Golden Ocean Buys Ice Class Panamax Vessel

Golden Ocean Group Limited (Golden Ocean) has entered into an agreement to purchase one ice class Panamax vessel resale built at Pipavav Defence & Offshore Engineering Company (Pipavav).

Golden Ocean is expected to take delivery of the vessel ex yard during second quarter 2014. The vessel will be named Golden Ruby and is acquired from a third party.

The price of the vessel is considered to be attractive, bearing in mind the additional requirements for an ice class vessel.

The Company will after this purchase have ten fairly identical ice class vessels and is the leading owner within this niche.

“Golden Ocean has over time gained experience in how to utilize this type of vessels both commercially and technically. Since the first ice class vessel was delivered to the company six years ago we have been able to achieve a premium compared to the prevailing spot market during the winter season and we are serving some of our most important clients to their satisfaction,” the company said in a press release.

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Golden Ocean, April 15, 2014