Golden Ocean Group Agrees To Sell Two Older Panamax Vessels

Golden Ocean Group Limited (GOGL) said it will sell two older Panamax vessels, Golden Opportunity and Golden Endurer for about $37.2 million. In addition, the company reached an agreement to construct four Kamsarmax vessels.

The company expects to record gain from sale of about $4.9 million in third-quarter 2021 and $5.0 million in the fourth-quarter 2021 and receive net cash proceed of about $22.2 million in the fourth-quarter.

The net cash proceeds will fund close to half of the estimated required equity for the Kamsarmax vessels. The balance will be funded through cash on hand and long-term debt financing to be secured closer to delivery.

The four Kamsarmax vessels are 85,000 dwt ECO-type and are being constructed at the leading Chinese shipyard. The vessels will be delivered to the company in the third and fourth quarter of 2023.

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