Golden Ocean Sells Three Panamaxes

Dry bulk shipowner Golden Ocean Group Limited announced on Tuesday it has sold three Panamax vessels to an unnamed buyer for a combined $52 million.

The three vessels, Golden Empress, Golden Enterprise and Golden Endeavour, were delivered in 2010 and 2011 and are among the oldest in the Golden Ocean fleet.

The company said it expects to record a gain from the sales of approximately $9.6 million in the second quarter of 2022. Aggregate net cash proceeds of approximately $30.7 million are expected to be received in the second quarter of 2022, when the vessels are delivered to their buyers.

Over the past 15 months, Golden Ocean has sold seven older Panamax vessels, generating aggregate net cash proceeds of around $60 million, representing the majority of the expected equity required to fund the delivery of seven Kamsarmax newbuilds currently under construction.

Ulrik Andersen, CEO of Golden Ocean Management AS, said, “Golden Ocean continues to grow and modernize its fleet to ensure the company maintains the most competitive, flexible and future-proof operating platform.

“We are selling at a time when second-hand prices are at 10-year highs. The sale of the three vessels secures our dividend capacity while reducing our fleet's average age and carbon footprint.

“From mid-next year, we 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.”