Golden Ocean Group sells three Panamax vessels for $52M
Mar. 08, 2022 6:42 AM ETGolden Ocean Group Limited (GOGL)By: Niloofer Shaikh, SA News Editor13 Comments
- In line with it's ongoing strategy to operates as a modern, fuel-efficient fleet with a reduced emissions profile, Golden Ocean Group Limited (NASDAQ:GOGL) has sold three of its oldest Panamax vessels, Golden Empress, Golden Enterprise and Golden Endeavour, delivered in 2010 and 2011 for total $5M.
- The company expects to record a gain from the sales of approximately $9.6M in 2Q22.
- Aggregate net cash proceeds of approximately $30.7M are expected to be received in 2Q22 after delivery of vessels.
- Over the past 15 months, the company has sold seven older Panamax vessels, generating aggregate net cash proceeds of around $60M.
- Ulrik Andersen, CEO of Golden Ocean Management AS commented:“Golden Ocean continues to grow and modernise its fleet to ensure the Company maintains the most competitive, flexible and future-proof operating platform. From mid-next year, the company will start to take delivery of seven Kamsarmax vessels currently under construction in China. The net effect is a more fuel-efficient fleet with greater carrying capacity and earnings potential.”
- Shares up 2% premarket.