Golden Ocean Group Limited, one of the world’s largest listed dry bulk shipowners announces that it has entered into an agreement for the construction of three high-specification latest generation 85,000 dwt ECO-type Kamsarmax vessels, which will be constructed at a first-class Chinese yard.
Propulsion system
The vessels will be equipped with the latest and most efficient propulsion system, contributing to significant improvements in fuel consumption and emissions performance. The vessels are dual-fuel ready, giving the Company time to evaluate alternatives while the visibility of future regulations and optimal technology improves.
The vessels are scheduled to deliver from Q3–2023 to Q1-2024. Golden Ocean intends to finance the acquisition with operating cash flow and cash on hand and will establish long-term debt financing closer to delivery.
Operating performance
Ulrik Andersen, CEO of Golden Ocean Management AS commented, “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."
Ulrik Andersen adds, "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."