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GOGL – Agreement for construction of three Kamsarmax vessels

Written by Customer Service on . Posted in Public Companies.

Golden Ocean Group Limited (Nasdaq and OSE: GOGL) (“Golden Ocean” or the “Company”), one of the world’s largest listed dry bulk shipowners, today 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. The vessels 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 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.

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.

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.

September 9, 2021

The Board of Directors
Golden Ocean Group Ltd.
Hamilton, Bermuda

For further queries, please contact:

Ulrik Andersen: Chief Executive Officer, Golden Ocean Management AS
+47 22 01 73 53

This information is subject of the disclosure requirements pursuant to section 5-12 of the Norwegian Securities Trading Act.

Forward-looking statements:

This release and any materials distributed in connection with this release may contain certain forward-looking statements. By their nature, forward-looking statements involve risk and uncertainty because they reflect the Company’s current expectations and assumptions as to future events and circumstances that may not prove accurate. A number of material factors could cause actual results and developments to differ materially from those expressed or implied by these forward-looking statements.

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