Golden Ocean Group Buys Six Newcastlemax Vessels For $291M

  • Golden Ocean Group Ltd (NASDAQ: GOGL) said it has agreed to acquire six modern 208,000 deadweight tons (dwt) vessels equipped with exhaust gas cleaning systems for $291 million.

  • The newly-acquired vessels will be chartered back to their former owner, an unrelated third party, for about 36 months at an average daily time charter equivalent rate of approximately $21,000 net.

  • The acquisition will be financed by a new $233 million credit facility, which will be secured by the newly-acquired vessels and two unencumbered vessels, and cash on hand.

  • “This acquisition cements our position as the largest owner of modern Capesize vessels,” said Ulrik Andersen, CEO of Golden Ocean Management AS.

  • “It also increases our fleet’s fuel efficiency and reduces its emissions profile as we continue to make progress toward our 2030 emission-reduction target of 30%.”

  • The company held $132.3 million in cash and equivalents as of Sept. 30, 2022.

  • Price Action: GOGL shares are trading lower by 1.95% at $9.54 in premarket on the last check Monday.

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