessels

The Baltic Exchange's main sea freight index, tracking rates for ships carrying dry bulk commodities, fell on Wednesday hurt by sluggish demand for large vessel sizes.

Commodities Shipping Firms Struggle to Ride Out Worst Downturn

Shipping companies transporting coal, and iron ore and other commodities are urgently seeking ways to conserve cash and withstand the worst market downturn on record

Singapore Exchange in Talks to buy Baltic Exchange

Baltic Exchange privately owned by 380 shareholders. The Singapore Exchange (SGX) is in exclusive talks to buy London's Baltic Exchange, which has been at the

 
 
Maritime Security Maritime Standards Navigation Offshore Oil Pod Propulsion Port Authority Salvage Ship Electronics Ship Repair Winch
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: 0.0884 sec (11 req/sec)