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Dry bulk shipper to build new vessels

Bermuda-based Golden Ocean Group Limited, one of the world's largest listed dry bulk ship owners, has ordered the construction of three high-specification latest generation 85,000 dwt ECO-type Kamsarmax vessels.

The company said the vessels, which will be constructed at a “first-class Chinese yard”, will be equipped with the latest and most efficient propulsion system, contributing with 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 the third quarter of 2023 to the first quarter of 2024.

Golden Ocean said it intends to finance the acquisition with operating cashflow 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 Group: Bermuda-based dry bulk ship owner has ordered the construction of three new Kamsarmax vessels (File photograph)

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Published September 09, 2021 at 12:38 pm (Updated September 09, 2021 at 12:38 pm)

Dry bulk shipper to build new vessels

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