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 Reporter January 2015 Digital Edition
FREE Maritime Reporter Subscription
Latest Maritime News    rss feeds

Shipbuilding

Imabari to Build 20,000TEU Containerships

Imabari Shipbuilding Co., Ltd. announced it has secured newbuild orders with the cooperation of Marubeni Corporation for 11 units of 20,000TEU Ultra-Large Container Carriers,

SSI Launches ShipConstructor 2015 R2.1

SSI has today released ShipConstructor 2015 R2.1 software.   The software release comes in response to emerging ship design, engineering and building trends as

HII Acquires Engineering Solutions Division

Huntington Ingalls Industries (HII) has acquired the Engineering Solutions Division of The Columbia Group, a designer and builder of unmanned underwater vehicles

Bulk Carrier Trends

Baltic Sea Freight Index Falls to Lowest Level Since 1986

The Baltic Exchange's main sea freight index, which tracks rates for ships carrying dry bulk commodities, spiralled downwards to its lowest level in nearly three

Pacifica Rolls Out New Container Vessel

Pacifica Shipping, New Zealand's coastal shipping company, is launching a new container vessel from March replacing a smaller vessel whose charter has ended, reports The Stuff.

Shipping Pollution Will Skyrocket -Study

International freight volumes will grow fourfold by 2050 while the average length of haul will increase by 12 percent over that time, trends that will cause a spike

 
 
Maritime Careers / Shipboard Positions Maritime Standards Navigation Offshore Oil Pipelines Pod Propulsion Port Authority Salvage Ship Electronics Shipbuilding / Vessel Construction
rss | archive | history | articles | privacy | terms and conditions | 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: 0.1287 sec (8 req/sec)