Golden Ocean GOGL

GOGL orders three dual-fuel ready bulkers

Bermuda-registered, Norway-based dry bulk shipping company Golden Ocean Group Limited (GOGL) has entered into an agreement for the construction of three latest generation 85,000 dwt Eco-type Kamsarmax vessels.

Image credit GOGL
Illustration. Image Courtesy: Golden Ocean

As informed, the units will be built at an unnamed Chinese yard.

The vessels will be equipped with efficient propulsion systems, contributing to significant improvements in fuel consumption and emissions performance, the company said.

“The vessels are dual-fuel ready, giving the company time to evaluate alternatives while the visibility of future regulations and optimal technology improves,” according to GOGL.

The bulkers are scheduled to deliver from Q3–2023 to Q1-2024.

Golden Ocean said it intends to finance the acquisition with operating cash flow and cash on hand and will establish long-term debt financing closer to delivery.

“With this transaction, we continue executing on our strategy of renewing the fleet and improving its operating performance. At the same time, it underlines our belief in the long-term dry bulk fundamentals,” Ulrik Andersen, CEO of Golden Ocean Management AS commented.

“The vessels benefit from additional cargo intake, and the superior fuel economy will ensure low operating costs and a reduced carbon footprint.”

The market improvement has allowed GOGL to significantly expand and modernize its fleet. Most recently, the company acquired a total of eighteen dry bulk vessels.

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The company’s fleet currently comprises 94 vessels with an aggregate capacity of approximately 13.4 million dwt.