Golden Ocean Group Limited - Experts & Thought Leaders

Golden Ocean Group Limited, one of the world’s largest listed dry bulk shipowners, announces that it has entered into agreements for the construction of three high-specification 85,000 dwt ECO-type dual-fuel Kamsarmax vessels, which will be equipped with the latest and most efficient propulsion system. Additionally, the Company announces the sale of two Ultramax vessels, Golden Cecilie and Golden Cathrine. Seven newbuilding vessels The newbuilding vessels will have the same specifications and will be constructed with the same Chinese shipyard group as the seven newbuilding vessels the Company previously contracted, providing additional benefits in terms of building supervision and the efficiency gained by operating vessels with similar specifications. The vessels will be delivered to the Company in the third quarter of 2024 and the first quarter of 2025 The vessels will be delivered to the Company in the third quarter of 2024 and the first quarter of 2025. The aggregate sale price of the Ultramax vessels is $63 million, and the Company expects to record a gain of approximately $22 million from sale and receive net cash proceeds of approximately $41 million in late Q3/early Q4 2022. The sales proceeds will fund the expected equity portion payable for the three Kamsarmax newbuilding orders placed. Future emissions-related regulations Ulrik Andersen, CEO of Golden Ocean Management AS commented: “Golden Ocean is committed to maintaining one of the largest and most modern fleets in the industry. In the process, the Company will continue to improve the fuel efficiency of its fleet, ensuring best-in-class performance at a reduced carbon footprint.” “Importantly, all of our newbuildings are dual-fuel ready, which provides us the flexibility to evaluate propulsion options as the visibility of future emissions-related regulations and technology improves. Golden Ocean will be offsetting a portion of the cost to construct the new vessels with the net proceeds from the sale of the two Ultramax vessels sold at attractive prices, enabling the Company to continue to execute its strategy without impacting its dividend capacity.“

Golden Ocean Group Limited, the owner of large size dry bulk vessels, announces the sale of three of its oldest Panamax vessels, Golden Empress, Golden Enterprise, and Golden Endeavour, delivered in 2010 and 2011, as part of the Company’s ongoing strategy to ensure that it operates a modern, fuel-efficient fleet with a reduced emissions profile. The combined sales price of the three vessels is $52.0 million, and the Company expects to record a gain from the sales of approximately $9.6 million in the second quarter of 2022. Aggregate net cash proceeds of approximately $30.7 million are expected to be received in the second quarter of 2022, when the vessels are delivered to their buyers. Future-proof operating platform Over the past 15 months, Golden Ocean has sold seven older Panamax vessels, generating aggregate net cash proceeds of around $60 million, representing the majority of the expected equity required to fund the delivery of seven Kamsarmax newbuildings currently under construction. Ulrik Andersen, CEO of Golden Ocean Management AS, commented: “Golden Ocean continues to grow and modernise its fleet to ensure the Company maintains the most competitive, flexible, and future-proof operating platform.” Ulrik Andersen adds, “We are selling at a time when second-hand prices are at 10-year highs. The sale of the three vessels secures our dividend capacity, while reducing our fleet’s average age and carbon footprint. From mid-next year, we will start to take delivery of seven Kamsarmax vessels currently under construction in China. The net effect is a more fuel-efficient fleet with greater carrying capacity and earnings potential.”

Golden Ocean Group Ltd announces the appointment of Mr. Jens Martin Jensen as Director. Jens Martin Arveschoug Jensen joined Seatankers Management on 1st March 2022 before that he was the CEO of Athenian Holdings. Jensen's work experience  He previously served as Head of Shipping at New Fortress Energy (USA) and before that he was a Partner at Pillarstone Europe. From May 2008 to September 2014, he was the CEO of Frontline Management AS. Mr. Jensen has served as a director of various companies, including 2020 Bulkers Ltd, Frontline Ltd, and Flex LNG Limited. Before these roles, he was a Partner/Director at Island Shipbrokers between the periods 1996 – 2004 and held various positions at A.P. Moller/Maersk Group during 1985-1996 in Copenhagen, Mexico City, Tokyo, and Singapore. Mr. Jensen is a Danish citizen and resides in the UK.