Golden Ocean Makes Ice-Classed Panamax Acquisitions

golden opportunity icei-class bulk carrier
Golden Opportunity, a 74,500 DWT bulk carrier, image: Golden Ocean Group

Golden Ocean Group Ltd has announced an agreement to buy two ice class Panamax vessel resales built at Pipavav Defence & Offshore Engineering Company. Golden Ocean will take delivery of the vessels ex yard, the first vessel at the start of June and the second vessel during second half of 2013.

These vessels, named Golden Pearl and Golden Diamond. will mark the 8th and 9th ice=class Panamaxes in Golden Ocean’s fleet once delivered, and were bought from an undisclosed third party.

Financing

In connection with the purchase, the seller has provided a 30% seller’s credit towards Golden Ocean for each vessel which is to be repaid over three years in equal installments every January, but the first installment is at earliest 6 months after delivery of the vessel.

Golden Ocean has at the same time obtained regular bank financing of 65% of the contract price. Thus the initial cash payment for the Company in 2013 is limited to 5% of the purchase price for each of the vessels.

Golden Ocean currently has 6 bulk carriers in their newbuild program between 60k DWT and 74.5k DWT.