Golden Ocean Group Acquires Three Kamsarmax Bulk Carriers

Golden Ocean Group Limited has acquired three 2012 Korean built 81.500 dwt Kamsarmax bulk carriers. These sister vessels are bought in an “enblock” transaction. They will be delivered to the company within end of April 2014.

One of the vessels are fixed out on an index linked time charter contract until second quarter 2016. Consequently this vessel will have full exposure to the prevailing spot market. Charters are paying a premium of 13% compared to the Baltic average four time charter panamax routes reflecting the earning capacity of the vessels. The second vessel is on a time charter contract until fourth quarter 2014 at $15.881 (net) and the third vessel will be redelivered to owners from the current time charter contract at the end of second quarter 2014.

“The Board is pleased with the fact that Golden Ocean is in a position to grow the Company with quality tonnage and consider risk / reward to be attractive in a historic perspective,” the company said in a press release.

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Golden Ocean Group, February 10, 2014; Image: Wikimedia