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GOGL - Acquisition of 8 Kamsarmax Newbuilding Contracts
- 2007-10-29
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Administrator - Hits: 790
Golden Ocean Group Limited ("Golden Ocean" or "the Company") is pleased to advise that the Company has acquired eight newbuilding contracts at Zhoushan Jinhaiwan Shipyard (Jinhaiwan) in China.
The vessels of 80.000 dwt will be delivered quarterly from September 2009.
The delivered cost for the eight vessels is estimated to be about $410 million in total.
Golden Ocean has already ordered five capesize bulkers at Jinhaiwan. The experience gained so far indicates that this yard is likely to become one of the leading yards in China going forward.
The competitive price on these contracts will secure Golden Ocean continued growth through investments in assets which have a reasonable low cash break even basis.
The signing of the eight newbuilding contracts will further modernize the Golden Ocean fleet and is financially balanced through the recent sale of the four 1990- and 1994 built Panamaxes and the Company's solid charter back log.
Given the firm prices for newbuildings in today's market, the Board of Golden Ocean anticipates that the new signed deals with attractive contract prices and the good delivery positions will create additional value for the shareholders in Golden Ocean on a short and long term basis.
Hamilton, Bermuda
October 29, 2007
Contact Persons:
Herman Billung: CEO, Golden Ocean Management AS
+47 22 01 73 40
Geir Karlsen: CFO, Golden Ocean Management AS
+47 22 01 73 53
