Bermuda-based tanker company Golden Ocean Group Ltd. plans to purchase two new vessels from a Chinese shipyard.

GOG yesterday declared the options to purchase two "Kamsarmax" vessels at Zhoushan Jinhaiwan Shipyard.

The vessels of 80,000 dwt will be delivered during 2011 and are "sister vessels" of the series ordered in October, 2007 and will cost about $52 million per vessel.

Meanwhile, the company has agreed to sell the Panamax vessel M/V Bellflower by the end of 2009 about $76 million. The strike price for the option is about $22 million net and the transaction will thereby free up approximately $54 million in cash liquidity.

The transaction will give a positive result of approximately $31 million, and this will be recorded at delivery of the vessel, the company said.