GOGL orders three more dual-fuel Kamsarmaxes to future-proof its fleet

Bermuda-registered, Norway-based dry bulk shipping company Golden Ocean Group Limited (GOGL) has entered into agreements for the construction of three 85,000 dwt ECO-type dual-fuel vessels.

Illustration; Image credit: GOGL

The Kamsarmax bulkers will be equipped with an efficient propulsion system, according to the company.

The newly ordered vessels are planned to be delivered to the company in the third quarter of 2024 and the first quarter of 2025.

With a gross tonnage of 48,500 tonnes, the units will have a length of 227.2 metres and a breadth of 36 metres.

In October last year, the company also ordered four dual-fuel Kamsarmaxes, followed by an order for three identical vessels in September 2021.

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Although GOGL did not disclose the builder of the ships, VesselsValue’s data shows that the Chinese shipbuilding company in question is Dalian Shipbuilding.

Additionally, GOGL has decided to sell two Ultramax vessels, Golden Cecilie and Golden Cathrine.

The aggregate sale price of the Ultramax vessels is $63 million, and the company expects to record a gain of approximately $22 million from sale and receive net cash proceeds of approximately $41 million in late Q3/early Q4 2022. The sales proceeds will fund the expected equity portion payable for the three Kamsarmax newbuilding orders placed.

“Golden Ocean is committed to maintaining one of the largest and most modern fleets in the industry. In the process, the company will continue to improve the fuel efficiency of its fleet… Importantly, all of our newbuildings are dual-fuel ready, which provides us the flexibility to evaluate propulsion options as the visibility of future emissions-related regulations and technology improves,” Ulrik Andersen, CEO of Golden Ocean Management AS commented.

“Golden Ocean will be offsetting a portion of the cost to construct the new vessels with the net proceeds from the sale of the two Ultramax vessels sold at attractive prices, enabling the company to continue to execute its strategy without impacting its dividend capacity.“

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