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.