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Sunday, September 19, 2021

Golden Ocean Orders Dual-fuel Ready Dry Bulk Vessel Trio

Maritime Activity Reports, Inc.

September 9, 2021

Illustration - Credit: Volodymyr Kyrylyuk/AdobeStock

Illustration - Credit: Volodymyr Kyrylyuk/AdobeStock

Oslo-listed dry bulk shipowner Golden Ocean has ordered three "high-specification latest generation" 85,000 dwt ECO-type Kamsarmax vessels,
which will be constructed at an unnamed "first-class" Chinese yard. 

Golden Ocean said the vessels would feature the latest and most efficient propulsion system, contributing with significant improvements in fuel consumption and emissions performance. 

The vessels will be dual-fuel ready, giving the company time to evaluate alternatives while the visibility of future regulations and optimal technology improves.

The vessels are scheduled for delivery from Q3-2023 to Q1-2024. Golden Ocean plans to finance the acquisition with operating cash flow and cash on hand and will establish long-term debt financing closer to delivery.

Ulrik Andersen, CEO of Golden Ocean Management AS said: "With this transaction, we continue executing on our strategy of renewing the
fleet and improving its operating performance. At the same time, it underlines our belief in the long-term dry bulk fundamentals.

"We have secured an attractive price with a tail-heavy payment structure, which means Golden Ocean can absorb the transaction without impacting the company's dividend capacity, which continues to be a key priority. The vessels benefit from additional cargo intake, and the superior fuel economy will ensure low operating costs and a reduced carbon footprint.

Golden Ocean did not say how much exactly it would pay for the vessels.

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