LONDON (Bloomberg) - Golden Ocean Group Ltd., the commodities shipping line led by Norwegian billionaire John Fredriksen, agreed to sell a capesize vessel to Knightsbridge Tankers Ltd. for $72 million.

Most of the money will be used to pay debt on the ship, called Golden Future, with $25 million used to acquire common shares in Knightsbridge, Golden Ocean said today in a statement distributed by Hugin.

Both companies are based in Hamilton, Bermuda. Knightsbridge will issue 1.46 million restricted common shares to Golden Ocean, Knightsbridge said in a separate statement distributed by Hugin.

The investment in Knightsbridge is "long-term" and "strategic", Golden Ocean said. Capesize ships typically carry iron ore, a steelmaking material.